(The Center Square) – Nevada's unemployment rate hit an all-time low in January, according to an economic report by the Nevada Department of Employment, Training and Rehabilitation.
Employment was up 3,900 jobs for the month, and up 22,800 up over the prior year, an increase of 1.6 percent. The state's unemployment rate fell 0.1 percent to 3.6 percent. This month's unemployment rate is the lowest on record.
“I am excited to see January’s numbers reflect that Nevada’s unemployment rate has hit its all-time low and that our employment growth is ongoing,” Gov. Steve Sisolak said in a news release. “As Nevada continues to grow, we must look to the future and continue working to provide every job seeker in Nevada with access to high-quality jobs in this economy.”
Unemployment insurance claims were also down 2,521 over the month and 863 for the year.
“January’s 3.6 unemployment rate is the lowest rate dating back to 1976 and is down over 10 percent from its all-time high," David Schmidt, chief economist for DETR, said in a release. "For the first time since July 2007, there is no longer a gap between Nevada’s unemployment rate and the nation’s. With a historically low unemployment rate and unemployment insurance claims also at historic lows, the tight job market is likely making it challenging for businesses to find workers.”
Construction added the most jobs of any sector over the 12-month period ending January 2020.
Officials worry that fear over the novel coronavirus – including the cancellation of larger events and caution shown by residents to not go places unless they have to – could drastically hurt state economies. The gaming industry in particular could be impacted.