Since January 2021, the Nevada economy has added 153,000 jobs, bringing the state’s unemployment rate down from 10.2 percent to 5.0 percent. That still sits higher than the national average of 3.6 percent, which leaves an estimated 6 million Americans – and roughly 170,000 Nevadans – still unemployed.
Despite this, state officials have reported that 99 percent of the jobs lost between February 2020 and April 2020 have been regained. The largest addition happened in the state’s largest sector (leisure and hospitality), which saw 72,700 new jobs between January 2021 and April 2022.
The second-largest sector (trade, transportation, and utilities) added 21,600 new jobs, while the third-largest sector (professional and business services) added 28,600 new jobs.
Initial claims for Unemployment Insurance in Nevada fell 86 percent since President Biden took office, from around 12,000 at the start of the Administration to about 1,600 for the week ending May 28, 2022. Quit rates, used as a measure of labor market strength, rose from 3.3 percent in January 2021 to 3.5 percent in March 2022.