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Nevada Unemployment Trends (Photo: DETR)

Nevada Unemployment Rate Falls to 5.2% in January

Gas prices surge to record highs overnight

By Megan Barth, March 4, 2022 3:01 pm

In a report issued by the Department of Education, Training and Rehabilitation (DETR), the suffering Nevada economy is rebounding from the second highest unemployment rate in the country as job gains are recorded across all industries. The state unemployment rate fell to 5.2 percent in January, equal to the state’s average unemployment rate from 2015 to 2019. During the pandemic lockdown, mandated by Governor Sisolak, the unemployment rate in January 2021 hit a staggering 10.2 percent.

Governor Sisolak took to Twitter to make a statement:

DETR reports:

“According to the Nevada Department of Employment, Training and Rehabilitation’s (DETR) January 2022 economic report, employment in December was 50,400 jobs higher than initially reported, with annual revisions showing Nevada much closer to pre-recession employment than originally estimated. Since January 2021, employment is up 132,900, an increase of 10.3%. The total employment level in the state is 1,425,400, and is 24,200 jobs below its February 2020 peak. The state’s unemployment rate in January is 5.2 percent, down from 5.3 percent in December and down 5.0 percentage points when compared to January 2021.

Metropolitan Statistical Area (MSA) Employment (Seasonally Adjusted):

  • Las Vegas employment increased by 2,400 jobs (0.2%) since December, an increase of 119,800 jobs (13.1%) since January 2021.
  • Reno employment had an increase of 1,300 jobs (0.5%) since December, an increase of 9,700 jobs (4.0%) since January 2021.
  • Carson City employment was unchanged since December, but saw an increase of 900 jobs (3.0%) since January 2021.

“The Reno-Sparks area now has more jobs than before the pandemic, and while Las Vegas remains 25,000 jobs below February 2020, employment outside of casino-hotels is 6,000 jobs higher than before the pandemic. The unemployment rate in Nevada is half of what it was a year ago. From 2015-2019, the unemployment rate in Nevada averaged 5.2 percent – the same rate we see in January,” said David Schmidt, Chief Economist.

In a statement through DETR, Sisolak stated:

“I’m pleased to see Nevada’s economy was performing much better at the end of last year than we originally believed and that momentum is carrying us forward into 2022. The state continues to take huge steps forward with more jobs in Reno than before the pandemic and Las Vegas showing job gains across most of its industries. Jobs are rising, unemployment is falling, and Nevadans are finding jobs to provide for their families.”

Chevron in Primm, Nevada. (Photo: Kim Passoth on Twitter)

It is good news to see unemployment falling to pre-pandemic levels, however, Nevada families are now paying record high prices for a gallon of gas throughout the state, making their commute historically expensive. Today, gas prices hit an all-time high after an over-night spike, raising prices to $4.29/gallon in the Las Vegas Valley.

According to Petroleum Analyst Patrick De Haan for Gas Buddy, he “expects prices advancing” with the potential of rising to $4.75 per gallon.

Rep. Dina Titus and Catherine Cortez-Masto have cosponsored a federal gas tax holiday, but this holiday won’t apply to Nevadans–Nevadan’s won’t save a penny due to a bill Titus signed in 1997 which automatically raises Nevada’s fuel tax by the exact amount of any reduction at the federal level.

 

 

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