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: Nonfarm Productivity (QoQ) increasing from 0.2% to 2.8% Unit Labor Costs (QoQ) decreasing from 4.0% to 1.8% Nonfarm Payrolls decreasing by 12% from 206K to 180K READ THE ORIGINAL ARTICLE

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: Existing Home Sales (SAAR) decreasing by 4% from 4.11M to 3.94M New Home Sales (SAAR) increasing by 4% from 619K to 646K Personal Spending (MoM) decreasing slightly from 0.5% to 0.4% READ THE ORIGINAL ARTICLE

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) turning negative from 0.1% to -0.5% Industrial Production (MoM) decreasing from 0.9% to 0.3% Housing Starts (SAAR) increasing 2.9% from 1277K to 1315K READ THE ORIGINAL ARTICLE

Why isn’t there more land to develop in Las Vegas? Industry blames BLM By Patrick Blennerhassett Las Vegas Review-JournalJuly 2, 2024 - 6:00 am A former long-time Bureau of Land Management employee said there is nothing stopping the agency from releasing prime land in the valley to help alleviate the current real estate crisis crippling the Las Vegas Valley. Mike Ford, one of the owners of Las Vegas-based Abbey, Stubbs & Ford, a public lands consulting firm, said there are a few magic numbers to keep in mind when looking at this issue. “There’s 2.9 million acres of BLM land in Clark County, and that’s what we really need to focus on because land managed by the other (federal) agencies is generally not available for disposal because it has environmental attributes or it’s part of a congressionally designated special management unit.” Ford said the Southern Nevada Public Land Management Act passed in 1998 identified around 67,000 acres out of the 2.9 million potentially available for disposal in the Las Vegas Valley that could be utilized for either commercial or residential development. He added around 33,000 acres of other small BLM [...]

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

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: Factory Orders (MoM) decreasing by 0.3% from 0.8% to 0.5% Nonfarm Payrolls increasing by 11% from 175K to 195K Construction Spending (MoM) reversing sign from -0.2% to 0.2% READ THE ORIGINAL ARTICLE

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: Existing Home Sales increasing by 2% from 4.19M to 4.27M New Home Sales decreasing by 1.6% from 693K to 682K Durable Goods Orders reversing sign from 2.6% to -0.5% READ THE ORIGINAL ARTICLE

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 0.7% to 0.4% Retail Sales less Autos (MoM) decreasing from 1.1% to 0.2% Business Inventories (MoM) reversing sign from 0.4% to -0.1% READ THE ORIGINAL ARTICLE