The Stat Pack
Here are the updated metrics for Northern Nevada based on the most recent available data. (Click on the chart or graph to enlarge.)
The RCG Jobs Index 12-month moving average (“12MMA”) for Reno-Sparks increased to 96.4 in June, a 1.7% rise from the 94.8 recorded in June 2014. June’s index continues the upward trajectory started in 2011, and we expect this trend to continue.
Reno-Sparks job growth on 12-Month Moving Average (“12MMA”) basis held at 3.0% in June over May – a healthy rate of growth – for the third straight month. The 12MMA of the headline unemployment rate decreased to 6.8% compared to 8.4% in June 2014. The unemployment rate has been steadily improving for nearly 4 years.
Total construction jobs in the Reno-Sparks MSA remained at 11,367 in June, the same as May, on a 12MMA basis, but they were up by 4.8% from the 10,842 jobs recorded in June 2014. (Construction jobs in the Reno-Sparks MSA peaked at 24,042 in August 2006 on a 12MMA basis.)
Washoe County 12MMA Y-O-Y gross gaming revenue growth in May (2.6%) represents the sixth consecutive month of improvement and the largest in 16 months, with total revenue reaching $63,627,403. Compared to May 2015, though, there was a slight 0.06% decrease.
The 12MMA of the average weekly wage (not adjusted for inflation) in the Reno-Sparks MSA reached $768 in June, rising by 10.0% from $698 in June 2014. Additionally, the inflation-adjusted 12MMA wage of $682 recorded in June represented an increase of 9.2% over the $625 recorded in June 2014. In June, the Reno-Sparks average weekly real earnings were 8.3% higher than the Las Vegas average of $630.
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 9 months. Weekly hours reached 33.8 in June, up 1.3 hours compared to the 32.5-hour trough (7-year) of August and September 2014, and up by 1 hour compared to June 2014, on a 12MMA basis.
According to AAA, as of July 29, the average price per gallon for regular unleaded gasoline in Reno-Sparks plummeted by 13.8% from $3.94 one year before to $3.40. The price was up a bit, though, when compared June 29, 2015. We expect gases price to stay relatively stable for 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.