Nevada unemployment at lowest rate in 25 years

Friday, Nov. 19, 2004 | 11:11 a.m.

CARSON CITY -- Unemployment in Nevada during October dropped to 3.6 percent, the lowest rate in the last 25 years.

The state Department of Employment, Training and Rehabilitation reported today the 3.6 percent October rate, lower than the 3.9 percent recorded in September. There were an estimated 40,300 people out of work last month compared to 45,900 in September.

Valley numbers mirrored the statewide trend, as the 3.5 percent jobless rate posted in the Las Vegas Metropolitan Statistical Area was the lowest rate in nearly 10 years.

Nevada's unemployment rate was 1.9 percentage points lower than the national rate.

"The October employment data sends a clear message about the strength of Nevada's economy," Gov. Kenny Guinn said.

He said the 3.6 percent matches the low recorded 25 years ago and he added the "economy continued to produce new jobs at a pace more than three times the national rate of growth."

The department said there were 1,163,900 people employed in the state, up 4.9 percent for the year -- 54,400 more jobs in October than one year earlier.

Department Director Birgit Baker said the current method of figuring unemployment was started in 1978 and since then the low has been 3.7 percent on two occasions.

The department said the Las Vegas Metropolitan Statistical Area, which includes Clark and Nye counties and Arizona's Mohave County, posted a rate of 3.5 percent, down five-tenths of a percentage point over September and 1.6 percentage points lower than a year ago.

There were an estimated 33,500 people out of work in the Las Vegas area, down 4.400 from September and 12,900 lower than October 2003.

The department reported statewide that construction employment was up 11.9 percent to 118,100 compared to a year ago; manufacturing rose 4.3 percent to 46,100 jobs; and retail business posted a 4.7 percent gain to 129,100.

Statewide gaming and hotel employment reached 207,300 in October, up 0.6 percent; financial activities rose 4 percent to 62,000; professional and business services posted a 9.3 percent gain in employment to 135,600; and government employment rose 4.3 percent to 144,400.

The Las Vegas area reported 881,500 jobs, up 5.5 percent from October 2003. Construction grew 11 percent to 94,100 employed; manufacturing increased 5.4 percent to 27,400; and retail business rose 5.2 percent to 101,600.

Casino hotels and gaming in the Las Vegas area posted a year-over-year gain of 1.5 percent to 168,400 employed; financial activities registered a 5.2 percent increase to 48,900; professional and business services rose 8.8 percent to 103,000; education and health services increased 5.6 percent to 60,500; and government employment was up 5.1 percent to 97,200 jobs.

The department said unemployment in Washoe County fell to 2.8 percent, down from the 3.9 percent in October 2003. There were an estimated 5,800 unemployed, or 2,000 less than a year ago. Total employment reached 212,500, up 3.9 percent from a year ago.

The Carson City area, which includes Carson City, Douglas, Lyon and Storey counties, registered a 3.8 percent unemployment rate, compared to 5.4 percent a year ago. Total employment in October was 59,000, up 0.3 percent from a year ago.

Elko and Eureka counties posted a 3.1 percent jobless rate, down from 4.3 percent of a year ago. There were 660 unemployed or 230 less than in October 2003. Total employment rose 3.9 percent to 20,430.