Rise in Las Vegas Unemployment Rate
The Las Vegas unemployment rate increased in the month of June from 4.2 to 4.7 percent, which caused the area to exceed to national average by .2 percent. According to the state Department of Employment, Training and Rehabilitation, the lack of Las Vegas jobs is mirrored throughout the state and has to do with an “unrelenting” housing slump.
One of the few fields that saw any increase in hiring was construction, which saw a rise in recruiting in the months of May and June. Despite the recent increase of Las Vegas jobs in this field, Nevada is still short approximately 5,200 positions for construction workers compared to previous years.
With house sales down 40 percent, many say the end of the slump in no where in sight, which means it could easily continue to effect the state of employment.
New home prices have decreased for an average of $308,874 to $278, 000, which is a great thing for those in the market to buy property. Still, it certainly doesn’t bode well for an improvement in Las Vegas’ jobless rate. Due to the decrease in housing sales, many individuals in the industry have begun to look for new job opportunities. Obviously this only stands to make the situation worse and increase the number of those filling for unemployment benefits.
Those in the real estate business cite the lack of new jobs as the reason for the slump in sales just as Department of Employment, Training and Rehabilitation points the finger at the housing market for rise in unemployment rates. This has created a cycle that has to be broken for an improvement in either to be seen.
With no end in sight for the current problems, those already employed in the area would be wise to hold on to current positions. This is certainly not the time for one to be searching for a new job in Las Vegas. People without employment are going to find increased completion for the few positions that become available. These individuals should concentrate on revamping their resumes and working on interviewing skills. Responding quickly to new job postings is a must as companies looking to hire will most likely receive numerous applications - particularly with entry level jobs - from many interested parties.
