Vol. 5, No. 9, September 2009, Tumbling Dice
Unemployment Continues Climb
Unemployment rates throughout Nevada continued their upward trend in July, reaching 13.1 percent in Clark County compared with a statewide rate of 12.5 percent.
Unemployment rates throughout Nevada continued their upward trend in July, reaching 13.1 percent in Clark County compared with a statewide rate of 12.5 percent.
The Las Vegas numbers represent almost a full percentage point increase over the 12.3 percent reported in June and a nearly 90 percent overall increase compared to the 6.9 percent reported in July 2008.
The national unemployment rate is 9.4 percent.
"Nevada is in the midst of the longest, deepest recession since World War II and recent labor market trends show no signs of improvement, particularly unemployment, which has surged at a record pace in recent months,” said William Anderson, chief economist of the state Department of Employment, Training and Rehabilitation. “Growth in the national economy will likely precede improvement in Nevada. When that growth will trickle down to Nevada is less certain.”
While there is some promise with the coming opening of CityCenter, Anderson noted that some of the 10,000 jobs created will be offset by the elimination of construction jobs on the project as well as cannibalization of existing gaming jobs at other properties.
The reason for the loss of jobs is clear in Southern Nevada. The major economic engine is sputtering as visitation and spending continue to decline.
“The leisure and hospitality sector continues to limp along,” Anderson said. “Visitation remains stagnant and those that do visit are spending less. For 13 months in a row, fewer visitors have come to Las Vegas.”
Things are no better in the Reno-Sparks area, where unemployment rose from 11.7 percent in June to 12.2 percent in July. In Carson City unemployment hit 11.7 percent in July, while Elko’s rate increased only slightly from 6.6 percent to 6.7 percent.