Las Vegas' jobless rate up to 14.8%, expected to again make it America's most unemployed metro area

Las Vegas’ July jobless rate increased two-tenths of a point, to 14.8%, likely ensuring it will again have the highest unemployment rate of major U.S. cities when national figures are released later this month.

The “real” unemployment rate, which also includes unemployed residents no longer actively seeking work, however, is 21.5%, the state’s Department of Employment, Training and Development announced this morning, which means more than one out of every five Nevadans is jobless.

The state’s July jobless rate ticked up one-tenth, to 14.3%. It is the smallest one-month increase of the year, but marks the 16th consecutive month the rate increased to a new record high. Given that Michigan announced a slight decrease in its jobless rate Thursday, it’s also likely Nevada will continue to have the country’s highest statewide unemployment rate.

"Weakness in Nevada’s job markets persists, with both the public and private sectors reporting less employment over the month," according to the statement. “Particularly troubling is the continued contraction of the employment services industry,” which supplies temporary workers to expanding businesses. “Growing demand for temporary workers is usually a precursor for future permanent hiring." The drop in July means “expectations for future hiring remain weak.”

Regarding the unofficial unemployment rate – which the state calculated and included in today’s announcement for the first time – “the reality of the recession’s impacts on Nevada’s workforce is much worse than presented” in the official rate.

No comments: