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Vegas Valley showing some signs of hope
By Stephen Roberts | June 15, 2009
Over the past several weeks there have been some indications that the worst could be behind us for the Southern Nevada economy.
The Southern Nevada Index of Leading Economic Indicators shows seven of the 10 categories turned positive in May compared with April. However, nine indicators were down when compared with My 2008. Overall, the index was down by 3.2%.
The index, which uses data from March on such things as gaming revenue, visitor volume, retail sales and construction is a forecast of the economy through September 1st. The numbers suggest this could be the end of the sharp declines. The debate is over how sustainable any recovery will be.
Federal Reserve Chairman, Ben Bernanke feels the recession could be over by the 4th quarter of 2009 or the 1st quarter of 2010.
The best gauge for Las Vegas’ rebound will be the National economy because we depend on the rest of the country for tourism.
The gauge has been mixed so far with consumer confidence at its highest level since September, but consumers have cut back on spending for two consecutive months and are not expected to open their wallets more until the economy improves.
For the Las Vegas Valley, we will just have to take a wait and see approach as to how people around the country decide to spend their money after the economy improves.
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