Nevada jobless rate rises, boosted by hotel-casino closure
Nevada’s unemployment rate ticked up slightly in July, with changes largely coming from the hospitality sector, state economists said Thursday.
The seasonally adjusted unemployment rate in Nevada rose 0.2 percentage points to 5.4 percent, according to a Department of Employment, Training and Rehabilitation report. The state saw a total decrease of 1,500 nonfarm jobs.
The drop could be attributed to changes in leisure and hospitality markets. The accommodation and food services industries lost 4,000 jobs over the month, according to the report. Officials said the drop is most likely attributed to the closure of the Mirage hotel-casino in July.
“Nevada’s labor market softened in July, as unemployment increased again and employment declined slightly over the month,” DETR’s chief economist David Schmidt said in a news release. “This decline was concentrated in the leisure &hospitality sector, which fell by 5,000 jobs from June to July, while most other industries grew, leading to an overall decline of 1,500 jobs over the month. It is possible that this estimate was affected by the closure of the Mirage, which closed on July 17, impacting the casino-hotel, food services, and casino support industries.”
The Las Vegas metropolitan area saw a decrease of about 300 jobs between June and July. Compared with July 2023, the metro area has added about 38,100 jobs to the labor force, or 3.4 percent. Reno and Carson City metros saw similarly small decreases in their total labor force: a loss of 300 or 0.1 percent and 200 or 0.6 percent, respectively.
Nationally, policymakers are watching job growth and unemployment to gauge the country’s economic future. Year-over-year inflation has slowed, along with hiring, suggesting the possibility for a Federal Reserve interest rate cut in September.
Contact McKenna Ross at mross@reviewjournal.com. Follow @mckenna_ross_ on X.