CARSON CITY (KXNT) – The Silver State has come a long way since the recession of 2008. The housing market crashed, jobs were slashed, hours were cut, and many people had to leave the state. However, Nevada’s rebound continued in February as the state labor department reported another dip in the unemployment rate.
Nevada’s seasonally adjusted unemployment rate fell to 4.9 percent in February, the first time it has been below 5 percent since November 2007. The jobless rate ticked down one-tenth of a percentage point from January, from 5 percent.
“This is a watershed moment in our state’s recovery efforts,” said Governor Brian Sandoval. “Job levels are at an all-time high. The number of employers is greater than ever before. Our private sector growth is the fourth-highest in the nation with small businesses fueling our revival by contributing nearly 100,000 of the 213,000 new jobs since late 2010. We knew Nevadans could battle through the most difficult of times, but today’s announcement exceeds even my own optimistic goals. This is a great day for the entire state of Nevada,” Sandoval said.
February represents the 72nd consecutive month of year-over-year declines in the unemployment rate, down 1.2 percentage points, relative to February of last year. That’s according to Bill Anderson, Chief Economist for Nevada’s Research and Analysis Bureau of the Department of Employment, Training and Rehabilitation.
“With the upward movement in employment this month, we are not surprised to see the unemployment rate fall below 5 percent,” Anderson said. “Overall trends in employment have been encouraging during the last several years. The Silver State has witnessed several positive indicators of economic growth. The number of employers in the state is at a record high, while initial and continued employment insurance claims have both been trending down and are currently at post-recession lows. This suggests fewer layoffs and a tighter labor market,” Anderson said.