In 2011, Nevada, like many states, was getting hit hard by the unrelenting jabs of the Great Recession. The Silver State saw 175,000 of its jobs knocked out, had a wobbly unemployment rate of 14 percent and was tagged with an $800 million bill it owed the federal government in unemployment claims. Six years later, Nevada has rallied back and then some.
“Get ready for a rate hike!” was the message sent by the bond market on Friday following the jump in non-farm payrolls for October. In its monthly report, the U.S. Department of Labor showed an increase of 271,000 jobs, which was well above the consensus expectation of 190,000. Unemployment also fell by one-tenth to 5.0 percent, as the average hourly wage rose 0.4 percent over the past month. Of note, this is the lowest unemployment rate for the U.S. since April 2008.