[Trash Can]

Hardly a good number, but at least it's in the right direction...

Nevada jobless rate falls to 13 percent

By JENNIFER ROBISON
LAS VEGAS REVIEW-JOURNAL

The unrelenting upward march in Nevada's unemployment rate finally abated in October, with joblessness falling statewide and in all of the state's metropolitan areas.

Unemployment fell 0.3 percentage points across Nevada, from 13.3 percent in September to 13 percent in October. In Las Vegas, the drop was more precipitous, with the share of jobless falling from 13.9 percent to 13 percent.

Nevada jobless rate falls to 13 percent - Breaking News - ReviewJournal.com

[007 license to sell]

This is could great news, however don't get to excited it could be a false positive like I said in a previous blog. CC has hired 12,000 workers some did come from there other properties, and casinos always over hire for an opening and then when things settle down they will lay some employees off.

Also there will be the 9,000 constructions workers that will be laid off at CC and that off sets the 12,000 workers that were hired to work at CC now.

If fountainbluae can come back to life than it could help keep things positive, however Planet Hollywood is in trouble ,they have missed to two payments, Harrah's is talking about purchasing it.

There is a property from the Harley Davidson cafe, and the Hawaiian market and couple of other properties on the same block that are going up for auction due to the economy.

Echelon won't continue building from 3 to 5 years that is where the old Star Dust sat, and where the New frontier sat nothing has been built there and the owners are behind in their payments.

So what I am saying take caution when reading these stats and look at the whole picture.

[yellowsnow]

And how many people have exhausted their benefits or are working part time because they can't get full time work? And how many are underemployed? I don't think they will publish the real story because it's just too dismal.

[LIS123]

Originally Posted by Trash Can

Hardly a good number, but at least it's in the right direction...

Nevada jobless rate falls to 13 percent - Breaking News - ReviewJournal.com

This number is meaningless. It's a complete hose. The UE rate went down because the size of the workforce decreased. It means nothing. Didn't you see the part where the true UE rate is closer to 20%?

[las vegas drunk]

Originally Posted by LIS123

This number is meaningless. It's a complete hose. The UE rate went down because the size of the workforce decreased. It means nothing. Didn't you see the part where the true UE rate is closer to 20%?

C'mon now, lets think positive. 13.9 to 13 is a pretty positive jump, and hopefully a step in the right direction. It would nice to see 4-5% by the end of next year. I know that will probably not happen, but you never know.

[1zodiac]

Originally Posted by las vegas drunk

13.9 to 13 is a pretty positive jump

not if 0.9% exhausted their benefits.
the number is really higher because of new claims.

[WildWestDude]

I agree that small rate drop is so insignificant. Its probably people that have given up looking for work. If anything is should have dropped much more because more people should be hired for the holidays.

[LIS123]

Originally Posted by las vegas drunk

C'mon now, lets think positive. 13.9 to 13 is a pretty positive jump, and hopefully a step in the right direction. It would nice to see 4-5% by the end of next year. I know that will probably not happen, but you never know.

You have to focus on why the UE rate went down. If it went down b/c the size of the labor pool decreased, that means nothing. It just means people were taken out of the pool for whatever reason(s). If it went down b/c jobs were added, then that can be seen as more of a positive sign. Our Economy needs to add a certain number of jobs/month just to maintain the UE rate with population growth. NV's pop growth maybe slowing now, but it would also need to add a small number of jobs/month to keeps its UE rate the same.

I think the article said the size of the labor pool decreased 1.5% but the UE rate only decreased .9%. That's nothing to get excited about.

[olecapt]

Originally Posted by LIS123

You have to focus on why the UE rate went down. If it went down b/c the size of the labor pool decreased, that means nothing. It just means people were taken out of the pool for whatever reason(s). If it went down b/c jobs were added, then that can be seen as more of a positive sign. Our Economy needs to add a certain number of jobs/month just to maintain the UE rate with population growth. NV's pop growth maybe slowing now, but it would also need to add a small number of jobs/month to keeps its UE rate the same.

I think the article said the size of the labor pool decreased 1.5% but the UE rate only decreased .9%. That's nothing to get excited about.

It is more complex than that. And it is good news. Not great news certainly but good news.

To the degree that it represents simply a status shuffle from unemployed to the twilight zone it is overstating the case. To the extent however that they got up and moved or retired entirely from the labor scene it counts. Separating those classes is difficult. Certainly however Las Vegas has a continuing stream of construction workers leaving the area. Which is a perfectily rational thing for them to do particularly as unemployment runs out.

But the really good news is that the number did not increase. So perhaps the projected march to 15% will not occur. If true that is good news.

I don't believe either CC employment nor seasonal employment kicks in until November. And the CC construction workers run down over the next two years. So there is going to be some up from CC in the next few months. Enough to turn things around? Probably not but it sure won't hurt.

[007 license to sell]

Originally Posted by yellowsnow

And how many people have exhausted their benefits or are working part time because they can't get full time work? And how many are underemployed? I don't think they will publish the real story because it's just too dismal.

This article will explain why our jobless rate went down.

Nevada's jobless rate goes down along with state's work force
http://www.lvrj.com/news/nevadas-jobless-rate-goes-down-along-with-states-work-force-70690512.html