Unemployment rate reveals Nevada’s workforce paradox
Is there a paradox between the unemployment and workforce rate in Nevada?
In April, Nevada had the highest unemployment rate nationwide at 5.4%, but at the same time, we had the largest percent increase in employment at 4.2%. Dr. Miller weighed in on the subject in a Vegas Inc. article where he emphasized, “…that that seemingly contradictory unemployment and job growth rates are not abnormal, and in fact, the bigger story might be a shortage of labor. There are many more open jobs than people looking for work”. Dr. Miller further discusses excessive savings and the current state of the labor market and that this unusual situation is a direct effect and result of the pandemic.