Las Vegas Sun

March 28, 2024

economy:

Clark County jobless rate soars to 7.5 percent

Updated Friday, Nov. 21, 2008 | 12:02 p.m.

CARSON CITY -- The October unemployment rate in Clark County matched a record tying mark of 7.5 percent, set in June 1992.

The number of workers employed in construction and manufacturing fell in October, compared to the previous month in the Las Vegas area.

There were a reported 76,400 persons out of work in Southern Nevada, compared to 48,400 a year ago in October. But total employment last months reached 936,400, up 24,000 from October 2007.

The state Department of Employment, Training & Rehabilitation, reported Friday the state’s jobless rate rose to 7.6 percent, the highest it’s been since May 1985. The state’s rate has exceeded the national average every month since mid 2007.

The national rate in October was 6.5 percent.

Bill Anderson, chief economist for the department said, “Key components of the state’s economy – housing, commercial development and consumer spending – have been hit especially hard.”

He predicted that the holiday retail sales and holiday hiring will be “significantly lower than what we have seen in years past.”

The construction industry has been hardest hit due to the housing slump, Anderson said. In the Clark County area, there were 91,900 persons employed in the sector, 8,700 less than in October 2007 and 1,400 less than in September this year.

Anderson said there were only 329 new building permits issued for Clark County new home construction in October, a decrease of 80.6 percent from a year ago.

Employment in the casino and hotel industry totaled 172,400 in Clark County in October, down 600 workers from a year ago and 200 from the previous month.

Manufacturing employment in Clark County fell to 25,900, down 400 workers from September; But the number of jobs in trade, transportation and utilities, rose to 164,300, an increase of 2,200 workers from a year ago.

Statewide, Anderson said the state’s leisure and hospitality industry added 1,200 compared to October 2007. “However, casino hotel and gaming job levels (statewide) are actually down by 2,300 relative to a year ago, a reflection of the impacts of the global economic slowdown on Nevada Business.”

The department said that unemployment in October in Washoe County rose to 7.2 percent, up from 6.8 percent in September and 4.4 percent a year ago.

The jobless rate in Carson City was 7.4 percent last month, up one-tenth of a percent from September. The highest rate in Nevada was 10 percent in Nye County followed by 9.5 percent in Lyon County.

The lowest jobless rate in October was 4.1 percent in Elko County with Lander County at 4.3 percent.

Cy Ryan may be reached at (775) 687 5032 or [email protected].

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