Quantcast
Home manage Las Vegas Review-Journal
  Jobs Cars Homes Shopping Travel Weddings Golf Best of Las Vegas Photo   Search:

RECENT EDITIONS
Fri Sat Sun Mon Tue Wed Thu

sponsored by
Business


ECONOMY: Nevada jobless rate holds

State's unemployment at 4.3 percent during March

Nevada's unemployment rate remained steady at 4.3 percent in March, unchanged from the previous month and slightly below the national rate of 4.4 percent, the Nevada Department of Employment, Training and Rehabilitation reported Friday.

In Las Vegas, the unemployment rate was 4.2 percent, up from 3.7 percent a year ago.


Most Popular Stories
  • Mayor calls Lady Luck casino 'carcass'
  • CASINOS IN COURT: Testimony heard in Wynn case
  • Consolidated Resorts files for Chapter 7 bankruptcy
  • Players turned away at WSOP
  • Area economy hits 'pause' period, economist says
  • NEVADAN AT WORK: Local gaming veteran sees opportunity in small Henderson casino
  • Fontainebleau files motion to leave offices
  • FOURTH OF JULY TOURISM: Las Vegas is the place for bargain seekers
  • ONLINE GUY: Palm Pre promising but not ready to replace Apple iPhone in pocket
  • Job hunt is brutal for older workers




  • Total employment in Clark County grew 6.7 percent from a year ago to 915,000, though the rate of job growth is expected to slow this year, said Jim Shabi, economist for the state employment agency.

    The department is revising its statewide job growth forecast for 2007 to 3.7 percent compared with 5 percent forecast earlier this year.

    This is well below the surge experienced the past three years. Employment grew 5.9 percent in 2004, 6.1 percent in 2005 and 4.8 percent in 2006.

    "The numbers are not as good as last year and job growth is down to 3.1 percent statewide this month, which is the lowest we've been in some time -- since June 2003," Shabi said.

    Nevada added 9,300 jobs in March, down from 13,200 jobs in the same month a year ago and 13,100 jobs in February.

    "That's the housing (slowdown)," Shabi said. "Construction has been the real key to it. Take a snapshot from 2003 and take a snapshot now and it looks about the same. But what we had is the housing boom in between. Now the pace of job growth is coming down. It's a continuation of what we've seen for the last eight to nine months."

    Las Vegas showed 0.6 percent decline in construction jobs to 108,300, compared with 108,900 a year ago. Within the construction sector, specialty trade contractors were down 1.3 percent, building foundation and exterior contractors dropped 12.1 percent and building finishing contractors saw a 2.8 percent job decline.

    Manufacturing jobs grew by 5.3 percent to 27,900. The largest jump was 10.5 percent in information jobs to 11,600. Leisure and hospitality grew 1.4 percent to 273,100 jobs.

    Keith Schwer, executive director of the Center for Business and Economic Research at University of Nevada, Las Vegas, said the 3.6 percent unemployment rate of a year ago was too tight and unsustainable.

    "Given the imbalance in the housing market and only a few jobs were lost, that's saying the other components of construction have absorbed those jobs or they've left to go work somewhere else," he said. "We expected construction to be off and quite honestly, it's coming in better than we expected."

    Shabi said Las Vegas will get a boost in employment numbers when the Palazzo opens on the Strip, but 3.1 percent job growth compares favorably with the national rate of 1.4 percent.

    "We want to see the percentages we saw consistently in the 1990s, but over the next four or five years, the numbers should be impressive overall," Shabi said.

    Newsvine Digg Fark Technorati reddit StumbleUpon del.icio.us Slashdot Propeller Mixx Furl Twitter MySpace Facebook Google Bookmarks Yahoo! Bookmarks Windows Live Favorites Ask MyStuff myAOL Favorites

    Leave Your Comment 0 Reader Comments
    Terms & Conditions
    The following comments are provided by readers and are the sole responsiblity of the authors. The reviewjournal.com does not review comments before publication nor guarantee their accuracy. By publishing a comment here you agree to abide by the comment policy. If you see a comment that violates the policy, please notify the web editor.

    Some comments may not display immediately due to an automatic filter. These comments will be reviewed within 48 hours. Please do not submit a comment more than once.
    Current Word Count:

    Note: Comments made by reporters and editors of the Las Vegas Review-Journal are presented with a yellow background.