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Archive for December, 2015

Employment projections for Vegas jobs

Wednesday, December 9th, 2015

The Bureau of Labor Statistics has taken a look at the employment projections for Vegas jobs and other locations around the country.

Labor Force and the Macroeconomy

   --The civilian labor force is projected to reach 163.8 million in 2024, growing at
     an annual rate of 0.5 percent. 

   --The labor force continues to age. The median age of the labor force was 37.7 in
     1994, 40.3 in 2004, 41.9 in 2014, and is projected to be 42.4 in 2024. At the
     same time, the overall labor force participation rate is projected to decrease
     from 62.9 percent in 2014 to 60.9 percent in 2024.

   --The labor force participation rate for youth (ages 16 to 24) is projected to
     decrease from 55.0 percent in 2014 to 49.7 percent in 2024. The youth age
     group is projected to make up 11.3 percent of the civilian labor force in
     2024 as compared with 13.7 percent in 2014. In contrast, the labor force
     participation rate for the 65-and-older age group is projected to increase 
     from 18.6 percent in 2014 to 21.7 percent in 2024. This older age group is
     projected to represent 8.2 percent of the civilian labor force in 2024 as
     compared with 5.4 percent in 2014.

   --Labor force diversity is projected to increase, with white non-Hispanics making
     up 59.6 percent of the civilian labor force in 2024, compared with 64.6 percent
     in 2014.

   --Real GDP (2009 chained dollars) is projected to grow at an annual rate of 2.2
     percent, from $16.1 trillion in 2014 to $19.9 trillion in 2024.

   --Within GDP, medical services will continue to grow as a share of nominal
     personal consumption expenditures. This category is projected to account for
     18.0 percent of consumption in 2024--higher than its 16.7-percent share in
     2014 and 15.0-percent share in 2004.

Are manufacturing jobs in Vegas growing?

Wednesday, December 9th, 2015

Manufacturing jobs in Vegas may be increasing.

Payrolls for businesses with 49 or fewer employees increased by 81,000 jobs in November, down from October’s 91,000.

Employment among companies with 50-499 employees increased by 62,000 jobs, a bit less than the 67,000 added last month. Employment at large companies – those with 500 or more employees – came in double the upwardly revised 37,000 jobs added in October at 74,000 for the month.

Companies with 500-999 added 57,000 jobs, the largest gain for this segment in the history of the ADP National Employment Report. Companies with over 1,000 employees gained 17,000 jobs, after adding 28,000 in October.

Goods-producing employment rose by 13,000 jobs in November, down from 22,000 the previous month.

The construction industry added 16,000 jobs after gaining over 30,000 in each of the two previous months.

Meanwhile, manufacturing rebounded from two straight months of shedding jobs to add 6,000 in November.

Service-providing employment rose by 204,000 jobs in November, a strong increase from an upwardly revised 174,000 in October.

The ADP National Employment Report indicates that professional/business services contributed 59,000 jobs, the largest increase in this sector since June of this year.

Trade/transportation/utilities grew by 30,000, off from 36,000 the previous month.

The 9,000 new jobs added in financial activities were below the average of the last four months which ranged from 11,000 to 13,000 per month.