Las Vegas unemployment numbers fall,
Jobs in Las Vegas finally seem to be on
the upswing! But the question is, for how long can this last? According to
economists, as job markets improve, theÂ trickleÂ of people back into
the labor pool could turn it into a flood, and that could keep state jobless
rates above national averages all the way into 2015.
But, we can rest assured that for the
month of April 2013, NevadaÂ unemploymentÂ was down! From March to
April, the Las Vegas labor pool grew by 1,200 people to 993,600 workers, this
according to theÂ Nevada
StateÂ DepartmentÂ of Employment, Training and RehabilitationÂ in its Thursday jobs report. It was
the fourth straight month-to-month gain, and a huge change from April 2011 when
14,000 people fled to the local labor market. Nevada wide, 1,800 people found a
job in April, for a total of 1.38 million peopleÂ withÂ jobs in Nevada.
"It might be a positive signal that
job seekers are becoming a bit moreÂ confidentÂ about their
prospects" is what Bill Anderson, Chief Economist with the Employment
What exactly does this mean?
It means that there is
hope.Â EmployersÂ are expanding their job bases by 2.2% from year to
year in April, about half a percent higher than the national average! This
appears to mean more employers are trusting that their employees will succeed
in their positions. Nevada added 22,700 jobs from April 2012 to April 2013 with
5,600 of those coming in the time frame of March to April 2013!
More people are getting jobs.
Nevada's rateÂ slidÂ to 9.6% in
the month of April 2013, down from 9.7% in March and down from a whopping 11.5%
in April 2012. In all, 132,400 Nevada residents were out of work, including
94,900 of those from Las Vegas in April 2013. This figure is down 27,000 people
from April 2012. That means in one year, Nevada has placed 27,000 people back
into the work force!
Where did the jobs come from?
It appears that jobs are popping up all
over the state due to the improved consumer spending! Leisure and hospitality
saw the biggest growth, with about 9,000 new employees being hired. Trade,
transportation, and utilities added more then 5,000 positions. That figure
includes those in the retail market. Construction seems to be slowly picking up
as well with an added 3,000 positions.
When will it be back to normal?
I am not sure that Nevada will ever
"be back to normal" but I can tell you that Nevada has restored 24%
of the jobs it lost in theÂ recessionÂ This is nearly half of the
54.9% across the Mountain region that has been restored. One thing toÂ rememberÂ though
is that before the recession hit, NevadaÂ employedÂ alot of
construction workers and they dropped almost 100,000 workers from 2006 until
today. An estimated 150,000 construction workers wereÂ employedÂ in
2006 and only 50,000 of those positions exist today. That is a huge reason why
the figures are so low for Las Vegas!
What does this mean for Nevada's job
market in the future?
The Silver State will
faceÂ plentyÂ of obstacles on theÂ roadÂ to recovery, including
a nation-leading ratio of underwater homes, thisÂ accordingÂ to a job
report fromÂ CoreLogic.Â More than half of Nevadans still owe
more money than what theirÂ home is worth.
Jobs for 2013 and beyond!
The employment department says that there
will be 2.1% growth of jobs for 2013 or 23,000 new jobs. Experts also predict
that the job rate should continue to grow,Â upwardsÂ of 30,000 or more
for years to come. That meansÂ unemploymentÂ could be down to 8% by
early 2015! After 2015, experts say don't expect the jobs to keep booming. Look
for Nevada to add jobs more quickly than the rest of the country though!
Nationally the rate is 7.5% in April, once
again keeping Nevada at the top of the charts for jobless people in the Nation.
Let's make a change and get the job market on the rise again!