Las Vegas Unemployment Reaches 15%!

The State of Nevada has released their unemployment rates for September which are attached along with a commentary in a different format which you will find below.  I will highlight some areas that I find interesting.  The first 2 lines of paragraph 3 which I have copied and pasted below are unusual in that I do not recall the State of Nevada ever releasing this type of opinion.

 “Recently released employment projections show considerable job loss through 2011.  In 2012, job loss will subside significantly, but a weak economic climate will keep outright growth in check.  Not until 2013 will the state see broad employment growth.”

 This does not bode well for housing in Nevada and especially the Las Vegas area.

 The Seasonally Adjusted Unemployment rate for Nevada remained at 14.4% but the unadjusted rate increased from 14.2 to 14.5%.

The labor force increased from 1,351,000 to 1,352,300 for the month.  The number unemployed increased from 192,300 to 196,200.  Per paragraph 5 of the commentary, “Total nonfarm employment increased by 2,900 in September, thanks in large part to the return of seasonal workers in Nevada’s educational system.  The private sector on the other hand, failed to find traction, shedding 4,600 jobs over-the-month”.

Nevada employment went from 1,108,000 to 1,110,900 which is the 2900 mentioned in the comment above.  The Las Vegas unadjusted rate went from 14.7% to 15.0% The labor force for Las Vegas climbed from 968,700 to 970,800.   The number of unemployed increased from 142,300 to 145,400.  The number of employed increased from 791,200 to 794,100 so basically the total job growth for the State of Nevada was all in Las Vegas.

 This does not look good for Nevada and Las Vegas specifically as our job growth was all government.  Click here for the full report.