Nevada showed resilience over the last month as it continued its economic rebound despite this year’s significant hurdles. As the state works to contain the spread of COVID-19, adjustments have been made to the comprehensive plan guiding re-openings. New policies released over the last month include criteria for venue seating arrangements and guidelines for participation in sports. Additionally, the statewide moratorium on evictions that was extended in August expired on the 15th of October. While evictions unrelated to nonpayment of rent are allowed, protections and resources remain available for struggling tenants at the federal level through the Center for Disease Control. With much uncertainty surrounding the economy, the final quarter of the year will be a strong indication of performance in the upcoming year.

The state continued to add jobs to the workforce moving into September. The statewide seasonally adjusted unemployment rate fell to 12.6 percent from 13.3 percent in August when it was leading the country. While the gains since the bottom of the cycle in April 2020 have been impressive, the overall pace of improvement has slowed. Greater progress is still needed on this front, as unemployment remains 8.8 percent higher than the same period in 2019 and 4.7 percent above the current national level. Nevada has recovered over half of the 280,000 jobs lost from February to April of this year, adding back 164,000 jobs from May through September. Nationally, unemployment insurance claims rose to their highest level in two months, while in Nevada they are down almost a third from the previous month. This is a good sign for the state but a clear indication that layoffs remain an obstacle for the U.S. during the pandemic.

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