LAS VEGAS (KLAS) — Nevada’s unemployment rate fell to 7.3% in October as the state added 11,200 jobs, according to figures released Thursday by the Nevada Department of Employment, Training and Rehabilitation (DETR).
Jobs came back in the professional and business services industry, which added 4,200 positions. More jobs were added in education and health services, totaling 3,100 positions.
The Las Vegas metro area had the strongest growth, adding 8,400 jobs.
The state’s rebound from the pandemic is continuing, but Nevada remains among the states with the highest unemployment levels. In September, Nevada and California were tied for the highest unemployment rates — 7.5% — with New York and New Jersey next at 7.1%
Nevada’s 7.3% unemployment in October compares to the 4.6% national rate, both seasonally adjusted.
“The state’s labor market is continuing a rapid recovery as we emerge from the COVID recession,” said David Schmidt, Chief Economist.
“Nevada’s unemployment rate continues to drop and October marked the second-strongest month for job growth for the year. In three of the last four months, Nevada has shown the fastest pace of hires in the nation — a strong sign for our continued recovery,” Gov. Steve Sisolak said. “My administration is laser focused on continuing this path of economic growth, creating more good-paying jobs and making sure Nevadans are connected to job opportunities.”
A total of 6,538 new unemployment claims were filed last month, a decrease of 314 claims (4.6%) from September. DETR reports that claims are below pre-pandemic lows — the lowest they have been in more than 30 years.
It’s hard to be sure if typical seasonal trends will hold true in winter months, according to DETR. Unknowns include people who have dropped out of the labor force, and supply chain issues that could impact retail sales.
DETR also reports the state has rebuilt its Unemployment Insurance Trust Fund to more than $300 million after paying off debts that built up during the pandemic.
“If current claim trends hold true, the Trust Fund will likely remain positive through the end of the next year and require no additional borrowing by the state,” DETR said.