Nevada Business Magazine
The Decision Maker's Magazine
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The second estimate of U.S. real gross domestic product (GDP) for 2024Q3 increased at an annual rate of 2.8 percent, the same as last month’s advance estimate. Real GDP’s robust growth in 2024Q3 was driven by strong consumer spending, supported by higher real income growth, and increased government spending. A decline in private inventory investment and a continued larger decrease in residential fixed investment, however, slowed the growth compared to the second quarter’s 3.0 percent rate.
Seasonally adjusted U.S. nonfarm employment increased slightly by 0.1 percent from the previous month, with an increase of 227,000 jobs in November. This growth reflected increases in healthcare, leisure and hospitality, government, and social assistance, whilst job losses occurred in retail trade. The November unemployment rate posted a minor increase at 4.2 percent. Retail sales in October increased by 2.8 percent year-over-year despite a 3.3 percent increase in the core CPI over the same period.
Nevada displayed relatively mixed economic signals. Seasonally adjusted statewide employment lost 1,200 jobs in October but grew slightly by 1.3 percent from October 2023. The unemployment rate increased for five consecutive months, reaching 5.7 percent in October, remaining the highest among all states. Taxable sales increased by 2.7 percent year-over-year in September. In October, gaming revenue declined by 2.2 percent from last year.
Clark County exhibited somewhat unfavorable economic signals. Seasonally adjusted employment in the Las Vegas metro area remained flat month-over-month in October. The unemployment rate remained the same at 5.9 percent in October, the highest among large metros. September taxable sales only rose by 2.1 percent year-over-year in September. Gaming revenue and visitor volume fell by 2.2 percent and 1.3 percent, respectively, from last year in October. October’s Harry Reid airline passengers decreased by 3.4 percent from the previous year. October residential permits experienced a year-over-year decline of 42.3 percent.
Washoe County showed mixed economic signals. The Reno-Sparks seasonally adjusted employment lost 1,600 jobs in October. The unemployment rate increased by 0.6 percent to 4.8 percent from October 2023. September’s taxable sales rose by 10.3 percent year-over-year. October airline passengers increased by 5.6 percent year-over-year while October’s visitor volume rose by 6.7 percent over the same period. Gaming revenue fell by 4.9 percent year-over-year. October’s residential permits increased by 1.4 percent year-over-year.
UNLV Center for Business and Economic Research
The views expressed are those of the authors and do not necessarily represent those of the University of Nevada, Las Vegas or the Nevada System of Higher Education.
Filed Under: Business Indicators
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