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Nevada Labor Market Briefing: June 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: June 2014. State Unemployment Rate. 7.7% Unemployment Rate (SA 1 )

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Nevada Labor Market Briefing: June 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:June 2014

  2. State Unemployment Rate • 7.7% Unemployment Rate (SA1) • Down 0.2 point from May; down from ten percent a year ago • Off from a recession peak of 13.9% • Compares to a 6.1% rate for the U.S.—1.6 points higher • At height of recession, NV’s rate was 4+ points higher than the nation’s 1seasonally adjusted

  3. Unemployment Rate Falls to 7.7%...Lowest Since August 2008NV vs. the U.S. Unemployment Rate (SA)

  4. NV’s Rate is 2nd Highest in the NationUnemployment Rate Rankings (SA)

  5. Individuals Maintaining Employment Status on the Rise in the U.S.Those Employed in Two Consecutive Months

  6. State Employment (SA) • Non-Farm Job Levels Up 46,200 Relative to a Year Ago • Largest gain since August 2006 • Up 5,300 Over the Month • 3,700 (NSA2) jobs were expected to be lost based upon historical trends, but 1,600 were actually added, resulting in the seasonally adjusted gain • 11th consecutive monthly gain 2not seasonally adjusted

  7. NV Adds Jobs Relative to Year-Ago for 42nd Straight Month…+46,200Nonfarm Jobs in Nevada (SA)

  8. Year-Over-Year Job Gains Remain Near 4%Job Growth (SA; year-over-year)

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

  10. NV Job Growth Twice the National Avg.Job Growth (year-over-year)

  11. Nearly All Sectors Contributing to GainsYTD Job Growth by Sector

  12. Housing Starts Have Rebounded, But Gains Have SlowedNV Housing Starts (12-month moving totals)

  13. NV’s 8% Gain Ranks 7th in Job Growth Since 2010Job Growth by State: 2010-2014

  14. Job Growth Stronger Than in 38 StatesQCEW Job Growth Rankings (# of states with slower private sector job growth than NV)

  15. 51K Workers Commute into NevadaNevada Worker Inflows and Outflows

  16. Job Prospects for NV’s Teens and Young Adults have Strengthened IIIQ Job Gains for 14-21 Year Olds

  17. Personal Income up 4.4% in 2014:IQPersonal Income Growth (year-over-year)

  18. NV’s Economy has Grown in Four Straight YearsGross State Product Growth (year-over-year)

  19. Employment Expected to Continue AdvancingNV Jobs: History and Forecast

  20. 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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