Initial Nevada Unemployment Claims in 2014 Down 8% From 2013 - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Initial Nevada Unemployment Claims in 2014 Down 8% From 2013

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Dept. of Employment, Training and Rehabilitation Dept. of Employment, Training and Rehabilitation
From the Dept. of Employment, Training and Rehabilitation: 

Recent data for Nevada's initial unemployment claims shows that each month in 2014 initial claims averaged 14,603, which are down 8 percent from 2013's monthly average of 15,866. This is the first time since 2007 that the average monthly level of initial claims has fallen below 15,000 over the course of a year, said Bill Anderson, chief economist for Nevada's Department of Employment, Training and Rehabilitation.

There were 18,122 initial claims filed in December, 1.1 percent higher than December 2013, but just half the level six years ago when claims reached 36,414 in December 2008.

“December's increase in claims compared to 2013 continues the trend that emerged over the second half of 2014 when unemployment insurance activity was no longer falling significantly compared to the same months in the prior year,” Anderson said. “Overall, with the level of claims at a steady state, it is likely that over the next year initial claims will begin to generally rise, driven by the growing employment base in the state. In the near term, initial claims are close to their seasonal peak, which typically happens in December or January each year. Additionally, they should begin to fall in February as seasonal layoffs end and the underlying trend in claims resume.”

An initial claim represents the first stage of filing for unemployment benefits and is therefore most closely related to the number of people who have recently lost their jobs, not the overall level of unemployment. Initial claims tend to increase on a seasonal basis during the fall and winter months, and then fall during the spring and summer. Initial claims peaked during the recession at 36,414 in December 2008, and the low point for initial claims since the end of the recession was 11,985 in September 2013.

From the Dept. of Employment, Training and Rehabilitation
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