The Nevada Unemployment rate drops in November, however the rate is still more than 3 percentage points above the national average.
The Nevada Unemployment rate for November released by the Nevada Department of Employment, Training and Rehabilitation (NVDETR) is listed at 10.8%.
There is good news and bad news with that number.
The good news is that as compared to the state’s unemployment rate in November of 2011, it is an improvement.
Last November the rate was 13%.
The bad news is that the numbers do not tell the entire story.
Yes, the rate has dropped but has it really dropped?
Many people simply stopped looking for work; others took on menial jobs as compared to the jobs they once held. If a person making $100,000 a year took on a job for $7 an hour, that is figured into the numbers as a good thing, when it is really a sign of still very deep problems within the economy.
Likewise, people that have simply stopped looking for work can skew the numbers as well, therefore the true rate of unemployment, and underemployment, is really much higher.
There is also some very bad news.
States that have been hit with high unemployment traditionally have offered what is called Emergency Unemployment Compensation (EUC) and State Extended Benefits (SEB) for those out of work to tide them over until they can find suitable employment.
Due to battles with Democrats and Republicans, the EUC program ends on week ending 12-29. Because of the inability of Congress to come to any kind of agreement, right now there is no extension.
Further the SEB program ended in July. SEB Benefits offer an additional 20 weeks of unemployment benefits for those in states with a high rate of unemployment.
Although the Nevada rate of unemployment remains in the double digits, the formula used to calculate a state’s eligibility determined that Nevada is ineligible yet other states with a much lower rate, such as New York, have people collecting state extended benefits.
With the fiscal cliff looming, President Obama had said that extending the unemployment benefits into 2013 is very important and must be part of the deal.
There is strong opposition from Republicans who seem to be more interested in preserving their tax breaks for the wealthy and taking away the payroll tax break for the working class.
Even though the Nevada Unemployment rate drops in November of 2012, the economy is still in the throes of a recovery and the looming ending of benefits will affect many.