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UNLV economics professor, Stephen Miller, says Nevada’s jobless rate seems historically typical under the current circumstances, but the bigger picture is puzzling. “At least nationally, a 3.7% unemployment rate is really unusual. Unusually low,” Miller said. His concern going forward could hinge on what the Federal Reserve needs to do to curb inflation.
https://news3lv.com/news/local/inflation-looms-over-nevada-job-recovery
Miller told 8 News Now this development really has the power to affect those looking to cash out their 401k, while also facing a higher cost of living.
“They are going to be hurt by this, not because of the stock market,” Miller said. “But rather because the Feds are going to be controlling inflation through aggressive policies.”
“Other people were not coming back to the labor market because their kids were going to school remotely or they were afraid of COVID because they work in a sector that requires face-to-face contact,” Miller said. “Las Vegas, we’re heavily into face-to-face contact industries. Restaurants, bars, casinos all require face-to-face contact and now we’re slowly adjusting.”
https://www.reviewjournal.com/business/nevadas-job-market-restructuring-economists-say-2638681/
Seth Schorr, a committee member and CEO of Fifth Street Gaming, said at a UNLV-hosted panel last month that there’s more room for esports to grow as the city welcomes more sports entertainment.
“When we started the esports narrative in 2015, we weren’t a sports city and it so happens that now we are,” said Schorr. “So, esports being an extension of what Las Vegas is now — we are no longer a one-trick pony but many tricks. We are now in a sports city and esports is a perfect evolution of that.”
According to a study by UNLV researchers, Southern Nevada’s population is expected to grow to an estimated 3.39 million by 2060.
UNLV’s Center for Business and Economic Research says the current population of 2.23 million residents will grow by a rate of 1.8% in 2022, adding approximately 41,900 people.
A new forecast from UNLV’s Center for Business and Economic Research (CBER) shows substantial growth in Clark County’s population through 2060. “We’re forecasting roughly 700,000 more people living in Southern Nevada in the next 18 years,” said CBER Director Andrew Woods.
UNLV professor Stephen Miller said while the job market is recovering, there’s also restructuring that’s happening and extra positions to fill.
“Although we returned to the prior peak in employment, we’re still about 35,000 jobs short of the peak in leisure and hospitality,” Miller said.
Stephen Miller, director of research at UNLV’s Center for Business and Economic Research, said the Fed is stuck “between the rock and the hard place,” as it works to bring down the inflation rate without causing too many job losses.
Miller likened the Fed’s situation to trying to land a plane on an aircraft carrier with a runway that is too short. The Fed must be precise to navigate a “soft landing” for the economy.
But Andrew Woods, the director of the UNLV Center for Business and Economic Research, said Nevada is an ideal location for the emerging industry.
“We like to follow the money,” he said. “We started seeing interest in companies coming to Nevada … 16 companies in some way involved in the lithium battery industry.”
Data from UNLV’s Center for Business and Economic Research shows the effect will be minimal. Only 0.9 percent of the state’s workers earn at or below the minimum wage. Louisiana leads the country in share of minimum wage workers at 3.2 percent, Director of Research Stephen Miller said via email.