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 changes in expectations came from: Retail Sales (MoM) turning negative from 0.7% to -0.2% Monthly Budget Statement Forecast declining by more than half from -$174B to -$65B CPI (YoY) slightly decreasing from 3.7% to 3.2%, still above the Fed's 2% target READ THE ORIGINAL ARTICLE

CBER Outlook Event Nov. 7 Will Peer Into Future of Las Vegas Economy, Urban Development CBER’s Fall Outlook, scheduled for Nov. 7, will delve into ways the urban landscape and economic conditions have changed over the past five years for Southern Nevada’s cities and Clark County. Researchers will also present forecasts on the U.S. and Southern Nevada economies,  unemployment, and the leisure and hospitality industry. Since the pandemic, the Las Vegas metropolitan area has experienced growth in the number of new small businesses created; changes in the working habits of the traditional 9-to-5 workforce; and challenges with transportation, public safety, and the unhoused. Las Vegas is ranked first in North America for the number of unique visitors returning to downtown, according to the Downtown Recovery Project at the University of Toronto, which is run by keynote speaker Karen Chapple, PhD.  Outlook will bring together national and local experts to discuss best practices for addressing economic issues and what’s ahead for Southern Nevada. Event Details The event will be held from 7:45 to 10:30 a.m. on Tuesday, Nov. 7 at the Strip View Pavilion inside the Thomas & Mack Center at UNLV. [...]

Artificial intelligence enhances human services Caitlyn Driehorst October 26th, 2023 at 2:00 AM I greatly enjoyed attending IndyFest 2023. During the panel titled “Southern Nevada Economic Development: The Path Forward,” reporter Jacob Solis asked panelists to discuss the potential impact of artificial intelligence on Nevada’s economy. Robert Taylor of the Las Vegas Urban Chamber of Commerce joked that he was “Dr. Doom,” adding, “After all, why would I work with a financial adviser if I can open up the Chase app on my phone and find out what to do with my money?” I disagree with Mr. Taylor. Recent trends show that advances in technology only heighten the value of Nevada’s experience economy — and the value of financial advisers. AI isn’t the first technology that people thought could replace financial advisers. Robo advisers boomed onto the scene in the 2010s. Historically, an investor may have needed a broker or financial adviser to call in a trade or to manage the onerous processes of rebalancing a portfolio and harvesting tax losses. Suddenly, those chores were commoditized — and 75 percent cheaper than benchmark prices. But the effect wasn’t that financial advisers [...]

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 changes in expectations came from: Retail Sales (MoM) decreasing by half from 0.6% to 0.3% Industrial Production (MoM) declining by more than half from 0.4% to 0.1% Housing Starts (SAAR) increasing by 8.7% from 1,283K to 1,395K 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 changes in expectations came from: Import Price Index (YoY) increasing from -3.0% to -1.4%, but still remaining negative Core CPI (YoY) declining by 0.2 ppt from 4.3% to 4.1% CPI (MoM) declining by 0.3 ppt from 0.6% to 0.3% READ THE ORIGINAL ARTICLE

10,000 jobs up for grabs ahead grand openings of MSG Sphere, Durango Casino Resort & Fontainebleau By: Jaewon Jung Posted at 8:56 PM, Sep 18, 2023, last updated7:00 AM, Sep 19, 2023< LAS VEGAS (KTNV) — Major new developments are coming to the Las Vegas valley by the end of this year. This includes the MSG Sphere, slated to open by the end of September, Durango Casino and Resort, set to open in November, and the Fontainebleau, set to open in December. Currently, MSG Sphere is looking to fill 3,000 positions. For Fontainebleau, that number is 6,500. Durango Casino & Resort said it has filled about 40 percent of open positions and is now looking to fill 700 more open positions. “This is probably more of a workers’ market than I’ve ever seen in my 30 years in business,” said economist John Restrepo. UNLV economics professor Stephen Miller agrees and says this gives workers more power. “We know in recent months and actually a couple of years now, the labor market has been extremely hot,” said Miller. “The labor has received more power in the labor market versus management. So the management is having to consider higher [...]

