CARSON CITY, NV – In July, initial claims for unemployment insurance (UI) benefits totaled nearly 9,870, up just over 400 claims, or 4.4 percent compared to June, but are down substantially when compared to last year’s July reading of 10,550. This is according to the latest initial claims data from the Nevada Department of Employment, Training and Rehabilitation.
July Claims Highlights:
•Initial claims decreased 6.5 percent compared to last July, with 680 fewer claims.
•The relative trend, expressed in the 12-month moving average of the series, continues to trend downward, with a reading of 10,050 this month.
•Average unemployment duration held steady over the year, at 13.2 weeks.
•The exhaustion rate (computed as the average monthly exhaustions divided by the average monthly first payments) stands at 33.2 percent, 0.3 percentage point lower than last July.
“The 4.4 percent uptick from June is more than offset by the 6.5 percent year-over-year decrease. Interestingly, with data going back to the beginning of 2000, the 12-month moving average of initial claims activity has reached a record low. This average has been trending down steadily since the beginning of 2010. Concurrent decreases in the exhaustion rate and average duration of unemployment continue to describe a strong labor market,” said Jeremey Hays, Economist at the Department of Employment, Training & Rehabilitation.