Nebraska Employment Rate Recovery
A strong agricultural economy, healthcare sector, and a government jobs expansion are to thank for the Nebraska employment rate recovery. While employment had slumped to a loss of 33,000 jobs in a two year period from 2008-2009, those jobs and more have now been recovered thanks to a growth in metropolitan areas.
The financial services and retail sectors have experienced tremendous recovery fueled in part by the agricultural sector. While the size of farms increasing might not add directly to the Nebraska employment rate recovery, the money that is made from these large agricultural areas helps to bring jobs in other areas. With money to spend, farmers have helped to increase employment in areas such as leisure and hospitality, healthcare, vehicle sales, and food service.
Gaining an average of 750 jobs per month since January 2010, Nebraska set a preliminary employment record in May and then surpassed that in July. New records show that over 970,000 people in Nebraska are now employed.
With neighboring states like Colorado and Missouri coming in with 7.1% unemployment and Illinois and Nevada coming in with over 9% unemployment, the 4.2% rate that Nebraska has risen to is truly something to celebrate. While Nebraska is now rated number three in a CNN lowest unemployment poll, there are still a few sectors that have not met their pre-recession employment numbers.
- While manufacturing and construction have regained some momentum, employment levels are not yet what they were before the recession. As buyer confidence grows, these jobs will experience an increase in employment.
- Airline travel has declined almost 12%, reaching a level that hasn't been seen since 2004. While personal travel is one item that is often cut when the budget is tight, businesses are also not sending employees on discretionary trips during a time when money is an issue. This area is also expected to rebound quickly.
- While the economy isn't the only factor in the decision to have a baby, Nebraska's birth rate, and all sectors related to it, continue to come in with numbers below the pre-recession total.
Nebraska continues to use its strong sectors to bring jobs into the other areas, so they are slowly rebounding as well. Economists are confident that the Nebraska employment rate will continue to recover and that the recovery will move further out into rural areas and sectors that have yet to fully feel the effects of the rebound.
