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Robust CA and NV Labor Markets Continue Moderating

California and Nevada’s respective employment markets continued growing in December and adding to an ongoing year-over-year surplus for each state’s economies, although the pace is still gradually moderating each month.

The year-over-year figures released every month by the California Employment Development Department (EDD) and the Nevada Employment Training and Rehabilitation Department (DETR) offer a local glimpse for credit union leaders as the national economy continues slowing down.

California’s December Employment Numbers
California’s unemployment rate (view the latest report) remained at a record low of 3.9 percent in December as employers added 12,600 non-farm monthly payroll jobs.

December job gains contributed to an employment expansion that’s now 118-months long in the state, surpassing the expansion of the 1960s for the longest on record.

Additional California highlights from December 2019 include:

  • The state has gained more than 3.42 million jobs since February 2010, accounting for more than 15 percent of the nation’s job gains during that time.
  • The latest monthly (December) job gains were especially driven by the sectors of professional/business services (with a significant number in scientific research/development and advertising/related services), as well as educational/health services.
  • Nonfarm jobs in 11 major industries totaled more than 17.6 million across the state in December.
  • Year-over-year total nonfarm jobs increased by 310,300 jobs (a 1.8 percent increase) from December 2018 to December 2019 compared to the U.S. annual gain of 1.4 percent.

Professional & Business Services (6,500) posted the biggest jobs gain, fueled mostly by scientific research and development and advertising and related services. Educational & Health Services (5,200) also did well with job gains in dental offices and in-home supportive services leading the way.

Nevada’s December Employment Numbers
Employment in Nevada (view the latest report) is down 3,500 over the month (and increased 27,400 over the year).

Nevada’s unemployment rate has matched its all-time low — “lower than it has been in the last 20 years,” stated a news release by DETR. “This month’s numbers reinforce Nevada’s nine full years of unbroken year-over-year job growth.”

Additional Nevada highlights from December 2019 include:

  • The December unemployment rate stood at 3.8 percent (down 0.2 percent from November) and is down 0.6 percent compared to December of 2018.
  • Total state employment rose 1.9 percent over the past year, experiencing the low-end of the growth range seen during that year (which was 1.9 – 4.1 percent).
  • The professional/business services sector added the most jobs of all sectors over the past 12 months.
  • As of December 2019, more than 327,000 jobs have been added since bottoming-out in September 2010.
  • This month’s 3.8 percent unemployment rate ties the lowest rate on record in state history set in in February 1999.
  • Unemployment insurance claims totaled just below 10,000 in December, up 1,529 claims compared to November (and up 58 over the past year). This means the ongoing 12-month average level of initial claims remains below 10,000 — only the second time since March 1999.