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Unemployment in Vegas remains stable

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.