The advanced estimate of U.S. real gross domestic product (GDP) for 2024Q3 increased at an annual rate of 2.8 percent. While real GDP experienced robust growth driven by strong consumer spending and increased federal government spending, a slight deceleration occurred in the third quarter from the 3.0 percent second quarter growth rate. This slowdown largely reflected decreased structure and residential investment, along with a lower level of private inventories. Strong consumer spending was likely driven by robust income growth despite higher prices. Seasonally adjusted U.S. nonfarm employment remained relatively flat, with a slight increase of 12,000 jobs in October, including the effects of the hurricanes and the Boeing Strike. Retail sales in September increased by only 1.7 percent year-over-year despite the CPI inflation rate of 2.4 percent for the same period. The Fed approved an initial half-percentage point cut to the federal funds rate in September with a subsequent quarter-percentage point cut in November.
Nevada exhibited mixed economic signals. Seasonally adjusted statewide employment remained unchanged month-over-month in September but grew by 2.1 percent from 2023. The unemployment rate increased for the fourth consecutive month, reaching 5.6 percent in September, remaining the highest among all states. August taxable sales declined by 1.8 percent year-over-year. September gross gaming revenue climbed by 3.3 percent compared to the previous month.
Clark County also displayed generally mixed economic signals. Seasonally adjusted employment in the Las Vegas metro area lost 1,700 jobs in September, mainly due to losses in the leisure and hospitality and construction sectors. The unemployment rate remained the same at 5.9 percent in September, the highest among large metros. August taxable sales fell by 3.1 percent year-over-year. Gaming revenue and visitor volume in September increased by 3.7 and 1.1 percent, respectively, from last year. September Harry Reid air passengers declined by 0.7 percent from last year. September residential permits experienced a year-over-year decline of 21.0 percent.
Washoe County showed mixed economic signals. The Reno-Sparks seasonally adjusted employment gained 2,900 jobs in September. The unemployment rate increased slightly by 0.5 percent to 4.7 percent from September 2023. August’s taxable sales rose by 0.5 percent year-over-year. September air passengers increased by 2.6 percent year-over-year, while September visitor volume declined by 5.9 percent over the same period. Gaming revenue rose by 7.2 percent year-over-year. September residential permits increased 44.8 percent year-over-year.
UNLV Center for Business and Economic Research
The views expressed are those of the authors and do not necessarily represent those of the University of Nevada, Las Vegas or the Nevada System of Higher Education.
