CA and NV Job Growth Continues, But at Slower Paces

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California and Nevada’s respective employment markets continued growing in November at slower-but-steady rates, yet again adding a net year-over-year surplus of jobs to each state’s economy.

However, annualized growth rates are slowing compared to the past couple of years, giving reason for experts to keep a close watch on how this trend will play out in 2020.

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 moderating and concerns regarding a “recession” in 2021 or 2022 have increased.

California’s November Employment Numbers
California’s unemployment rate (view the latest report) remained at a record low of 3.9 percent in November as employers added 28,400 non-farm monthly payroll jobs.

November job gains contributed to an employment expansion that’s now 117-months long in the state, surpassing the expansion of the 1960s for the longest on record.

Additional California highlights from November 2019 include:

  • The state has gained 3.41 million jobs since February 2010, accounting for more than 15 percent of the nation’s job gains during that time.
  • The latest monthly (November) job gains were especially driven by the sectors of education/health services (with a significant number in ambulatory health care), information technology, and motion picture/sound recording services.
  • Nonfarm jobs in 11 major industries totaled more than 17.6 million across the state in November.
  • Year-over-year total nonfarm jobs increased by 321,800 jobs (a 1.9 percent increase) from November 2018 to November 2019 compared to the U.S. annual gain of 1.5 percent.

Nevada’s November Employment Numbers
Employment in Nevada (view the latest report) is up 5,800 over the month (and increased 36,900 over the year).

Specifically, the number of “small business employers and employees” continue to stand at record-high levels in Nevada.

However, overall job growth “continues to be at a lower level than we have seen over the past several years as strong job growth in the last four months of 2018 make the year-ago comparison challenging again this month,” stated a news release by DETR. “We continue to watch the labor market for any shifts in that trend.”

Additional Nevada highlights from November 2019 include:

  • The November unemployment rate stood at 4 percent (down 0.1 percent from October) and is down 0.4 percent compared to November of 2018.
  • Total state employment rose 2.6 percent over the past year, experiencing the low-end of the growth range seen during that year (which was 2.4 – 4.1 percent).
  • The professional/business services sector added the most jobs of all sectors over the past 12 months.
  • Year-to-date through November, nearly 356,000 advertisements have been posted for jobs in Nevada, an increase of 27,880 (or 9 percent) from the same period last year.
  • Unemployment insurance claims totaled just below 10,000 in November, up 742 claims compared to October (but down 1,463 over the past year). This decline brought the 12-month average level of initial claims below 10,000 for the first time since March 1999.

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