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: New Home Sales increasing by 1.0% Durable Goods Orders (MoM) turning negative from 4.6% to -4.4% These changes in expectations come following this weeks Housing Starts report (+3.9% MoM and 5.9% YoY) and Industrial Production increasing 1.0% being lead by Utilities output (+5.4%). 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 changes in expectations came from: Import Price Index decreasing from -6.1%  to -4.6% Housing Starts increasing from 1,434K to 1,455K (+1.4%) Industrial Production turning positive from -0.5% to 0.2% These changes in expectations come following this weeks Consumer Price Index (CPI) report (+0.2% MoM and +3.2% YoY) and Producer Price Index (PPI) report (+0.3% MoM and +0.8% YoY). 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: Trade Balance decreasing from -$69.0B  to -$67.0B PPI Final Demand increasing from 0.1% to 0.7% Unit Labor Costs dropping from 4.2% to 2.1% These changes in expectations come on the heels of labor market reports showing a cooling labor market (187k new jobs vs 200k expected). However, while the labor market is cooling, average hourly earnings are up 4.4%. 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 changes in expectations came from: Factory Orders increasing from 0.3% to 2.6% Nonfarm Productivity changing direction from -2.1% to 2.2% Unit Labor Costs dropping from 4.2% to 2.1% These changes in expectations come following the positive Q2 GDP growth report from this week. GDP in Q2 grew by a 2.4% annual rate surpassing consensus expectations of 1.8%. Much of this growth came from personal consumption and business fixed investment. READ THE ORIGINAL ARTICLE

Diversifying the Las Vegas economy post pandemic By: Joe Moeller Posted at 8:10 PM, Jul 07, 2023 and last updated 8:10 PM, Jul 07, 2023 LAS VEGAS (KTNV) — With the economy on everyone's mind... there's encouraging news if you're looking for a job. But while new jobs are being created here and across the country... experts say interest rates are likely to rise again costing all of us more. The Bureau of Labor Statistics shows 209,000 jobs were added in June. That is slightly lower than what some expected. Meanwhile, payroll company ADP reports 497,000 jobs were added last month. That is much higher than expected. While job growth in Las Vegas has rebounded since the pandemic, economists continue to warn about the need for us to diversify away from leisure and hospitality. We spoke to one man who says moving his business from New York to Las Vegas was a gamble that paid off. Paolo Tiramani is the CEO of Boxabl. The company makes small homes that can be packaged up and sent around the world. "We are two years old, we have built 200 homes we are building [...]

Why inflation runs hottest in the Mountain West Savannah MaherMay 9, 2023 Heard on: The Bureau of Labor Statistics releases the latest consumer price index Wednesday, a monthly read on inflation. But that headline number will only tell part of the story, because how much more people are spending on food, housing, energy and everything else depends on where they live. One region where inflation’s been running extra hot? The Mountain West. That includes the upper Rocky Mountain states of Montana and Wyoming, all the way down into Arizona and New Mexico. Annual inflation peaked at over 10% last year in that part of the country. It was running at an annual rate of 6% in March, a whole percentage point higher than the national average. The cost of housing accounts for a third of the CPI. So, it adds up that the index is running hottest in the Mountain West. “It’s cuckoo here,” said Megan Lawson, an economist with Headwaters Economics who lives in Bozeman, Montana. “Unaffordable housing touches every aspect of the economy and life in these communities.” Lawson said a lot of people have used the newfound flexibility of [...]

Lombardo’s desire for public land sales could boost warehouse economy BY: DANA GENTRY - FRIDAY FEBRUARY 10, 2023 5:00 AM Gov. Joe Lombardo’s support for the sale of federal lands to developers would increase the state’s economic resilience and decrease its reliance on tourism, say proponents. It would also likely cement Southern Nevada’s place in the warehouse boom. “I would like to see us, in coordination with our congressional delegation, promote a more predictable approach to the timely release of federal lands,” Lombardo said in his State of the State address last month. “The disposition of federally managed lands within, and adjacent to, city and county boundaries is a critical component to economic development and affordable housing.” But with mortgage interest rates depressing new home sales, demand for residential land is down. “Prices have gone up so dramatically. So there’s a little bit of hesitancy with builders,” says land consultant John Restrepo. “The strongest demand is for industrial.” Restrepo says the hoopla that accompanied once-raucous federal land auctions has dissipated, in part because parcels are often subpar in terms of location, size, access, and infrastructure. In 2020, Restrepo identified 19,088 acres in [...]

Published February 1, 2023 at 5:51 PM PST There are projections of a looming national recession and yet Andrew Woods of UNLV’s Center for Business and Economic Research projects that Clark County’s population is projected to grow this year by 52,000 people. Woods told KNPR State of Nevada Host Joe Schoenmann today that 2022 was a story about the resiliency of the American consumer, and 2023 will be about the resiliency of American business. “We have higher wages, higher business rates, we have cooling demand. We have gluts in surplus. Before we had supply chain snarls,” Woods said. “I think it’s going to be about how does business react to this new economy? We don’t forecast a recession… at this time but we do forecast a cooling of demand and cooling of the economy over the next two years.” Woods noted that the U.S. economy will continue to grow during this period, which saw 2.1 percent growth in 2022 when compared with 2021 levels. He forecasts a 1 percent economic growth rate this year. In October, state employment grew by 7,500 jobs, Woods added, noting that “we have more jobs [...]

LAS VEGAS (KSNV) — The Henderson Chamber of Commerce hosted its "InSight" event Wednesday night. It's an annual event that looks at economic trends and developments and sees what's coming for Henderson. Topics included inflation, housing, consolidated tax projections, interest, and unemployment rates. Newly elected Henderson Mayor Michelle Romero says she is optimistic about this year's outlook. "Henderson's economy is doing very well. We have made an effort to diversify our economy to find different employers and different types of jobs so that any time we have an economic downturn, we're able to weather it a little better than maybe some of our other counterparts," Romero said. There were also special guest appearances from economic experts John Restrepo and Mike Pequeen. SEE THE ORIGINAL ARTICLE

Buying a home is one of the biggest purchases most people will make in their lives. Over the last few years, people have been paying a premium for homes in Nevada —many times bidding way more than the asking price; sometimes having to get into a lottery just for the chance to make a bid. Then the Federal Reserve raised interest rates as a way to fight inflation. The cost of getting a home mortgage rose, and home prices have fallen. According to the National Association of Realtors, sales have fallen by about 35% since last year. So now, prices are going down and housing stock has increased. Lee Barrett is the 2023 president of Las Vegas Realtors. He’s said that buyer confidence is going down, despite dropping home prices. “I hate to say a perfect storm,” he told State of Nevada host Joe Schoenmann on Thursday. “But it’s an opportunity that they’re not looking at. The sophisticated buyer will pay attention to this market; the person that’s concerned and afraid will miss out because as the prices drop, there’s going to be opportunity there.” In 2012, the median [...]