Nevada Holds on to Unemployment Trophy

Ever the overachiever in affairs of fortune and folly, Nevada continues to boast the highest unemployment rate in the nation, proudly standing at a resolute 5.8 percent. While other states may scramble for second place, the Silver State remains firm, unwavering in its commitment to economic unpredictability.

The February jobs report, freshly dispensed by the Nevada Department of Employment, Training, and Rehabilitation (DETR), announced a statewide job loss of 1,600, with the Las Vegas metro area alone bidding farewell to 3,600 positions. A silver lining? January’s numbers were even worse, with Sin City shedding 7,500 jobs, suggesting that perhaps we are not careening toward catastrophe but merely stumbling in a controlled fashion.

Up north, Reno stumbled upon a lucky horseshoe, gaining 500 jobs, while Carson City, ever faithful to its quiet traditions, lost 200. The shifting of fortunes is not yet explainable. However, one suspects Reno’s newfound prosperity involves a boom in artisanal coffee shops or an influx of Californians looking for cheaper rent.

DETR’s chief economist, David Schmidt, assures us that things are going as expected. “The unemployment rate remains steady, and trends in hourly wage growth remain strong, reflecting ongoing demand for workers in the state.”

That demand, however, appears to be of the wishful-thinking variety in certain quarters.

Federal tumult in Washington has yet to make a discernible dent in Nevada’s labor landscape. Patience remains advised as there’s still time for the government to lend a helping hand in worsening the situation.

Layoffs in the National Park Service and General Services Administration have been small thus far, but uncertainty surrounding federal grants and programs leaves the door open for future misfortune. The Reno-Sparks area alone has already seen a decline of 100 federal jobs, which will no doubt be a blow to those who once found comfort in the steady hum of bureaucracy.

Meanwhile, initial unemployment claims fell by 16 percent from January to February, indicating either an improving job market or a growing resignation among the unemployed. In total, 10,748 filed claims in February, down slightly from a year ago.

Schmidt, maintaining his steady-handed optimism, describes the situation as a “rebalancing” following the state’s rapid post-COVID expansion.

“Annual employment growth fell to 0.4 percent in Nevada, led by declines in the logistics, information, and professional and business services industries,” he noted.

These industries enjoyed such prosperity in recent years that they’ve decided to take a well-earned nap.

The labor force did, however, grow by 3,318 in February, with 3,658 new workers finding employment and 340 others vanishing from the ranks of the unemployed. Whether those 340 have secured new jobs or stopped looking remains an open question.

Nevada, for now, retains its dubious crown as the nation’s leader in unemployment. But with trends shifting and numbers jostling about like dice on a craps table, only time will tell if the state continues to hold its title—or if another contender will rise to snatch the prize of economic uncertainty.