SoNev + Statewide Chart and Graph Pack

 
(Click the graphs/charts to enlarge.)
 
 
rgj emp index C Cty NEW

The RCG Jobs index 12-month moving average (“12MMA”) for Clark County increased by 0.1 points between May and June, and 1.5 points compared to June 2014. The index is steadily moving upward as the Valley’s “headline” jobless rate continues to drop.

***

job growth Clark NEW

The 12MMA in Clark County’s headline unemployment rate dropped 0.1 points in June compared to May. It was down 1.5 percentage-points compared to June 2014. However, the region’s Y-0-Y job growth rate remained unchanged at 3.5% compared to June 2014, and was down 0.1 points compared to May. The most recent spate of growth peaked at 3.9% and has declined for four months. However, this is not necessarily a bad sign as the growth rate is expected to slow as the economy nears equilibrium.

***

constr jobs Clark NEW
Construction jobs in Southern Nevada (Clark County) numbered 48,217 in June (12MMA), representing an increase of 5,292 jobs (12.3%) compared to June 2014. Construction activity continues to pick up. Jobs in this sector have now grown for 36 straight months.

***

gaming rev NEW

June’s 12MMA gaming revenue (net of baccarat) of $684.2 million declined slightly compared to May ($684.5 million) but was up 1.5% relative to June 2014. That makes two months of Y-O-Y growth of at least 1.5%. This is the first consecutive months of such growth since October 2012. These net baccarat revenues are largely comprised of slot revenues, which generally reflect typical gaming spending of average Americans. However, slot revenues remain moribund for two reasons: constrained disposable income and changing spending patterns, especially among adults under 35.

***

30 yr mtg Western Region NEW

Mirroring the slowdown in home sales, the 12MMA 30-year fixed rate mortgage in the Western Region was down to 3.87% in July. This rate will remain relatively low as the Federal Reserve continues to try to stimulate consumer and business spending and demand.

***

comm mkt vacancy LVV NEW

Commercial vacancy rates in the Las Vegas Valley rebounded somewhat in Q2, 2015. The Industrial market rate continued to improve to 6.2%, also dropping on a 4-quarter moving average basis to 7.2% on the strength of the Warehouse/Distribution sector. This is a 0.9 percentage-point decrease compared to Q1, 2015. The Spec Office vacancy rate turned things back around and decreased 0.1 points to 21.6%, and fell on a 4-quarter moving average basis to 21.6% from 21.8% in Q1, 2015. The Anchored Retail rate remained 11.9%, as in Q1, 2015. The moving average of the rate, however, increased 0.1 points to 11.6%. Still, many office and retail properties that are well-designed and well-located are thriving. But there are others that were poorly conceived, poorly designed and poorly located that still anguish, and these are the projects that are keeping the overall vacancy numbers up.

***

av weekly earnings Clark NEW

Clark County 12MMA average weekly earnings (not inflation-adjusted) in June rose above $700, reaching $709, a 2.3% increase over June 2014. On an inflation-adjusted basis, earnings are starting to improve, up 1.5% in June compared to June 2014, to $630 in 2007 dollars, marking 12 months of improvement.

***

av weekly hrs worked CC NEW

On a 12MMA basis, the number of weekly hours worked in Las Vegas (Clark County) was 33.2 hours in June, down 0.1 hours from May and 0.3 hours less than the 33.5 recorded in June 2014. As we’ve noted, stagnant and even dropping average hours worked have accompanied a dropping headline unemployment rate.
Implication:  Companies continue to depend heavily on part-time workers. For this reason, the U-6 unemployment rate (includes discouraged and part-time workers) in Nevada remains the nation’s highest at 15.3%. 

***

fuel price NEW

According to AAA, as of July 29, the average price per gallon for regular unleaded gasoline dropped by 13.4% from $3.78 a year ago to $3.27. However, between June 29 and July 29, the price of unleaded increased slightly, by $0.06 per gallon, or 1.9%. Still, we expect gas prices to stay relatively stable and less expensive compared to one year prior over the summer.

***

Leave a Reply

Your email address will not be published. Required fields are marked *