Las Vegas Faces One Of The Highest Unemployment Rates in U.S.

Las Vegas continues to face economic challenges as its jobless rate remains among the highest for large metro areas in the United States. In August, Southern Nevada posted a 5.6 percent unemployment rate, ranking fourth highest out of more than 50 metro areas with populations over 1 million, according to the U.S. Bureau of Labor Statistics. In contrast, Birmingham, Alabama, and Honolulu reported the lowest unemployment rates at 2.5 percent, while Fresno, California, had the highest at 7.9 percent.

Despite a slight decrease from July's 6 percent, Las Vegas' unemployment rate did not improve due to economic recovery. The region has been hit hard by a decline in tourism, its primary economic driver, leading to thousands of job losses in August. The drop in the jobless rate is partly attributed to the way labor-market data is collected-metro-level unemployment rates are not seasonally adjusted and do not account for normal seasonal changes in employment. Additionally, more than 2,000 people exited the local labor force between July and August, which mathematically lowers the unemployment rate since those who stop looking for work are no longer counted as unemployed.

Meanwhile, seasonally adjusted employment figures from the Nevada Department of Employment, Training and Rehabilitation (DETR) show a month-to-month job decline of 4,300 positions in Las Vegas, with the labor market described as "largely stationary."

Tourism in Southern Nevada is down significantly, with visitor numbers dropping 7.8 percent-over 2 million fewer people-through August compared to the same period last year, according to the Las Vegas Convention and Visitors Authority. This decline in tourism has contributed to falling sales in sectors reliant on both visitors and locals. Food services and drinking establishments reported nearly $12.7 billion in taxable sales in Clark County for the 12 months through June, down almost 2 percent ($256.5 million) from the previous year. Clothing, shoe, and jewelry stores saw sales fall by 3 percent, or $139.2 million, year over year.

These figures highlight the ongoing challenges facing Las Vegas as it struggles with a sluggish labor market and reduced consumer spending amid a drop in tourism.

 


via: https://www.audilous.com/old-school-hits-vegas/las-vegas-faces-one-of-the-highest-unemployment-rates-in-u-s/?utm_source=rss&utm_medium=rss&utm_campaign=las-vegas-faces-one-of-the-highest-unemployment-rates-in-u-s