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Manufacturing jobs in Vegas get a boost

The number of manufacturing jobs in Vegas have grown, according to industry reports.

The state’s unemployment rate declined by 0.1 percentage point over the month, to 4.4 percent, in October 2018. This month the state’s unemployment rate is down half a percentage point over the year. Overall job growth is up 45,800 jobs and grew by 3.4 percent year-over-year. Nevada’s over the year job growth rate has remained at or over three percent since July of this year.

“Nevada’s job market continues to expand at a brisk pace, doubling the pace of national job gains over the past year which was near the high end of our recent trend. Employment expanded significantly across many industries including Construction, Professional & Business Services, and Manufacturing, and continued to drive down unemployment in the state.” said David Schmidt, Chief Economist for DETR.

Additional October Report Notes:

The Statewide unemployment rate fell by 0.1 points to 4.4% – the lowest since June 2007. This rate is 0.7 points above the U.S. rate in October (3.7%), and 0.6 points above Nevada’s all-time low unemployment rate (3.8%).

Total employment rose by 3.4% over the year, near the high end of the range seen over the last year (2.8 – 3.5%), and double the current U.S. growth rate (1.7%).

The construction industry’s year-to-date average employment growth continues to experience the largest nominal gains over the same period last year, increasing by 9,500 jobs or 11.4 percent, bringing total jobs in that industry to 92,900.

Manufacturing remains the fastest-growing industry, growing by 13.8% over the year.

Nevada’s Unemployment Trust Fund balance sits slightly in excess of $1.5 billion, another record level. This current balance could pay 5.2 years of benefits at the current payment rate ($5.5 million per week), or 1.2 years of benefits in a recession like the Great Recession.