Nevada Unemployment Highest in Nation Despite Job Gains in December

Las Vegas, NV – Nevada held onto its dubious distinction as the state with the highest unemployment rate in the nation as 2023 came to a close, even as job growth continued in December.

State officials reported Tuesday that the seasonally-adjusted unemployment rate for December remained unchanged from November at 5.4%, the highest among all 50 states and Washington D.C., according to data from the Bureau of Labor Statistics.

However, despite the unchanged headline figure, there were positive signs beneath the surface. The unadjusted rate, which doesn’t factor in regular economic patterns, actually increased slightly from 4.8% to 5.0% in December. More importantly, the state’s labor force continued to expand, adding approximately 6,300 people last month. In the Las Vegas metro area, the engine of the state’s economy, employment increased by 800 jobs since November.

David Schmidt, the state’s chief economist, highlighted these positive trends in a statement. “Nevada ends 2023 continuing to add jobs at a brisk pace while maintaining stable unemployment,” he said. “For the first time, the accommodation and food service industry employs more people than before the pandemic, and seasonal retail hiring increased above the level seen from 2018 to 2022.”

The accommodation and food service industry, a major employer in Nevada, particularly in Las Vegas, has been a key driver of the state’s recovery. With more tourists and visitors returning to the state, these jobs have rebounded past pre-pandemic levels.

However, despite the positive job growth, the high unemployment rate suggests that some Nevada residents are still struggling to find work. It’s also worth noting that the unadjusted rate, while showing a slight increase in December, remains historically low for the state.

Overall, Nevada’s economic picture appears to be mixed. While job growth is encouraging, the unemployment rate remains high. Nevertheless, with continued economic expansion and a focus on industries like tourism and hospitality, Nevada may finally see its unemployment rate begin to decrease in the year ahead.

Credits: News3LV