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LV economy suffers through summer
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LAS VEGAS REVIEW-JOURNAL
Updated: Aug. 4, 2010 | 9:35 a.m.
A drop in taxable sales dragged the Southern Nevada Index of Leading Economic Indicators down to 125.47 in July, a substantial decrease from 126.11 the previous month, a UNLV economist said.
Other data series contributing negatively to the index were residential and commercial building permits, McCarran International Airport passenger counts and gross gaming revenue. Visitor volume, convention attendance and gasoline sales pushed the index up.
"This up-and-down trend is going to continue," Constant Tra, associate director of the Center for Business and Economic Research at University of Nevada, Las Vegas, said Monday. "I think in the next six months, we'll see the data go up and down, no gain. The best we can do is stay at the level we're at."
Taxable sales fell 6.5 percent to $2.34 million in May, the month of data used for the July index.
Current spending patterns indicate weak job growth for the next four to six months. Total employment has declined 2.9 percent from a year ago to 800,100 and the unemployment rate has increased to 14.5 percent, compared with 12.4 percent a year ago.
Visitor volume was up about 2 percent in May, though more visitors are driving in from Southern California and fewer are flying in from long-haul destinations.
The economic index, compiled by the UNLV research center, is a six-month forecast from the month of data, based on a net-weighted average of each series after adjustment for seasonal variation. July's index is based on May data.
The accompanying chart includes several of the index's categories, along with data such as new residents and employment and housing numbers, updated for the most recent month for which figures are available.
Some economists are predicting a "double-dip" recession amidst reports of higher unemployment claims, weaker retail sales and a struggling housing market.
"I don't see a double dip per se, but in this jobless recovery, in a market that was overleveraged, we're still somewhat in search of a floor, and you can't dance without a floor," said Dave Lazzarini, manager of Barcelone shopping center in Las Vegas. "It will be a long, slow climb back. The question is where will the demand and where will the jobs come from?"
The Clark County Business Activity Index declined nearly 4 percent from a year ago, suggesting that overall business activity has yet to fully stabilize, said Bob Potts, assistant director of the UNLV research center.
The steepest slide came in the construction index, which tumbled 22.7 percent from a year ago, largely a reflection of 16,400 lost construction jobs. The industry has lost 57 percent of its work force, or 63,500 jobs, since June 2006.
The Clark County Tourism Index posted a 2.51 percent decline on a seasonally adjusted basis, with airline passengers, gaming revenue and hotel occupancy all contributing to the decline.
The good news is Las Vegas can build on the strong export prowess that gaming companies demonstrated before the crash, said Mark Muro, policy director at Washington, D.C.-based Brookings Institution.
"Doubling exports in the next five years can provide thousands of jobs to Las Vegas residents," he said. "In that sense, exporting could represent one element of a rebuilt Las Vegas economy, perhaps in tandem with an expanded green or alternative energy economy and more emphasis on technology and health."
Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.
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Restaurant Report
Sharron Angle Deregulation Diner, 2040 N. Antichrist Blvd., received 50 demerits July 20. Violations included roaches observed crawling in rice, no sanitizer available at time of inspection, fruit flies observed in facility, food held at improper temperatures, dirty soda gun nozzles, republican slime in ice machine, ants observed within sugar dispenser at table, no soap available at back hand sink, raw beef and chicken stored over vegetables and ready-to-eat food, no hot water in facility, employee did not follow proper hand-washing procedures. Grade: A because health regulations are bad for business, we need to deregulate everything including BP, and the health department is a "socialist" entity.
Sharron Angle sees her campaign as a battle to stop Democrats in Washington who want to "make government our God."
In an interview Angle describes her effort to oust Majority Leader Harry Reid as a religious calling in "a war of ideology, it's a war of thoughts and of faith."
Reid, President Barack Obama and House Speaker Nancy Pelosi have pushed "entitlement programs built to make government our God," says Angle, who has called for privatizing Social Security and Medicare for younger workers.
"What's happening in this country is a violation of the First Commandment", Angle said.
