Nevada jobless rate rises, U.S. indicators increase

Thursday, Dec. 19, 2002 | 11:01 a.m.

SUN STAFF AND WIRE REPORTS

Nevada's unemployment rate increased one tenth of a percentage point to 4.6 percent in November, the first increase this year. Officials today downplayed the increase, noting the trend since January has been consistently downward.

"Nevada continues to grow faster than most other states. But we are still challenged by outside forces such as the weak national economy and political uncertainty in Iraq and elsewhere," said Gov. Kenny Guinn.

The state Department of Employment, Training & Rehabilitation said that despite the closure of Las Vegas-based National Airlines, the state's economy added 1,200 jobs in November.

The department said the Las Vegas area's unemployment rate was unchanged at 4.8 percent and was down 2.2 percentage points from November 2001.

Separately, a national industry group said a stabilizing job market and higher stock prices helped push up a key measure of U.S. economic activity in November, a sign the nation's financial situation is strengthening.

Gains in the longer-term employment picture helped boost consumer attitudes, pushing the Conference Board's Index of Leading Economic Indicators up 0.7 percent, the largest monthly gain in a year.

The increase, which was slightly above analysts' expectations, leaves the Index at 112.3, and follows a revised 0.1 percent gain in October.

"The financial market slump seems to be lifting a little this autumn. Recent consumer buying figures have somewhat allayed fears about a weak holiday season and consumer attitudes have also improved," Conference Board economist Ken Goldstein said. "The latest leading indicator readings show that at least some improvement is beginning to develop."

The jump in the index means the economic reading has now regained all the ground it has lost since May, and is now 3.6 percent higher than the low point it reached in March of last year.

Meanwhile, the Labor Department report released today showed new claims for unemployment benefits remain high.

The Labor Department reported new claims for jobless benefits fell by a seasonally adjusted 11,000 to 433,000 for the work week ending Dec. 14.