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August 22, 2008
Jobless rate up; Elko still in good shape
Staff- Elko Daily Free Press
Marianne Kobak
ELKO - Nevada's unemployment rate increased to 6.6 percent, but Elko's micropolitan area is still the lowest in the state at 4 percent.
Despite the low number, the Elko area - Elko and Eureka counties - increased when compared to July of last year. The unemployment rate for the area in 2007 was 3.6 percent but it was 4.1 percent in June 2008, according to the state Department of Employment, Training and Rehabilitation.
Elko County's total labor force in 2007 was 26,500 people compared to 27,940 this year. The unemployed have increased from 883 to 1,060, according to the state.
Eureka County's total labor force increased from 770 in 2007 to 810 this year. Its unemployed increased from 33 people to 40.
Nevada's unemployment rate hit 6.6 percent in July, the highest its been since July 1993, according to the state. There are 94,900 people unemployed as compared to 67,700 this time last year.
The nation's unemployment rate is 5.7 percent.
“A combination of seasonal layoffs and economic malaise added to the current woes of Nevada's labor markets in July,” Chief Economist Bill Anderson with the Nevada Department of Employment, Training and Rehabilitation said in a statement.
Anderson said high fuel prices continue to adversely affect consumer demand and purchasing power.
“While Nevada's economic outlook remains bleak in the short term, a glimmer of hope that the bottom of the housing slump may be near is developing,” stated Anderson. “For six straight months sales of existing homes have increased. Although it would appear that the housing market is adjusting to market demand, this notable pick-up in resales offers little incentive for new residential construction.... The overall increase of month-to-month sales continues to be positive which implies that housing prices are approaching a stable equilibrium.”
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