The LVRJ touted rising unemployment this morning. A couple of points to emphasize:
This number includes students and teachers looking for summer work. They always cause an unemployment spike in May. The paper notes:
What’s more, high-school students, college graduates and teachers looking for summer work hit the labor market in May, swelling the ranks of job hunters even as the retail, construction and hospitality posts such population segments typically take failed to materialize.
Another thing that no one in the media is mentioning. Look at the Total Labor Force:
In JUST ONE YEAR, Las Vegas has ADDED 46,000 jobs to the labor force. In other words, for every person that became unemployed, 2 and a half jobs were created. How can that happen? Massive immigration. We have temporarily stopped providing enough jobs for all the newcomers, like the cook mentioned in this article. That will end soon enough. Consider the posting I just made about Encore. The 5,300 jobs from that one hotel in that one company will soak up about a third of all of the unemployment created in the last 12 months. And City Center is only about 6 months away from hiring 12,000 more people.