The good, the bad and the ugly: Legalization of marijuana? SEPTEMBER 9, 2023 OPINION EDITOR – MARIANA CHAMORRO ORIGINALLY PRINTED ON NOV 10, 2022 The attempt to make marijuana legal in the United States has been controversial for many years. Recently, various states across the country have made cannabis legal. Other states, however, refuse to make this change. The real question to be asked is why? Why have some states decided to legalize marijuana, while others are against it? Already, 19 states have legalized cannabis for adult recreational use. One reason for it is the economic benefits their state has reaped. Sales of marijuana have resulted in massive tax revenues. According to Investopedia, “In 2021, Washington collected $559.5 million of legal marijuana revenue, over $85 million more revenue than in 2020. Meanwhile, Colorado collected $423 million of marijuana tax revenue in 2021, up almost 10% from the year prior.” States like California and Nevada have created numerous jobs and economic impacts just by setting up dispensaries for medical marijuana. 41,000 jobs in the state of Nevada could be provided just by the legalization of recreational marijuana, according to an [...]

Can Las Vegas Balance Automation’s Efficiency with Job Security? Aamir Sheikh - September 7, 2023 TL;DR Breakdown Las Vegas is witnessing a surge in AI and automation adoption in service industries. Concerns arise as research predicts up to 65% of jobs may become automated by 2035. Calls are rising for the diversification of the economy and the implementation of safeguards to prevent AI from replacing positions. Las Vegas, renowned for its vibrant entertainment and hospitality sector, is currently in the midst of a technological revolution that has both captivated and concerned its workforce. The city’s service-oriented tourism economy is undergoing a significant transformation with the increasing integration of artificial intelligence (AI) and automation. While robots now pour drinks at bars and check-in booths handle hotel arrivals, a growing unease about job security lingers in the air. This story delves into the thriving rise of automation in Las Vegas, exploring how it is reshaping the city’s industries and prompting calls for innovative solutions to safeguard employment. CONTINUE READING THE ARTICLE

Unveiling the Robotic Transformation in Las Vegas: How Automation is Reshaping Traditional Job Roles September 6, 2023 by Jonathan Ryan The tourism-heavy economy in Las Vegas has made workers vulnerable to being replaced by robots, and experts recommend diversifying the city’s economy to ensure job opportunities for humans. Hotels and establishments like the Tipsy Robot in Planet Hollywood have already started using robots for tasks such as bartending, and many hotels have implemented self-check-in kiosks, according to a report by NPR. Studies indicate that up to two-thirds of jobs in Las Vegas could be automated by 2025 due to the increasing use of artificial intelligence. A recent report by the Chamber of Commerce ranks Las Vegas as the city with the highest potential job losses to AI. John Restrepo from RCG Economics in Las Vegas states that the resort industry will replace human workers wherever possible to save money, as long as it doesn’t affect productivity, profits, or the customer experience. Restrepo suggests that the city needs to transition from a hospitality-centered economy to jobs that are more highly skilled and less easily replaced by AI. However, hospitality workers are fighting [...]

Robots Replacing Bartenders, Hotel Check-In Staff In Las Vegas. By Editor -September 4, 2023 Las Vegas, the casino tourism mecca in the Nevada desert is seeing a wave of artificial intelligence (AI) robots replacing humans in tourism industry jobs. Check-in kiosks have replaced people at the front desk of hotels. Text-bots now make restaurant recommendations instead of a concierge. Robots can serve food, and behind the bar, machines are pouring out drinks. Automation and technology replacing jobs has long been a conversation in Nevada’s most populated city. Studies show that between 38% to 65% of jobs there could be automated by 2035. With the use of artificial intelligence on the rise, the economy of this city –which relies on tourism and hospitality — is at an inflection point, as companies look to technology to reduce labor costs. “Wherever the resort industry can replace their workers and not affect productivity, profits or the customer experience — wherever they can do that with artificial intelligence… they will,” said John Restrepo, principal at RCG Economics in Las Vegas. CONTINUE READING THE ORIGINAL ARTICLE