Nevada jobless rate hits record high at 14 percent
by Sandra Chereb - Associated Press
Jul 19, 2010 | 438 views | 1 1 comments | 4 4 recommendations | email to a friend | print
CARSON CITY — Nevada's unemployment rate set a new record in June, hitting 14.2 percent statewide compared with the national average at 9.5 percent, according to a state report Monday.

The state in May overtook Michigan as having the highest jobless rate in the nation when it reached 14 percent. The latest jobless figures are an all-time high for Nevada.

Nevada, with an economy heavily reliant on casino taxes and tourism, has been hammered by the recession and slower than other states to stabilize its economic pulse. When tourism nose-dived, the state's construction industry also tanked, putting tens of thousands out of work.

Nevada also leads the nation in foreclosures and bankruptcies.

Jobs have been the focal issue in Nevada's U.S. Senate race. Democratic Majority Leader Harry Reid, seeking a fifth term in November, says he's helped bring thousands of jobs to the struggling Silver State, while Republican challenger Sharron Angle counters Democratic policies have added to the state's dire economy.

Reid said in a statement Monday that "it took many years to dig us into this hole, and we're not going to get out of it overnight. It's why we passed Wall Street reform, why we're working on the small business jobs bill and why we're going to extend unemployment insurance."

Angle said the latest jobless figures "serve as a reminder that the state can't afford six more years of Harry Reid."

The report from the state Department of Employment, Training and Rehabilitation showed that 193,300 Nevadans were out of work in June.

In the first full week of June, an additional 7,300 people lost extended federal unemployment benefits, meaning nearly 40,000 people in Nevada have exhausted their eligibility unless Congress reinstates it, the report said.

In the Las Vegas area, the jobless rate increased to 14.5 percent — up from 14.1 percent in May. In the Reno area, unemployment rose to 13.6 percent, and in Carson City, it jumped to 13.4 percent. Elko unemployment in June was 8.5 percent, up from 8.3 percent in May.

Meanwhile, the national jobless rate fell 0.2 percent. State officials called it a good sign, saying that an overall improvement in the U.S. economy could spur improvement in Nevada.

They were cautious, however, in their assessment on whether Nevada would see signs of recovery soon.

"With stimulus dollars running short and private employers thus far sitting on the sidelines, expectations for near-term economic growth have diminished somewhat of late," said Bill Anderson, Nevada's chief economist.

Elliott Parker, an economist at the University of Nevada, Reno, said the decline in jobs is disturbing because "normally we add more jobs in June than in the average month."

"Seasonally adjusted, we are down 11,000 jobs in June, while the labor force declined by 7,000," he said. "That means 4,000 additional people are now looking for work than we would normally see this time of year."

The state had nearly 1.17 million people employed in June, with a total labor force of 1.36 million. Total employment in Nevada decreased by 1,400 jobs, even though the private sector added 3,400.

The difference was blamed on seasonal declines in state and local government jobs, particularly at schools, which are closed for the summer.

Parker also noted that the construction industry shed another 2,400 jobs during peak construction season.

"It may finally be time to admit that this was a depression, not just a recession," he said. "We may have avoided a big meltdown like we had in the 1930s, but this is not a garden-variety recession."
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kinsman
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July 20, 2010
Precious 'lil Harry seems to forget he's been in the Senate since 1986 and held it's top spot for the last 3 years. He has been a disaster and brought Nevada into a Depression. Only a fool or insane person would vote this inept, self promoting, loser back into office.

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