The unemployment rate has been a hot-button topic within the media ever since the more-recent recession in 2008. The jobless rate a critical component of understanding and evaluating the economy on a variety of levels. What the unemployment rate does is count the total number of jobless individuals in comparison to the labor force as a whole. This number, which is then translated into a percentage, fluctuates on a monthly basis. A period of low jobless rates indicates a strong economy, and flourishing labor market. A high unemployment rate is not good, as it can mean a period of recession or not enough jobs within the labor force. During high periods of joblessness, the federal or state governments may extend unemployment insurance program benefits to qualified beneficiaries as a means to cover basic living expenses while they look for new employment prospects.
With that said, what is the unemployment rate in Nevada and how does it stack up to the rest of the country? As of May 2017, the unemployment rate in Nevada held firmly at 4.7 percent, which is the same as April 2017. The jobless rate stayed the same despite the fact that the number of unemployed workers in Nevada increased by 500,000. The unemployment rate in Nevada is only slightly higher than the national average, which clocks in at 4.3 percent. While the unemployment rate in Nevada may seem high, the economy is in a period of growth. Currently, Nevada is fourth in the country in overall job growth, with almost 40,000 jobs being added in 2017.
For those who have not been able to find employment, there are unemployment benefits to consider as an option. Unemployment insurance benefits are offered in each state for qualified individuals seeking assistance. Eligibility requirements are in place in order to be considered for benefits, so make sure to research these conditions prior to applying.