Nevada Business Indicators – August 2023

“The third estimate of U.S. real gross domestic product (GDP) for 2023Q1 grew by an annualized 2.0 percent, revised up by 0.7 percent from the second estimate reported last month. The real GDP’s upward revision mainly reflected stronger-consumer spending in services and exports, partly offset by downward revisions in business investment and federal government spending.

Nevada posted somewhat weak economic signals. Seasonally adjusted statewide employment added 1,500 jobs in May. The unemployment rate, however, remained unchanged at 5.4 percent, the highest unemployment of all states and DC. April taxable sales declined by 0.8 percent year-over-year. May gaming revenue also experienced a loss of 0.8 percent from last year, while total air passengers continued to increase strongly by 7.9 percent over the same period.”

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