The fact that Sharron Angle believes she's on a religious crusade to eliminate critical programs like Social Security, Medicare, and unemployment insurance that help hundreds of thousands of Nevadans in need is both dangerous and extreme.
Angle has called herself a faith-based politician. Among her positions, she opposes abortion in all circumstances, including rape and incest.
Raise the taxes - How else are we going to pay all those firefighters that sit around $200,000 a year. It would be a shame to see firefighters not driving 60K trucks, heading up to their utah cabin, having to ride 2009 model dirt bikes, and not being able to remodel their 4000 plus sq foot houses.
Please raise my taxes to help these poor high school grad firefighters. I think there is only 4000 applicants waiting for each of their jobs; so what would we do if they quit?
HARRY REID, Nancy Pelosi and Barack Hussein Obama - have Spent all the money, The stimulus and Big Business Bailouts haven't worked. Nevada Leads the Nations in so many areas it isn't funny. BAD POLICIES MATTER and Harry Reid Rammed them Thru despite what the majority of Americans were saying. the Politicians have been Ignoring We The People and the latest is the Judge in Cali overturned the WILL OF THE PEOPLE regarding Marriage. A single Judge thinks that he is smarter than the 7 million people who voted to say that Mariage is between a man & a woman. These are the People that need to Go. Restore Ameican Principles & integrity.
VOTE THEM ALL OUT.
http://sharronangle.com/sharron-angle-on-social-security
The AM radio crowd posting here consistently lights-up with a cackling, taunting glee at each and every single report of bad economic news and widespread suffering. Bad news really makes their day. Why?
Leaving their personality disturbances aside, it supports their false premise that things would be hunky dory of only Dirty Sharry were a Nevada senator, and if Sarah Palin were president. They cling to these false beliefs with fanatical religious fervor.
Ya' got that? To repeat: things would be hunky dory if Sarah Palin were president and Dirty Sharry was a Nevada senator.
Uh, huh. Yeah. That's it. That's the ticket.
I don't know why all of you clowns bang on JUST Reid. Bad policy and reckless fiscal spending go way back- like 30+ years even before Reid was in office and Democrats as well as Republicans are to blame.
We need workable long term solutions not a bunch of old goats blaming the other side.
Coming on here to vent solves NOTHING
Las Vegas & The Nation are syffering due to BAD policy pushed by Harry Reid et al...
Interesting Statistics
A recent "Investor's Business Daily" article provided very interesting statistics from a survey by the United Nations International Health Organization.
Percentage of men and women who survived a cancer five years after diagnosis:
U.S. 65%
England 46%
Canada 42%
Percentage of patients diagnosed with diabetes who received treatment within six months:
U.S. 93%
England 15%
Canada 43%
Percentage of seniors needing hip replacement who received it within six months:
U.S. 90%
England 15%
Canada 43%
Percentage referred to a medical specialist who see one within one month:
U.S. 77%
England 40%
Canada 43%
Number of MRI scanners (a prime diagnostic tool) per million people:
U.S. 71
England 14
Canada 18
Percentage of seniors (65+), with low income, who say they are in "excellent health":
U.S. 12%
England 2%
Canada 6%
I don't know about you, but I don't want "Universal Healthcare" comparable to England or Canada.
Moreover, it was Sen. HARRY REID who said, "Elderly Americans must learn to accept the inconveniences of old age."
SHIP HIM TO CANADA OR ENGLAND!
He is "elderly" himself, but be sure to remember his health insurance is different from yours as Congress has their own high-end coverage! He will never have to learn to accept inconveniences.
You mean to tell me that $80,000 to research the effects of cocaine on monkeys didn't fix the economy??? Surely you jest. Keynesian Economics = Gubment Fraud & Waste
hey LV Gramps. You want to know something. I don't have a problem with you, but I do have a problem how people refuse to change.
If you're older than me a 23 year old man, then I pay many respects to you. But people are using outdated sources in these articles it seems.
Review Journal should stop confusing the BluesMan and understand he is unable to comprehend facts.