Labor Market Briefing

The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency Nevada Labor Market Briefing Department of Employment, Training & Rehab

The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Nevada Labor Market Briefing

Department of Employment, Training &

Rehabilitation

Dennis Perea, Interim Director Bill Anderson, Chief Economist David Schmidt, Supervising Economist Prepared by the Research and Analysis Bureau and presented to the Employment Security Council, Oct 2014

Unemployment Rate Ticks Down to

7.6%; About Half of Recession Peak

NV vs the U.S Unemployment Rate (SA)

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The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Unemployment Rate Rankings (SA)

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54K Nevadans are Unemployed Because

They Lost Their Jobs; About Half the Peak

Job “Losers” in Nevada (12-month moving average)

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The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

13K Nevadans Unemployed Because They Left Jobs Voluntarily; Encouraging Uptrend

Job “Leavers” in Nevada (12-month moving average)

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Long-Term Unemployment Half of Peak

Nevadans Unemployed for 27+ Weeks (CPS data; 12-month moving average)

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The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

FT Employment on the Rise; PT Holds Steady

Full-Time vs Part-Time Employment (CPS data; 12-month

moving average)

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Including Discouraged Workers Adds About a Percentage Point to the “Official” Rate

Alternative Measures Of Labor Underutilization

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The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

NV Adds 41,200 Jobs Relative to Ago; Trending up for 44 months

Year-Nonfarm Jobs in Nevada (SA)

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Job Growth Hovering in 3.5%-4%

Range the Past Half-Year

Job Growth (SA; year-over-year)

The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

NV on Pace to Add Close to 100K Jobs Since 2010

Nevada Job Growth Since 2010

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Nearly All Sectors Contributing; PBS

and L/H Lead the Way…10K New Jobs YTD Job Growth by Sector

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The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

NV Jobs up 3.6% Through First 8 mos This Year; Double Growth in the US

Job Growth (year-over-year)

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NV Job Growth Outpaces US in Nine of Ten Super Sectors

YTD Job Growth; NV minus US

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The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Job Growth Stronger Than in 48 States Job Growth Rankings (# of states with slower private sector job growth than NV; 2014 YTD through IQ)

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Job Gains More Than Offset Losses

Business Employment Dynamics: Private Sector Gross Job

Gains vs Gross Job Losses (SA)

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The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

New Jobs > Losses From Closings

Business Employment Dynamics: Gross Job Gains vs Gross Losses in New & Closing Establishments(SA)

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Wages Expand by a Solid 2.7% During 2014:IQ; Strongest Gain in Five Qtrs.

NV Avg Weekly Wage Growth: Year-Over-Year

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The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

New Hire Wages About Two-Thirds of Overall Average

Average Monthly Wages

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Wages Rise with Age, Peaking with the 45-54 Year Old Group

Average Monthly Wages by Age Group

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The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Number of Employers on the Rise; Up

12 Straight Qtrs.; Barely Below Peak

Number of Nevada Employers

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Nevada’s Economy Dominated by Small Establishments

Number of Establishments by Employment Size

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The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Big Job Gain in Est with 1,000+

Workers; Small/Mid-Size Est also Solid 2013:IQ-2014:IQ Job Growth by Establishment Size

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Small Business Adding Employment

Since 2010

Employment in Establishments with less than 100 Workers

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The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Job Levels Surpass Pre-Recessionary Peak in 2016/2017

Total Jobs: History and Forecast

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By 2017, Nearly 40,000 Construction

Jobs Added Since Bottoming Out

Construction Jobs: History and Forecast

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The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Going Forward, Growth Expected to

Strengthen for Manufacturing Jobs

Manufacturing Jobs: History and Forecast

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Retail Trade Should Continue Adding

About 4,000 Jobs Annually

Retail Trade Jobs: History and Forecast

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The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

Expectations are for an Additional 3,000 Healthcare Jobs per Year

Healthcare/Social Assistance Jobs: History and Forecast

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AFS Jobs Have Reached Historical

Peak; 40K Additional Jobs Expected

Accommodation/Food Services Jobs: History and Forecast

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The Nevada Department of Employment, Training and Rehabilitation is a proactive workforce & rehabilitation agency

NV’s Unemployment Rate Trending

Down…6.5% in 2015; 5.5% in 2016

Unemployment Rate: History and Forecast

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For Additional Information, Please Contact:

Nevada Department of Employment, Training and Rehabilitation

Research and Analysis Bureau

Bill Anderson Chief Economist