Nevada Unemployment Rate Drops to 11.5 Percent - 8 News NOW

Nevada Unemployment Rate Drops to 11.5 Percent

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LAS VEGAS - Nevada's unemployment rate fell to 11.5 percent in October. That represents a drop from 11.8 percent in September and 13.4 percent in October 2011.

The October unemployment rate is the lowest rate Nevada has seen in three and a half years, according to the Nevada Department of Employment, Training and Rehabilitation.

"October's unemployment rate is the lowest rate since May of 2009, a significant step for our state," Governor Brian Sandoval said in a statement. "While this news is welcome, our state's unemployment rate remains at a high level and continues to indicate the need for sustained economic diversification and private sector job growth."

"All things considered, available information suggests that Nevada's labor market has been on the mend since right around the beginning of 2011," NETR Chief Economist Bill Anderson said. "One of the broadest barometers of economic well-being, average weekly wages, has followed suit. After two years of outright declines during the recession, wages have been trending up ever since. Despite some weakness in this year's second quarter, through the first half of the year, wages are up 2.6 percent from the same six-month period in 2011. So far this year, wages have averaged $830 per week."

The unemployment rate for Las Vegas fell to 11.1% in October - down from 11.5% in September and 13.6% in October 2011.

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