According to the Bureau of Labor Statistics report on state employment and unemployment for April 2023, the unemployment rate nationwide was 3.3%. In one state, it was much higher than that. The figure for Nevada was 5.4%. (These are America’s 25 dying industries.)
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Compared to March, jobless rates were lower in 14 states and stable in 36 states and the District of Columbia. Sixteen states had jobless rate decreases from a year earlier, while 10 states had increases and 24 states and the District of Columbia had little change.
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The state with the lowest jobless rate was Nebraska at 2.0%.
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Why is the rate so high in Nevada? The largest industry in the state is gaming. David Schmidt, chief economist for the Nevada Department of Employment, Training and Rehabilitation, explained that while jobs have risen, it is not across the entire economy. He told KCP, that “the only exception is the leisure and hospitality industry, which is sitting at about 85 percent of the employment level it was pre-pandemic.” He also noted that the number of people quitting jobs to look for new ones is high in the state. This could artificially push up the jobless rate.
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What is extraordinary is that the state with the highest jobless rate is as low as 5.4%. Most economists call 5% “full employment” because some people are moving between jobs. On this basis, every state in America, other than Nevada is in remarkably good shape.
This State Has the Highest Jobless Rate in America
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
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