Las Vegas unemployment rate still highest in US
The Southern Nevada economy continues to show signs of renewed life, but Las Vegas’ unemployment rate still ranks highest in the nation.
An estimated 9.4 percent of the valley’s labor force was unemployed in July, the highest rate in the U.S. among metro areas with populations greater than 1 million, according to the latest report from the U.S Bureau of Labor Statistics. Los Angeles ranked second highest, at 9.3 percent.
The national unemployment rate for July was 5.7 percent. Salt Lake City (2.8 percent) and Oklahoma City (2.9 percent) had the lowest rates among major metro areas.
The COVID-19 pandemic led to massive job losses across the country as businesses closed down and people stayed home amid social distancing restrictions aimed at reducing the spread of the virus.
No area was hit harder on that front than Las Vegas, which went from 3.6 percent unemployment in February 2020 before the pandemic hit to 33.3 percent in April 2020 amid business closures that included the casinos that drive Las Vegas’ gaming and tourism-centric economy.
Southern Nevada’s economic turnaround started earlier this year as vaccines were rolled out and COVID-19 restrictions were rolled back. Casinos in Las Vegas and across Nevada are seeing gambling activity that exceeds even pre-pandemic levels, with July setting an all-time record for monthly gaming win for the state. Other economic indicators, such as Las Vegas visitation numbers and McCarran International Airport traveler volume, also have bounced back significantly, although they are still below pre-pandemic levels.
That economic surge hasn’t led to significant changes in the local unemployment rate, which has fluctuated but hovered around 9-9.5 percent since January.
Meanwhile, the pandemic continues as the more contagious delta variant has swept across Nevada and the rest of the country, and the state reported more than 1,200 new cases Tuesday. Key COVID-19 metrics in the state, including test positivity rate, new daily cases and deaths, have begun to decrease in recent weeks, however.
Contact Colton Lochhead at clochhead@reviewjournal.com. Follow @ColtonLochhead on Twitter.
