Should Las Vegans start worrying about a recession?
Stephen Miller, research director at UNLV’s Center for Business and Economic Research, said he thinks the stock market overreacted to last week’s job data. He’s staying with his assessment that the U.S. economy is sticking a soft landing right now.
“The labor report was not bad, it was just weaker than expected and the unemployment rate went up,” said Miller.
The Labor Department reported Friday that the U.S. unemployment rate jumped to a three-year high in July of 4.3 percent from 4.1 percent in June. The Las Vegas Valley’s unemployment rate at the end of June was well above the national average at 6.2 percent, which Miller said is something to watch.