The Nevada Department of Employment, Training and Rehabilitation reported today that state unemployment set a record of 11.2 percent in May, siginificantly surpassing the previous high of 10.7 percent in December 1982.
Nearly 155,000 Nevadans are out of work and seeking jobs, including 112,700 locals, the agency said.
Consumer prices rose less than expected in May, fresh evidence the recession is keeping inflation in check.
The Labor Department reported that the consumer price index increased a seasonally adjusted 0.1 percent in May, below analysts’ expectations of a 0.3 percent rise.
Excluding volatile food and energy costs, core prices also increased 0.1 percent, matching expectations.
Gasoline prices rose 9.6 percent in May, before seasonal adjustment. But they are still much lower than last year, when prices at the pump topped $4 a gallon during the summer.
Due to that decline, consumer prices fell 1.3 percent in the 12 months ending in May, the steepest drop in 59 years.
Jun 16
Retail sales in May rose by the largest amount in four months, as a rebound in demand at auto dealerships and gas stations helped to offset continued weakness at department stores.
The Commerce Department reported today that retail sales increased by 0.5 percent last month. It was the largest increase since sales surged by 1.7 percent in January following six straight declines.
The May advance could be another signal that the worst of the recession is over. However, the all-important consumer sector is not expected to come roaring back, given all the troubles facing households as the country slogs through the worst recession in decades.