LAS VEGAS (KLAS) — Nevada’s unemployment rate fell to 5.0% in March, down from 5.1% in February.
In the Las Vegas metro area, 1,300 jobs were added in March. Reno also added 1,300 jobs, and the statewide total was 5,400 jobs.
Nevada has dropped in the rankings of states with the highest unemployment rates, now tied for fifth behind New Mexico (5.6%), California (5.4%) and Alaska (5.4%). The District of Columbia tops the list with 6.1% unemployment.
Nevada has the highest job growth of any state over the past year (9%), showing how far Nevada had to come back from COVID-19 compared to other states. States with tourism-based economies had the biggest holes to climb out of. Employment is up 120,600 since March 2021.h
“In March, Nevada’s labor market continues to improve, said David Schmidt, Chief Economist for the Department of Employment, Training and Rehabilitation. “Total statewide employment moved within 10,000 jobs of its pre-pandemic peak and the private sector is just 2,600 jobs below that level.”
The unemployment rate before the pandemic had dropped to around 3.6% statewide.
Schmidt said conditions should continue to improve.
“Las Vegas saw the fastest job growth in the state over the year, and Reno set a new all-time high for employment. The unemployment rate continues to decline, and claims for unemployment benefits are at multi-decade lows. The labor market is tight, wages are rising, and as Nevada’s employment recovery continues these conditions are likely to continue as well,” Schmidt said.