By Sean Whaley, Nevada News Bureau: Nevada’s unemployment rate fell in November for the first time since May, to a seasonally-adjusted 13 percent, a state agency reported today. The rate is down nearly two percentage points from the same time last year, pushing the estimate of jobless Nevadans down to 171,800 from 198,200.
The rate dropped four-tenths of a percentage point from October’s 13.4 percent rate.
“This month’s unemployment number, while still unacceptably high, shows that we are starting to see steady increases in hiring,” said Gov. Brian Sandoval. “In addition to a trend of adding jobs on a consistent basis, we are beginning to see increased signs of growth. While the recovery remains fragile, it appears economic growth will come at a modest and steady pace.”
In Las Vegas, the unemployment rate fell to 12.5 percent in November from 13.1 percent in October. The jobless rate dropped in the Reno-Sparks area, falling from 12.1 percent in October to 11.6 percent in November. In Carson City, the unemployment rate fell to 11.7 percent from 12 percent in October.
The unemployment rate in the Elko area fell one-tenth of a percentage point to 6.6 percent. Elko’s unemployment rate is two percentage points below the national average and more than five percentage points lower than the statewide rate.
“Nevada’s economy continued on a path of stabilization in November, while showing modest improvement overall,” said Bill Anderson, chief economist for the Nevada Department of Employment, Training and Rehabilitation (DETR). “Employment grew for the fifth consecutive month, adding 1,300 jobs in November based on a seasonally adjusted basis. In all, employers have added 7,800 jobs since June.”
The news is not all positive, however, he said.
A broader scan of workforce indicators suggests deeper structural weakness than the unemployment rate suggests, Anderson said. While the publicized unemployment rate (includes unemployed workers actively seeking employment) has fallen significantly in the last year, a broader measure of unemployment has not followed suit.
When you account for the discouraged (includes the unemployed who would like a job, but are not seeking employment) and the underemployed due to economic reasons, the unemployment rate is running at 23.3 percent based on a four quarter moving average.
“I’m certainly encouraged by the decline in the unemployment rate; I’m encouraged by some modest growth on the employment front; but I just think it’s important to qualify those positives by noting that we still have a long way to go,” Anderson said. “We have a big hole to dig out of.”
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Audio clips:
Bill Anderson, chief economist for the Nevada Department of Employment, Training and Rehabilitation (DETR), says the November report is arguably the best in quite some time:
121911Anderson1 :21 to make up.”
Anderson says there is still a lot of ground to make up, however:
121911Anderson2 :19 dig out of.”
