CA, NV Job Growth Still Trending at Healthy Pace

Trend line on a graph chart

California and Nevada’s respective job markets continued their robust year-over-year and monthly gains as of August 2019, according to figures released Sept. 20 by the California Employment Development Department (EDD) and the Nevada Employment Training and Rehabilitation Department (DETR).

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These monthly state-level reports offer a local glimpse for credit union leaders as the national economy continues slowing and fears of a “recession” in 2020 or 2021 are increasing among business leaders and policymakers.

California’s August Employment Numbers
California’s unemployment rate (view the latest report) held steady at a record low 4.1 percent in August as employers added 34,500 non-farm monthly payroll jobs.

August’s job gains contribute to an employment expansion now 114-months long in the state, surpassing the expansion of the 1960s for the longest on record.

Additional California highlights from August 2019:

  • The state has gained more than 3.3 million jobs since February 2010, accounting for more than 15 percent of the nation’s job gains during that time.
  • The latest job gains were mostly in the government, educational/health services, and leisure/hospitality industry sectors.
  • Month-over-month total nonfarm jobs in 11 major industries totaled more than 17.5 million in August.
  • Year-over-year total nonfarm jobs increased by 314,200 jobs (a 1.8 percent increase) from August 2018 to August 2019 compared to the United States’ annual gain of 1.4 percent.

Nevada’s August Employment Numbers
Employment in Nevada (view the latest report) is up 5,400 over the month and 42,100 over the year — numbers that reveal a slower-growth pace compared to the immediate past five-year average.

However, as of August the state was experiencing the fastest employment growth in the nation for 10 consecutive months. Nonetheless, the state’s per-capita personal income ranks 27th in the nation, and its rate of voluntary part-time employment is only recently recovering to pre-Great Recession levels. 

Additional Nevada highlights from August 2019:

  • The August unemployment rate stood at 4.1 percent (unchanged from July) and is down 0.4 percent compared to August of last year (2018).
  • Total state employment rose 3 percent over the year, more than double the U.S. growth rate (1.4 percent).
  • “Professional and business services” added the most jobs of all sectors over the past 12 months.
  • Nevada has the fastest growing private-job sector nationwide.
  • Small business employment has exceeded 3 percent growth over the year for the 11th time during the past 16 quarters.
  • Year-to-date through August, 237,100 advertisements have been posted for jobs in Nevada, an increase of 42,500 (22 percent) from the same period last year. 

Labor Market: What the Experts are Discussing
Here are some of the most recent latest labor market trends from across California, Nevada and the nation:

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