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Nevada Labor Market Briefing: July 2014

Department of Employment, Training & Rehabilitation Dennis Perea, Interim Director Bill Anderson, Chief Economist Prepared by the Research and Analysis Bureau. Nevada Labor Market Briefing: July 2014. State Unemployment Rate. 7.7% Unemployment Rate (SA 1 )

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Nevada Labor Market Briefing: July 2014

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

  2. State Unemployment Rate • 7.7% Unemployment Rate (SA1) • Unchanged from June; down from 9.9% a year ago • Off from a recession peak of 13.9% • Compares to a 6.2% rate for the U.S.—1.5 points higher • Lowest differential since August 2008 • At height of recession, NV’s rate was 4+ points higher than the nation’s 1seasonally adjusted

  3. Unemployment Rate Holds Steady at 7.7%...U.S. Rate up 0.1 Pct. Pt. to 6.2%NV vs. the U.S. Unemployment Rate (SA)

  4. 54K Nevadans are Unemployed Because They Lost Their Jobs; About Half the PeakJob “Losers” in Nevada (12-month moving average)

  5. Including Discouraged Workers Adds About a Percentage Point to the “Official” RateAlternative Measures Of Labor Underutilization

  6. State Employment (SA) • Non-Farm Job Levels Up 44,600 Relative to a Year Ago • 3.8% gain compares to 1.9% in the Nation • Down 200 Over the Month • 9,700 (NSA2) jobs were expected to be lost based upon historical trends, but 9,900 were actually lost, resulting in the seasonally adjusted decline • First monthly decline in a year; private sector gain offset by public sector loss 2not seasonally adjusted

  7. NV Adds 44,600 Jobs Relative to Year-Ago; Essentially Unchanged from JuneNonfarm Jobs in Nevada (SA)

  8. Year-Over-Year Job Gains Have Been Amongst the Strongest in the NationJob Growth (SA; year-over-year)

  9. Slight Wage Differential Between Growing/Declining IndustriesWage/Emp. Trends in Growing/Declining Industries

  10. Considerable Diversity in Nevada’s Nine Economic Development SectorsSector Characteristics

  11. NV Job Growth Stronger than in U.S. Since 2013Job Growth (year-over-year)

  12. Nearly All Sectors Contributing; L/H and PBS Lead the Way…+10K New JobsYTD Job Growth by Sector

  13. NV Housing Prices Have Risen Faster than National Average During RecoveryFHFA Home Price Index (1991:IQ=100)

  14. New Hire Wages About Two-Thirds of Overall AverageAverage Monthly Wages

  15. 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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