By McKenna Ross, Las Vegas Review-Journal, November 16, 2023
Nevada’s labor market remains in a pattern of rapid employment growth and a steady unemployment rate, according to the state’s monthly labor report.
Data released Thursday from the Department of Employment, Training and Rehabilitation shows that the state’s unemployment rate did not change from September to October, with the rate staying at 5.4 percent. The labor force added 5,500 workers — the 10th consecutive month of gains.
“In October, Nevada continued its relatively rapid employment growth, continuing to grow at a rate of 3.4 percent over the past year while maintaining an unemployment rate of 5.4 percent. More people continue to join the workforce, pushing the labor force participation rate up to 62.1 percent in October, up from 61.6 percent a year ago and 61.9 percent last month,” DETR Chief Ecnomist David Schmidt said in a press release. “Overall, Nevada’s labor market continues to provide a solid foundation for ongoing economic expansion in the state.”
The Las Vegas metropolitan area added about 1,600 jobs over the month, or grew by about 0.1 percent, according to the report. That’s an increase of about 39,900 jobs, or 3.6 percent, when compared to October 2022.
In Reno, total non-farm employment grew by 800 jobs or 0.3 percent from a month earlier, the report states. That’s a growth of 3.2 percent when compared to October of last year. Carson City, meanwhile, lost about 100 jobs from September to October, but still had more than 900 jobs when compared to October 2022.