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Archive for January, 2019

Retail cuts in Vegas occur

Tuesday, January 8th, 2019

New labor statistics from Challenger, Gray, and Christmas show that retail cuts in Vegas occurred in December.

Employers at U.S.-based companies announced plans to cut 43,884 workers from their payrolls during the month, the year-to-date total is nearly 29 percent higher than last year and the highest total since 2015, according to a report by global outplacement and executive coaching firm Challenger, Gray & Christmas, Inc.

In 2018, 538,659 job cuts were announced, 28.6 percent higher than the 418,770 announced in 2017. This is the highest annual total since 598,510 cuts were recorded in 2015, and the second-highest total since 2011, when 606,082 cuts were announced.

During the final quarter of the year, employers announced 172,601 job cuts, 42.8 percent higher than the 120,879 recorded in the third quarter and 77.4 percent higher than the 97,292 announced in the same quarter last year. This is the highest quarterly total since the first quarter of 2016, when 180,920 cuts were announced (see Table 5).

Last month’s job cut total is 17.3 percent lower than the 53,073 cuts announced in November and 35.3 percent higher than the 32,423 cuts announced in the same month last year.

Through December, retailers announced 98,563 cuts, 29.5 percent higher than the 76,084 announced last year. Retail cuts comprise 18.3 percent of all announced cuts this year.

Retailers began closing stores en masse in 2017, leading to large-scale layoff announcements through the end of this year. Challenger tracked 3,886 announced store closures from Retailers in 2018, after 9,801 announced closures in 2017.

Major job cut announcements in Retail came from Toys“R”Us, which closed its doors in March. Challenger tracked 30,000 cuts at that time due to the company’s bankruptcy. Meanwhile, Sears has been steadily cutting jobs and closing stores. Using WARN reports and local news stories, Challenger tracked 10,016 planned cuts at Sears and Kmart stores this year.

Manufacturing jobs in Vegas climb

Monday, January 7th, 2019

New data shows that manufacturing jobs in Vegas may be climbing, according to recent statistics.

Nevada saw 5,100 new jobs in October, seasonally-adjusted, bringing total employment to 1,397,900. This month’s over-the-month gain was 3,600 jobs higher than the Statewide increase seen in October of 2017.

The September estimate was revised down by 1,300, bringing the total two-month gain to 6,600 jobs.

October’s positive seasonally adjusted gain comes as a result of the State adding 8,600 jobs, unadjusted, when only 3,500 jobs were expected to be added based on historical patterns. The private sector saw the largest share of gains, adding 6,100 jobs, while the public sector lost 1,000.

Year to date, manufacturing is growing at the fastest rate (up 13.7 percent), after adding 6,500 through October (versus the same period last year).

Construction has added the most jobs, with a gain of 7,700 or 9.3 percent.

Other services grew by 4.9 percent and education and health services grew by 4.8 percent. Information remains the only sector to see fewer jobs year to date.

The Silver State has added 45,800 jobs since the same month last year, a gain of 3.4 percent.

National employment grew by 1.7 percent over the period, meaning the Silver State is growing twice as fast as the national average.

Nevada jobs grow

Monday, January 7th, 2019

A number of Nevada jobs have been added, according to labor statistics.

Nevada added 5,200 jobs over the month and 51,900 jobs over the year, according to the state Department of Employment, Training and Rehabilitation’s (DETR) November 2018 economic report.

The 51,900 jobs added over the last year was the largest annual increase in over 12 years, and the growth rate of 3.8 percent was among the fastest the state has seen since before the recession.

The state’s unemployment rate in November 2018 was unchanged over the month, remaining at 4.4 percent. Compared to last November, the state’s unemployment rate is down half a percentage point.

Total employment rose by 3.8% over the year, above the high end of the range seen over the last year (2.8 – 3.5%), and more than double the current U.S. growth rate (1.7%).

As of second quarter of 2018, Nevada ranks 3rd in the nation fastest-growing private sector.

As of second quarter of 2018, employment in Nevada’s small business, firms with less than 100 employees, totaled nearly 646,000.

As defined by the U.S. Bureau of Economic Analysis, Nevada gross domestic product totaled over $148 billion (in 2012 dollars) in this year’s second quarter (In “current” dollars, this equates to over $168 billion).