The United States is experiencing continued growth with largely positive economic signals from several key indicators. Seasonally adjusted U.S. nonfarm employment increased by 115,000 jobs in April, mainly driven by job gains in healthcare, transportation and warehousing, and retail trade. The unemployment rate remained flat month-over-month. The advance estimate of real gross domestic product (GDP) for 2026Q1 continues to surprise analysts with its strength and experienced annualized and year-over-year growth rates of 2.0 and 2.7 percent, respectively. The employment cost and productivity indexes for the same quarter both experienced increases from the past year of 3.3 and 2.9 percent, respectively. March retail sales saw a strong year-over-year increase of 4.0 percent, while housing starts grew 10.8 percent.
Since the inflation rate remains stubbornly above the Fed’s 2-percent target and the unemployment rate remains at a historically low level, it appears unlikely that the Fed will lower interest rates in the near future. Of course, as new data flows in, this assessment can change. The resilience of the U.S. economy, however, keeps surprising the pundits.
Nevada posted generally experienced positive economic signals. Seasonally adjusted statewide nonfarm employment lost 1,600 jobs in March, while the unemployment rate held steady month-over-month. February taxable sales and March gaming revenue rose 13.3 and 11.8 percent year-over-year, respectively, despite a 3.8 percent decline in air passenger numbers.
Clark County also saw mixed economic signals. Seasonally adjusted nonfarm employment lost 400 jobs in March. The February unemployment rate fell slightly from 5.6 percent to 5.5 percent. Taxable sales rose 8.1 percent year-over-year. Tourism indicators posted positive signs after more than a year of weakness. March gaming revenue jumped 12.7 percent from a year earlier, and visitor volumes increased by 2.2 percent over the same period, the first year-over-year gain after 14 months of declines. Air passengers decreased by 4.2 percent, suggesting the rebound largely reflects a 5.7 percent year-over-year increase in average daily auto traffic at the NV/CA border. Residential permits dropped 35.2 percent year-over-year.
Washoe County showed positive signals across the board. Seasonally adjusted nonfarm employment gained 400 jobs in March. February unemployment remained flat month-over-month. Taxable sales rose strongly by 34.7 percent year-over-year. Tourism indicators continued this trend. Gaming revenue, air travel, and visitor volume all grew by 7.3 percent, 2.1 percent, and 14.5 percent, respectively, from a year earlier. Residential permits also jumped 34.1 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.
