By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant highlights are: Construction Spending (MoM) changing sign from -0.1% to 0.3% Nonfarm Payrolls decreasing from 272K to 200K Factory Orders (MoM) decreasing from 0.7% to 0.5% READ THE ORIGINAL ARTICLE

Las Vegas Hospitality Growth Expected to Continue, Economist Says Nova Rainier June 24, 2024 Las Vegas, once synonymous with gaming, has transformed into a multifaceted entertainment hub. While gaming revenues may stabilize, the city’s hospitality sector remains robust. Cameron Belt, chief economist at RCG Economics, LLC, shares an optimistic outlook for Las Vegas, emphasizing both short-term and long-term prospects. Let’s explore the factors driving this growth. The Shift Beyond Gaming Las Vegas has evolved beyond its gaming-centric identity. Large-scale events, downtown investments, and the presence of professional sports teams have broadened its appeal. Post-COVID, the city attracts a diverse consumer base, including international visitors from Mexico and Canada. NHL hockey has bolstered Canadian tourism. Notably, Millennials’ visitation is peaking, while Gen Z—more budget-conscious—gradually enters the scene. Room Supply Dynamics In the near term, the Strip’s room supply presents an interesting dynamic. The recent closure of the Tropicana and the upcoming closure of the Mirage temporarily reduce room availability for budget-conscious travelers. However, the Fontainebleau Las Vegas introduced high-end rooms in late 2023. Overall, post-pandemic visitation is broader, driven by non-gaming amenities and a redefined Vegas experience. Challenges and Opportunities [...]

By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant highlights are: CPI (MoM) decreasing by 0.2% from 0.3% to 0.1% PPI Final Demand (MoM) decreasing from 0.5% to 0.1% Import Price Index (MoM) decreasing from 0.9% to 0.1% READ THE ORIGINAL ARTICLE