Hospitality and Recreation Sector Expands by 28,000 Positions in August
In the bustling city of Las Vegas, the leisure and hospitality sector is experiencing a surge in employment and wage growth, despite facing new challenges.
According to the latest data, the sector has seen an increase of 28,000 jobs in August, bringing the total workforce to 17 million people. This growth is particularly notable in the accommodation and food services, where the total jobs have boosted by 13,200, reaching 14.32 million.
Food services and drinking places have seen a workforce growth of 11,000 people, reaching an all-time high of 12.37 million. The growth in these sectors is a testament to the strong consumer spending response they elicit, translating into more robust margins.
Amusements, gambling, and recreation have also seen job growth, despite rumors of major properties letting go of team members. These sectors have gained 12,700 new jobs, with a current workforce of 1.89 million. Notable companies contributing to this growth include MGM Resorts International, Caesars Entertainment, and Wynn Resorts, which collectively added 12,700 employees in August 2021.
Wages for nonsupervisory employees in the sector have also seen a rise. In August, wages increased slightly, by $0.09, to $20.31. This represents a 0.45% monthly wage increase, and a year-over-year wage increase of 3.5%.
However, the industry is not without its challenges. The unemployment rate in the leisure and hospitality sector reached 6.4% in the latest data, up from 5.5% a year earlier, affecting 890,000 people. The high churn at the entry level, with childcare-sensitive shifts proving a challenge for women, is one such issue.
To combat this, venues like restaurants are turning to strategies like menu engineering, streamlined service practices, and pre-batching to optimize labor costs.
Interestingly, women now account for over half the workforce in the leisure and hospitality sector. This shift reflects the sector's ongoing efforts to attract skilled and receptive workers, while also addressing the unique challenges faced by its workforce.
The US Bureau of Labor Statistics attributes the increase in unemployment in the leisure and hospitality sector to the way the industry operates. Despite these challenges, the sector continues to be a significant driver of revenue, with slot tournaments and event kickoffs playing a crucial role in this.
As the leisure and hospitality sector in Las Vegas continues to evolve, it remains a vibrant and dynamic part of the city's economy, offering opportunities for both employment and growth.
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