March 2020 seems like a lifetime ago. In the months that followed, the entire globe dealt with a public health crisis unlike anything witnessed historically. The national recession that ensued was no different, resulting in the most unique and severe economic shock ever recorded. The Silver State was hit particularly hard given its relative dependence on travel and tourism. However, in the months that followed, Nevada began the long and challenging recovery process that continues today. With optimism on the horizon, the hope is that the worst is in the rearview mirror. Comparisons of the current economy to just a few months ago demonstrate the progress made to date.

Nevada’s labor market maintained its gradual return heading into the final month of the year. The statewide seasonally adjusted unemployment rate fell to 10.1 percent from 11.9 percent in the previous period. This marked the seventh consecutive month that jobs were added to the labor market. Though an indication that the economy is heading in the right direction, unemployment remains 6.4 percent above its 2019 level. November also saw 32,600 unemployment insurance (UI) claims, the fewest amount submitted in a month since the pandemic began. Similarly, the monthly decline of 13.6 percent was notable progress but still left UI claims significantly higher than any period prior to the current year. At the height of the pandemic in April, the state lost 258,700 jobs in just one month, the largest decline ever recorded. As of November, 69.5 percent or 179,000 of these jobs have been recovered.

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