According to the recent statistics, the Unemployment rate is 9.9 percent in Las Vegas which is the second-highest in the Metro areas of the Us. The economy of Las Vegas is based on hospitality, gaming and casinos, but the economy is recently facing a severe rate of unemployment.
According to the Las Vegas Review-Journal, the unemployment in Las Vegas has reduced in recent times but the rate is still the second-highest in US metro areas. This is kind of contradicting.
Due to the Pandemic of Covid-19, a downturn in employment takes place in Las Vegas. But according to the BLS (Bureau of Labor Statistics), progress has been taking place in Las Vegas over the last few days.
Though the unemployment rate is lower in Las Vegas, they are trying to control the economy. Once the pandemic overs, the virus gets under control then the economy will get well and recover soon.
Again, according to the BLS data the lowest unemployment in January was experienced in Salt Lake City which was 3.5 percent approximately. According to Miller, the Las Vegas unemployment rate was near to the Salt Lake City region and they will go there again after the end of the pandemic. But to regain the previous rate of unemployment it is necessary to end the pandemic first, at first the virus needs to concur.
Vaccination of Covid-19
Miller said that there is running a race in Southern Nevada to give vaccines to a significant portion of Nevada’s Population. But the problem is that not so many people are getting the vaccine as a result the recovery process is not running smoothly.
Over 678,481 residents in Nevada have become vaccinated for coronavirus using one or two shots. And 378.965 people are completed their vaccination process using one shot. The confirmed coronavirus cases in the state as in this last year is 300, 951. The fact is that the economy of Las Vegas is largely dependent on leisure and hospitality, but this sector of the economy faces a huge collapse due to covid-19. For this reason, the unemployment rate becomes the record one.