Nevada continues to boast one of the highest employment growth rates in the nation. The Silver State recorded the third-fastest employment growth rate in June 2018, adding 45,100 jobs over the previous year, a growth rate of 2.9 percent. The state has been consistently among the top 10 states for growth each month over the past five years. Consequently, the not-seasonally-adjusted unemployment rate of 4.5 percent in June was near pre-recession levels and stood just above the national rate of 4.2 percent.

The national unemployment rate is at historically low levels, close to what is commonly known as full employment. Economists also call this the non-accelerating inflation rate of unemployment (“NAIRU”). Full employment, or NAIRU, does not mean that unemployment is zero, but rather it describes the relationship between employment and inflation. Current estimates of the NAIRU are around 4.7 percent, which is well above the current unemployment rate. It is important to note that the NAIRU is not a static number, and it reacts to changes in demographics, technology, relative prices, and other nonmonetary and non-fiscal policies.

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