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Archive for January, 2019

Unemployment in Vegas remains stable

Monday, January 28th, 2019

Unemployment in Vegas has remained low, according to recent labor analyses.

Initial claims for unemployment insurance (UI) benefits fell to a record low of 11,950. Initial claims in December decreased 8.1 percent year-over-year, or 1,060 claims, resulting in annual declines in the series in each month of 2018, according to the latest data from the Department of Employment, Training and Rehabilitation (DETR), initial claims for December.

December Claims Highlights:

Initial claims totaled 11,950 in November, virtually stable when compared to last month’s 11,940.

Initial claims decreased 8.1 percent year-over-year, or 1,060 claims, resulting in annual declines in the series in each month of 2018.

The relative trend, expressed in the 12-month moving average of the series, has continued to trend down, with a reading of 10,340 this month.

Average unemployment duration ticked up to 13.6 weeks, from 13.2 weeks a year ago.

The exhaustion rate stands at 33.7 percent, 1.5 percentage points lower than last November.

“This is the first December initial claims level below 12,000 since 1993. To put this in perspective, the number of employed persons in December 1993 was 740,000; just over half of the 1,470,000 workers in the state this December. Extrapolating from these numbers, if the labor force were the same as it is today for that period in 1993, there would have been approximately 17,000 initial claims. Turning to the annual average of claims activity, 2018 saw the least claims of any year since 1998. Relative to December 2017, claims are down 8.1 percent, or just over 1,050. The exhaustion rate is down 1.5 percentage points over the same period, to 33.7 percent; while the average duration of UI benefit receipt is up .33 weeks, to 13.6 weeks,” said Jeremey Hays, Economist at the Department of Employment, Training & Rehabilitation.

Jobs in Vegas added

Monday, January 28th, 2019

A number of Vegas jobs have been added to the economy, according to recent labor statistics.

According to the Department of Employment, Training and Rehabilitation’s (DETR) December 2018 economic report, statewide, jobs increased by 3.9 percent, which correlates to 52,400 new jobs added since December of last year.

This is higher than the average employment increase over the last year, December through November, of approximately 43,200 jobs. The largest over the month job gain in the metropolitan statistical areas (MSAs) was realized in Las Vegas, at 2,600.

Job Growth in December (Seasonally-Adjusted):

Las Vegas is up 2,600 jobs over the month and is up 35,200 over the year (3.6 percent). o Reno added 600 jobs over the month and 12,300 over the year (5.2 percent)

Carson City decreased netting out a loss of 100 jobs over the month, and held constant for year over year job changes. Unemployment:

Las Vegas: 4.5 percent; up 0.1 percentage point from November, and down half a percentage point from a year ago. o Reno: 3.4 percent; up 0.2 percentage point from November; down 0.3 percentage from this time last year.

Carson City: 4.5 percent, up 0.4 percentage point from November, and down 0.2 percentage point from a year ago.

The Reno MSA at 5.2 percent and Las Vegas MSA at 3.6 percent both have employment growth rates higher than the national growth rate of 1.8 percent.

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).