Nope, we’re still crazy after all these years, as Paul Simon might sing. Casino-job openings vis-à-vis unemployment is not an apples-to-apples comparison, according to Mae Worthy, public information officer for the Department of Employment, Training & Rehabilitation. The number of jobs available simply doesn’t correlate to the number of job seekers. Nevada’s current jobless rate is 9.5% or 130,000 people. That is well down from the 14% (or 190,000-person) peak-unemployment rate during the Great Recession. But it’s still well above the 5% and 6% rates that Nevada saw during its mid-decade boom years. So, it becomes a glass half-full or half-empty equation. As Worthy says, "Some places are still laying off" – 10,200 in July – "and there are different factors as to why someone was laid off."
As of July, Las Vegas’ jobless rate was worst in the state (9.7%). More positively, the Nevada economy added 22,200 jobs overall in the first seven months of 2013. Out of 990,700 souls in Clark County, 95,810 were unemployed in July. More thinly populated counties generally posted lower jobless rates. Casino employment in the Las Vegas area actually fell 1% compared to July 2012. Looking far more robust were the restaurant industries (up 7%) and local government (+ 16%). Statewide, the comparison of casino hotels was even worse, with employment down almost 3%. The state’s unemployment rate still also lags the national average by two percentage points.
Job turnover within the gaming industry may be to blame for the high number of job postings, as Las Vegans seek greener pastures elsewhere. "Month-to-month comparisons of the main labor market barometers may sometimes not reflect what we see as a strengthening overall economy. However, a broader view highlights trends that are much more consistent with on-going modest improvement," writes DETR Chief Economist Bill Anderson. "Current levels are nearly where they were in the post-9/11 period."
Since 9/11 was considered to have delivered a serious blow to the Vegas economy, to say we’re back where we were 12 years ago gives you an idea of how far we fell during the Great Recession -- and the magnitude of the climb still ahead of us.
