Nevada unemployment remained unchanged at 7.7 percent in July, the same as in June, the U.S. Bureau of Labor Statistics reported today. The Nevada jobless rate was 2.2 percent lower than a year ago in July.

The national jobless rate was little changed from June at 6.2 percent but was 1.1 percentage points lower than in July 2013.
Across the country, unemployment rates were generally little changed in July. 
In July 2014, nonfarm payroll employment increased in 36 states and the District of Columbia, decreased in 13 states, and was unchanged in Iowa. 

The largest over-the-year percentage increase occurred in North Dakota (+4.4 percent), followed by Nevada (+3.8 percent) and Utah (+3.6 percent).

In July, the West continued to have the highest regional unemployment rate, 6.6 percent, while the Midwest again had the lowest rate, 5.9 percent. The South had the only statistically significant over-the-month unemployment rate change (+0.1 percentage point). 


The Department of Business and Industry today announced changes at the Real Estate Division and Division of Insurance effective August 18. Joseph (JD) Decker has been appointed as administrator of the Real Estate Division. He assumes the position held previously by Gail Anderson, who has been named deputy ccommissioner of the Division of Insurance.

Decker has more than 25 years of experience in government, military and private sector leadership and management. He most recently served as deputy commissioner for the Nevada Division of Insurance where he managed compliance and enforcement functions and implemented a strong culture of superior customer service and process improvement. Decker also has served in a variety of risk management and operations positions throughout his career. He is a US Army Special Forces veteran.

Anderson has over 16 years of public and private sector management experience. She was initially appointed as administrator of the Real Estate Division (RED) in 2002 and served in other capacities, including deputy director of the Department of Business and Industry before being reappointed as RED administrator. Previously she served as the Education and Information Officer at RED. Prior to that, she served as an administrator of a private school in Las Vegas. As deputy commissioner at the Division of Insurance, she will oversee the operations of the Las Vegas office.

 

The Producer Price Index for final demand rose 0.1 percent in July, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today.

This increase followed a 0.4-percent advance in June and a 0.2-percent decline in May. On an unadjusted basis, the index for final demand climbed 1.7 percent for the 12 months ended in July.

In July, the 0.1-percent increase in final demand prices can be traced to the index for final demand services, which also rose 0.1 percent.

Prices for final demand goods were unchanged.

Within intermediate demand, prices for processed goods advanced 0.1 percent, the index for unprocessed goods dropped 2.7 percent, and prices for services moved up 0.3 percent.

U.S. import prices declined 0.2 percent in July, after increasing each of the 2 previous months, the U.S. Census Bureau said.

The July decrease was driven by falling fuel prices. Prices for U.S. exports were unchanged in July following a 0.4-percent decrease in June.

From April to July 2014, the number of employed youth 16 to 24 years old increased by 2.1 million to 20.1 million, the U.S. Bureau of Labor Statistics reported today. 

This year, 51.9 percent of young people were employed in July, up from 50.7 percent a year earlier. (The month of July typically is the summertime peak in youth employment.)
Unemployment among youth rose by 913,000 from April to July 2014, compared with an increase of 692,000 for the same period in 2013. (Because this analysis focuses on the seasonal changes in youth employment and unemployment that occur each spring and summer, the data are not seasonally adjusted.)

The youth labor force--16- to 24-year-olds working or actively looking for work--grows sharply between April and July each year.

During these months, large numbers of high school and college students search for or take summer jobs, and many graduates enter the labor market to look for or begin permanent employment. 

This summer, the youth labor force grew by 3.0 million, or 14.5 percent, to a total of 23.4 million in July.

The labor force participation rate for all youth was 60.5 percent in July, the same as the July value in the prior two summers, but above the July low of 59.5 percent in 2011. (The labor force participation rate is the proportion of the population that is working or looking for work.) 

The summer labor force participation rate of youth had been declining for many years. The July 2014 participation rate was 17.0 percentage
points below the peak rate for that month in 1989 (77.5 percent). 

The July 2014 labor force participation rate for 16- to 24-year-old men was 63.2 percent, higher than the rate for young women at 57.8 percent. Both rates were about the same as a year earlier. 

For several decades prior to 1989, the July labor force participation rate for young men showed no clear trend, ranging from 81 to 86 percent.

Since 1989, however, their July participation rate has declined, falling by nearly 20 percentage points. The July labor force participation rate for young women peaked in 1989 at 72.4 percent, following a long-term upward trend; their rate has since fallen by about 15 percentage points.

The youth labor force participation rate was highest for whites, at 63.2 percent in July 2014. By contrast, the rate was 52.9 percent for blacks, 45.8 percent for Asians, and 56.2 percent for Hispanics. For all four groups, labor force participation rates were little different from last July.

Employment

In July 2014, there were 20.1 million employed 16- to 24-year-olds, not much different from the summer before. Between April and July 2014, the number of employed youth rose by 2.1 million. This 11.5 percent increase is typical for this time of year.
The employment-population ratio for youth in July 2014--the proportion of the 16- to 24-year-old civilian non-institutional population with a job--was 51.9 percent, up from 50.7 percent the year before.

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