Finding a job in Nevada got harder in November, according to the State Department of Employment. During the course of the month unemployment rose to 8 percent, which is the highest it’s been since February of 1984. At the same time the national jobless rate was only 6.7 percent.
DOE statistics show that approximately 111,700 residents in the city were unable to find employment in November. SInce many employers in the leisure and hospitality and retailer industries usually increase the number of Nevada jobs they provide during this season, the rising unemployment rate sows that the state’s economy is definitely suffering from the effects of the national recession. Employers in the state did away with approximately 2,700 jobs for the month.
To make matters worse, economist predict that the job market it Nevada will continue to decline this year. The director of UNLV’s Center for Business and Economic Research Keith Schwer said recently that he expects that the unemployment rate will reach 10 percent before the economy begins to recover.
The State’s chief economist Bill Anderson is in agreement with Schwer, saying that he fully expects to recession to continue to worsen throughout the course of this year. Both of these experts believe that the latter part of this year will be slightly better than the first half.
According to Anderson and Schwer area’s like Reno and Las Vegas will take the longest to recover from this slump. The reason for this is fairly simple. Both areas rely heavily on the construction industry, which has been hit drastically by the troubled credit market and the real estate crisis.
Other experts have said that the recession could last in to 2010, meaning that many cities throughout the nation won’t recover until the latter part of 2011. At this time, these thoughts are simply theories. In the end, the trouble an area has bouncing back will be determined by how far down its economy slipped and whether or not local politicians pass legislation that is friendly to new businesses.
Tags: Nevada Jobs