The Stat Pack
The RCG Employment Index’s 12-month moving average (“12MMA”) for Reno-Sparks increased to 96.5 in July, a 1.5-point rise from the 95.0 recorded in July 2014. July’s index continues the upward trajectory started in 2011, and we expect this trend to continue because of the number of new company announcements that have been occurring each month.
Reno-Sparks job growth on a 12MMA declined to 2.9% in July. The 12MMA of the headline unemployment rate decreased to 6.7% compared to 8.2% in July 2014. The unemployment rate has been steadily improving for nearly 4 years.
Total construction jobs in the Reno-Sparks MSA declined to 11,350 in July, on a 12MMA basis, but they were up by 3.3% from the 10,983 jobs recorded in July 2014. Construction jobs in the MSA peaked at 24,042 in August 2006 on a 12MMA basis.
Washoe County 12MMA year-over-year (“Y-O-Y”) gross gaming revenue growth in July (3.2%) represents the seventh consecutive month of improvement and the largest in 17 months, with total revenue reaching $63.9M. This was also a 0.42% increase compared to June.
Reno-Sparks’ 12MMA average weekly wage (not adjusted for inflation) reached $778 in July, rising by 11.2% from $700 in July 2014. Additionally, the inflation-adjusted 12MMA wage of $691 recorded in July represented a spike of 10.5% over the $625 recorded in July 2014. In July, the Reno-Sparks average weekly real earnings were 9.4% higher than the Las Vegas average of $632.
Average weekly hours worked in the Reno-Sparks labor market are bucking the state and national trends and have sharply turned up during the last 10 months. Weekly hours reached 34 in July, up 1.5 hours compared to the 32.5-hour trough (7-year) of August and September 2014, and up by 1.2 hours compared to July 2014, on a 12MMA basis.
According to AAA, as of August 28, the average price per gallon for regular unleaded gasoline in Reno-Sparks plummeted by 19.2% from $3.87 one year before to $3.12. The price was also down when compared July 28. We expect gases price to stay relatively stable for the remainder of the summer.
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This document was created for informational purposes only; the opinions expressed are solely those of the team and do not represent those of Hightower Advisors, LLC, or any of its affiliates.