The UNLV Center for Business and Economic Research (CBER) believes that the Fed figuratively lies between “the rock and a hard place.” The rock is the need to control inflation and the hard place is the possible recession caused by a wrongly calibrated withdrawal of monetary stimulus.
Though speakers’ economic outlooks varied slightly — some expressed concerns that 2023 will bring a mild recession, while others were hopeful that recent economic momentum will overpower surging prices — each focused their remarks on the national inflation rate, which sits at a 40-year high.
Soaring prices for gas, food, housing and construction supplies continue to hammer Nevadans.
Andrew Woods, of UNLV’s Center for Business and Economic Research, recently said “it feels in 24 months that the world is completely different in Vegas.”
Las Vegas visitor volume has steadily increased since the pandemic lows of early 2020, but economic researchers from UNLV predict tourist activity will dip next year.
As outlooks for water supplies on the Colorado River continue to worsen, water regulators in Southern Nevada are turning their sights to another set of water wasters.
The Southern Nevada Water Authority is looking to entice as many of the estimated 15,000 septic system users in the Las Vegas Valley to abandon their water-seeping septic tanks and hook into the municipal sewer system that recycles water back into Lake Mead that can then be reused again and again.
The initiative would aid the authority in water conservation efforts it says are needed to meet the water demands associated with the valley’s continued population growth over the next several decades, according to John Entsminger, general manager of the Southern Nevada Water Authority.
LAS VEGAS (KLAS)— According to AAA, today’s average regular gas price in Nevada is $4.96 cents compared to this time a year ago when we were at about $3.19 cents a gallon.
In some areas, gas has already exceeded 5 dollars a gallon.
UNLV professor of economics Dr. Stephen Miller says the cost all depends on the supply chain and how it fluctuates, but he does predict a decline in inflation rates moving forward.
In little more than a decade, the Nevada economy has endured a Great Recession, a pandemic shutdown, and now, inflation.
The state’s economy has been hit hard by the COVID-19 pandemic. Restrictions on public activity have resulted in businesses closures and thousands of lost jobs, and many parts of the economy have yet to return to their pre-pandemic state. As Nevada’s recovery from the pandemic continues, this series will take a closer look at the most important economic indicators across the state.