OPINION: For whom the bell tolls; not the economy - The Nevada Independent By Andrew Woods and Stephen Miller December 14th, 2024 When the economy shifts no bells ring, smoke signals rise or, more contemporarily, smartphone alerts sound. You may not even notice, but economists do. So, when the Federal Reserve Open Market Committee, aka the lords of interest rates, cut rates by 50 basis points in September and another 25 basis points in November, economists and market analysts took notice. Recall that the Federal Reserve Open Market Committee began rate hiking in March 2022, raising rates 11 times during the next 18 months. Then for another year, they held rates steady, hoping to stem the tide of rising prices. These interest rate hikes did the job of bringing inflation rates down — from a high of just under 9 percent in June 2022 to 2.5 percent in October 2024. But what many now understand is that lower inflation does not translate into lower prices. For whom did the bells toll? In today’s world, which may explain the recent presidential election outcome, the economy was issue number one. The average person [...]

By: Bloomberg Finance L.P. and Wells Fargo Economics (December 13, 2024) Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant highlights are: Industrial Production (MoM) increasing from -0.3% to 0.3% FOMC Rate Forecast: Next Year increasing from 3.375% to 3.625% Personal Income decreasing from 0.6% to 0.4% READ THE ORIGINAL ARTICLE

By: Bloomberg Finance L.P. and Wells Fargo Economics (November 22, 2024) Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant highlights are: Consumer Confidence increasing from 108.7 to 112 Durable Goods Orders increasing from -0.7% to 0.3% Durable Goods Ex Transportation decreasing from -0.5% to 0.2% READ THE ORIGINAL ARTICLE

By: Bloomberg Finance L.P. and Wells Fargo Economics (November 08, 2024) Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant highlights are: PPI Final Demand (MoM) increasing from 0.0% to 0.2% Retail Sales Ex Auto (MoM) decreasing from 0.5% to 0.3% Import Price Index (YoY) expanding from -0.1% to 0.3% READ THE ORIGINAL ARTICLE

Las Vegas no longer affordable for many residents as election looms By Patrick Blennerhassett Las Vegas Review-Journal November 1, 2024 - 6:00 am Maria Isabel Macias has had the same dream since she moved to Las Vegas more than a decade ago. “I want to own a home,” said the 58-year-old who was recently out election canvassing in North Las Vegas for the Culinary Union. “That is the dream, that is the American dream.” But things haven’t gone according to plan, as Macias has had to move in with her sister, and the cook who works at Caesars Palace said every year her dream gets farther and farther away and her monthly expenses are not keeping up with her wages. She now feels like she might always be stuck renting and not building wealth through a mortgage payment. “Everything has gone up, water, garbage, electricity,” she said. “It’s just getting harder and harder all the time.” Macias said she’s voting for Democrat Kamala Harris and one of the main reasons is Harris’ plan to offer first-time homebuyers a $25,000 down payment support for 400,000 Americans so she can get [...]

By: Bloomberg Finance L.P. and Wells Fargo Economics (October 25, 2024) Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant highlights are: Consumer Confidence increasing from 98.7 to 99.1 Personal Consumption (QoQ) increasing from 2.8% to 3.6% Nonfarm Payrolls decreasing by 70.4% from 254K to 75K READ THE ORIGINAL ARTICLE

Thrilling Rise of Automation in Vegas By Lila Anderson Last updated: September 6, 2023 4:26 PM Workers in Las Vegas are witnessing firsthand the effects of automation and technology in their workplace, as the city makes adjustments to its service-oriented tourism economy. As artificial intelligence (AI) gains prominence, Las Vegas is both welcoming robots that pour drinks and expressing concerns about the future job market. In this rapidly changing landscape, employees are finding themselves in a delicate balance between embracing the efficiency and convenience offered by automation and fearing the potential loss of jobs in the long run. The city is grappling with the challenge of integrating this technological advancement while ensuring job security and stability for its workforce, a task that will require innovative solutions and adaptability from all stakeholders involved. Las Vegas’ Transition to Automated Services Inside Planet Hollywood on the Las Vegas strip, a bar has two robots serving drinks to patrons. The Tipsy Robot, which opened a second venue this year, showcases the city’s transition towards automated services. Hotel check-in booths, text-bot concierges, and food-serving robots are progressively becoming commonplace. As technology continues to develop [...]

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 from 0.2% to 0.1% Core PPI (YoY) increasing from 2.4% to 2.7% Trade Balance increasing from -$78.8B to -70.8B READ THE ORIGINAL ARTICLE

For the first time since March 2020, the Federal Reserve is cutting interest rates. For the first time since March 2020, the Federal Reserve is cutting interest rates. It’s welcome news for people who have put off big purchases and businesses wanting to make improvements. We wanted to see when and how we could see an impact here in Nevada. To answer that, we welcomed RCG Economics Principal John Restrepo to Nevada Week. One of the big questions about the interest rates cut: how might Nevada’s housing market be impacted? Restrepo says these cuts could potentially create more demand for homes. Nevada, like many places in the country, faces a housing shortage. “The increase in interest rates could create mortgage demand and increase demand for housing, as opposed to reducing housing prices,” Restrepo explained. And for people who are considering purchasing or refinancing a home? “Wait. Wait for further cuts,” Restrepo recommends. “Wait to see what happens, April, May of next year. We have time, let’s not rush into anything. You know big purchases like that, including cars… things are going to change over time, let’s see how it all [...]

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: Retail Sales (MoM) decreasing from 1.0% to -0.1% Industrial Production (MoM) increasing from -0.6% to 0.1% Housing Starts increasing by 6.7% from 1238K to 1322K READ THE ORIGINAL ARTICLE