Reading the latest national jobs report and digging into the details makes me optimistic for Carson City, Northern Nevada and beyond.
Yet the 255,000 jobs added nationally and the 4.9 percent jobless rate aren’t reflective of Nevada’s 6.4 percent rate and Carson City’s, which has been even higher this summer.
Local, regional, state and national job gains keep coming, but at a slower pace locally. I believe that is why it is important we continue to invest in our community. Some of the more obscure parts of the national report spark my optimism, including a continuing rebound in leisure and hospitality businesses.
Perhaps the Ormsby House and in turn Carson City will benefit if it is sold and opened as the hospitality industry recovers, but we’ll look into that lower in this analysis.
For now, pay growth – though up just pennies – did advance by eight cents for the latest period, a fourfold increase from the previous period’s two cents. Accelerating wage gains are one of the last signs to show up in a national recovery.
The construction industry, however, showed a pause in jobs growth.Whether this is a short term problem, lack of trained personnel to hire, or a blip down in construction is tough to determine in a monthly report.
But in Nevada, figures earlier this summer showed the construction industry’s job growth has been strong coming out of the recent recession’s deepest trough.
As for the Ormsby House reference above, the fact that owners of the long-closed hotel/casino are shopping it publicly now may reflect the slow return of the leisure and hospitality market all over.
Whatever is the case, movement on that front would be a boon to Carson City and remove an irritant that some locals have decried for years.
All in all, it was an intriguing national jobs report, and I agree with analysts who cast it in a positive light. The recovery, while still slow, is on track.
Given that boom/bust swings can cause massive problems during the busts, slow-but-steady may make sense as the economy moves forward here and nationally.
I'm busy working on my blog posts. Watch this space!