LAS VEGAS (KTNV) — Initial claims for unemployment insurance benefits in Nevada fell to 9,290 in February, down nearly 5.5% relative to last February’s reading.
This month’s reading is the fifteenth consecutive year-over-year decline in initial claims activity, going back to December 2017. It's also the lowest February reading for initial claims in the Silver State since 1999, according to the latest initial claims data from the Department of Employment Training and Rehabilitation.
This month’s data also shows the twelve-month moving average of claims activity is continuing its downward trend, nearing the 10,000-mark, with a reading of 10,170 claims; down from 10,210 last month.
Claims activity also experienced a month-over-month decline in February, down 18.4 percent relative to January.
The state’s share of claimants who ran out of benefits prior to finding employment, one metric that measures the health of the labor market, reflects these positive trends as well, falling again in February to 32.9 percent, down 1.8 percentage points over the year.
February Claims Highlights:
- Initial claims totaled 9,290 in February, down 2,100 claims, or 18.4 percent compared to January.
- Initial claims decreased 5.5 percent year-over-year, or 540 claims.
- The relative trend, expressed in the 12-month moving average of the series, has continued to trend down, with a reading of 10,170 this month.
- Average unemployment duration held steady over the year, at 13.3 weeks.
- The exhaustion rate stands at 32.9 percent, 1.8 percentage points lower than last February.