Business IndicatorsDecember 2022 – Nevada Business Magazine

The third estimate of U.S. real gross domestic product (GDP) for the third quarter of 2022 rose 2.6 percent year over year after two consecutive quarters of decline. The significant recovery was largely driven by unsustainably strong net exports. Consumer spending on services and government spending also contributed positively to real GDP growth. However, business investment and consumer spending on goods have declined since the last quarter, likely signaling a weakening economy. US nonfarm payrolls rose more than expected, adding 261,000 jobs. Still, the unemployment rate rose to 3.7 percent from a 50-year low of 3.5 percent as the jobless rose by 306,000 to 6.1 million. The Fed raised the federal funds rate by another 75 basis points in November to a target range of 3.75 to 4 percent and said it would not stop raising rates until inflation returned to normal levels. Nevertheless, CPI inflation remained high in September at 0.4 and 8.2 percent month-on-month and year-on-year, respectively.

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Nevada published favorable economic signals. Seasonally adjusted national employment increased by 3,600 jobs in September. However, the unemployment rate remained unchanged at 4.4 percent. Game sales rose 3.3 percent in September compared to last month. Taxable sales in August increased significantly month-on-month and year-on-year by 1.1 and 11.3 percent, respectively.

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Clark County’s economy performed strongly. Seasonally adjusted employment added 2,100 jobs in September, while the unemployment rate remained unchanged at 5.4 percent. Harry Reid’s September passenger totals rose 2.5 percent month-over-month, reaching their second-highest level in the sample. Visitor volume was up 5.1 percent from the previous month and was just 4.9 percent below September 2019’s level, down from 12.6 percent in August. Gaming revenue in September also increased by 5.5 percent year-on-year. Taxable sales increased by 11.5 percent year-on-year in August. September housing permits continued their year-over-year decline of 16.9 percent.

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Washoe County showed positive economic signs. Seasonally adjusted Reno-Sparks employment gained 1,900 jobs in September. However, the unemployment rate increased to 3.2 percent. Taxable sales in August jumped by 13.3 percent year-on-year. Revenues from games and the volume of visitors in September increased by 9.7 and 4.0 percent compared to last year. September housing permits rose 65.8 percent year-over-year despite higher interest rates.

UNLV Center for Business and Economic Research

The views expressed are those of the authors and do not necessarily represent the views of the University of Nevada, Las Vegas or the Nevada System of Higher Education.


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