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Archive for October, 2017

Did job cuts in Vegas fall?

Thursday, October 5th, 2017

The number of job cuts in Vegas may have fallen, according to a recent survey from Challenger, Gray & Christmas.

Job cuts announced by U.S.-based employers fell 4.4 percent, from 33,825 in August to 32,346 in September. Last month’s total was 27 percent lower than the 44,324 job cuts announced in the same month last year.

September job cuts bring the third quarter total to 94,478, 6.2 percent lower than the 100,799 cuts in the second quarter of this year, and 22.5 percent lower than the 121,858 cuts announced in the third quarter of last year. The quarterly total is the lowest it’s been since the fourth quarter last year, when 91,303 cuts were announced. This quarter marked the lowest third quarter total since 91,784 job cuts were announced in the third quarter of 1996.

So far this year, employers in the U.S. have announced 321,478 job cuts, 26.2 percent lower than the 435,612 cuts recorded through September last year.

“Job cuts have remained low since the second half of last year. As companies grapple with potential deregulation and changes to health care costs in a tight labor market, employers are holding on to their existing workforces while many positions requiring skilled labor go unfilled,” said John Challenger, Chief Executive Officer of Challenger, Gray & Christmas, Inc.

Retail leads in announced job cuts, with 71,057 so far this year, 3,461 of which occurred in September. This is a 36.8 percent increase from the previous year, when 51,939 cuts were recorded. While retail leads in announced job cuts, the sector also leads in hiring announcements. Through September, retailers planned to add over 500,000 new jobs, both seasonal and permanent.

More Vegas jobs added

Thursday, October 5th, 2017

The number of Vegas jobs have grown, according to recent labor statistics.

Nevada’s unemployment rate ticked up slightly in August to 4.9 percent, the highest it has been since February of this year.

Despite the increase of 0.1 of a percentage point from July, the rate remains 0.6 of a percentage point below the August 2016 reading of 5.5 percent, said Bill Anderson, chief economist for Nevada’s Department of Employment, Training and Rehabilitation. The state’s labor force has grown by over 16,000 so far in 2017, which might attribute to the slight uptick in the unemployment rate.

“The movement of the unemployment rate upward this month suggests more Nevadans are less discouraged and are now searching for work as they see the positive job prospects in the Silver State,” said Governor Brian Sandoval. “I am pleased at the progress that we are making in the Silver State in adding jobs and getting people back to work.”

“Nevada continues to show signs of positive progress including having the fastest growing economy in the nation and a record number of jobs including an all-time high number of small business opportunities.” Unemployment also increased 0.1 percentage point nationally in August, reaching 4.4 percent. Thus, the gap between Nevada and the U.S. remains steady at 0.5 of a percentage point.

Nevada had the fastest-growing private sector in the nation in the first quarter of 2017. Nevada’s GDP grew at 3.7 percent over the year in the first quarter of 2017, compared to 1.9 percent for the nation.

Average wages reached $931 per week, the highest nominal first quarter reading on record. The number of employers in the Silver State’s unemployment insurance system is at a new record high of 68,950, marking 24 consecutive quarters of year-over-year growth.

Vegas jobs grow

Thursday, October 5th, 2017

Vegas jobs have grown, according to recent labor statistics.

Reno/Sparks unemployment rate fell to 4.6 percent in February, while the rate in Las Vegas remained steady at 5.1 percent and held at 5.9 percent in Carson City.

The statewide unemployment rate was recently reported at a seasonally adjusted 4.9 percent.

“A more accurate indication of the state’s economic health is measured on an annual basis which shows the metro areas continuing to add jobs, with the unemployment rates down,” said Bill Anderson, chief economist for Nevada’s Department of Employment, Training and Rehabilitation. “All metro areas experienced job growth over the year, some seasonally-adjusted losses were experienced over the month.”

Job Growth since February 2016: Nevada: 41,200 (3.2 percent growth).  Las Vegas: 29,900.  Reno/Sparks: 7,700.  Carson City: 800 jobs.

Unemployment Rate Change since February 2016: Nevada: 1.2 percentage points decrease, from 6.1 percent in 2016 to 4.9 in 2017.

Clark County: 0.5 percentage point decrease, from 5.6 percent to 5.1 percent.

Washoe County: 0.7 percentage point decrease, from 5.3 percent to 4.6 percent.

Carson City: 0.8 percentage point decrease, from 6.7 percent to 5.9 percent