Jobless rate plunges to 4.5%

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Tuesday, Nov. 19, 2002 | 11:02 a.m.

The Nevada unemployment rate fell to 4.5 percent in October, a level unseen since the Las Vegas economic boom started to slow in 2001.

The state today said the 4.5 percent rate compares to 4.9 percent in September and to 6.6 percent in October 2001. The last time the rate was this low was in January 2001, when it registered at 4.4 percent.

While recent layoffs at National Airlines and Raley's stores are likely to weaken the local economy, those job losses will eventually be more than offset by gains in construction industry hiring tied to Steve Wynn's Le Reve megaresort. When construction peaks in 2004, some 3,700 to 3,800 people are expected to be working on the project.