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Nevada Labor Market Briefing: September 2014

Department of Employment, Training & Rehabilitation Don Soderberg, Director Dennis Perea, Deputy Director Bill Anderson, Chief Economist Prepared by the Research and Analysis Bureau. Nevada Labor Market Briefing: September 2014. State Unemployment Rate. 7.3% Unemployment Rate (SA 1 )

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Nevada Labor Market Briefing: September 2014

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  1. Department of Employment, Training & Rehabilitation Don Soderberg, Director Dennis Perea, Deputy Director Bill Anderson, Chief Economist Prepared by the Research and Analysis Bureau Nevada Labor Market Briefing:September 2014

  2. State Unemployment Rate • 7.3% Unemployment Rate (SA1) • Down 0.3 percentage point from August; down from 9.6% a year ago • Off from a recession peak of 13.9% • The unemployment rate has declined or held steady, relative to the prior month, for 39 straight months • Lowest reading since July 2008 • Compares to a 5.9% rate for the U.S.—1.4 points higher • Lowest differential since mid-2008 1seasonally adjusted

  3. Unemployment Rate at 7.3%; Lowest Since July 2008NV vs. the U.S. Unemployment Rate (SA)

  4. Long-Term Unemployment Half of PeakNevadans Unemployed for 27+ Weeks (CPS data; 12-month moving average)

  5. Unemployment Rates Down in Every County Over RecoveryRatio of Sept. 2014 Rate to Sept. 2010

  6. FT Employment Rises; PT Holds SteadyFull-Time vs. Part-Time Employment (CPS data; 12-month moving average)

  7. State Employment (SA) • Non-Farm Job Levels Up 38,200 Relative to a Year Ago • 3.2% gain compares to 1.9% in the nation • 45 consecutive months of year-over-year gains • Down -1,800 Over the Month • 8,600 (NSA2) jobs were expected to be added based upon historical trends, but 6,800 were actually added, resulting in the seasonally adjusted decline • 2nd consecutive monthly decline…estimation model may be correcting for over-estimates during prior months 2not seasonally adjusted

  8. NV Adds 38,200 Jobs Relative to Year-Ago; Trending up for 45 monthsNonfarm Jobs in Nevada (SA)

  9. Job Growth Hovering in 3-4% Range the Past Year; Some Signs of EasingJob Growth (SA; year-over-year)

  10. NV on Pace to Add Close to 100K Jobs Since 2010Nevada Job Growth Since 2010

  11. Job Gains > Losses in 13 Straight Qtrs.Business Employment Dynamics: Private Sector Gross Job Gains vs. Gross Job Losses (SA)

  12. Opening Gains > Closing LossesBusiness Employment Dynamics: Gross Job Gains vs. Gross Losses in New & Closing Establishments (SA)

  13. Nearly All Sectors Contributing; PBS Leads the Way; Construction up 6,100YTD Job Growth by Sector

  14. Seasonal Holiday Hiring Could Approach Last Year’s 13,500September-December Growth in Trade/Transportation Jobs

  15. NV Jobs up 3.6% Through First 9 mos. This Year; Double Growth in the USJob Growth (year-over-year)

  16. Job Growth Stronger Than in 48 StatesQCEW Job Growth Rankings (# of states with slower private sector job growth than NV; 2014 YTD through IQ)

  17. Small Business Adding Employment Since 2010Employment in Establishments with less than 100 Workers

  18. Affordable Care Act: No Anecdotal Evidence that Businesses are ShrinkingBusinesses Crossing the 50-Employee Threshold (2013-2014)

  19. For Additional Information, Please Contact: Nevada Department of Employment, Training and Rehabilitation Research and Analysis Bureau Bill Anderson Chief Economist wdanderson@nvdetr.org (775) 684-0450 http://www.nevadaworkforce.com follow us on Twitter @nvlabormarket

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