The economic impact of the pandemic on Nevada was significant, causing disruptions that took time to recover from. Despite an unemployment rate that is among the highest in the nation at around 5%, economists consider this level to be close to full employment. However, the state continues to face challenges due to low wage growth and inflation.
In December, Nevada reported that its average hourly rate ranked 44th out of 50 states and the District of Columbia, with wage growth averaging just 1.3%, ranking 49th in the country. In contrast, 16 states experienced wage growth rates above 5%. Despite these challenges, inflation has decreased, consumer spending and confidence are on the rise, and Nevada’s employment growth is second only to Idaho.
Politicians have differing perspectives on the state of the economy. Presidential candidate Donald Trump has highlighted economic challenges, while President Joe Biden has touted a booming economy. The debate over the economic outlook for Nevada and the country continues to be a point of contention.
Michael Lyle, a reporter from Nevada Current; Maurice Page, the executive director of the Nevada Housing Coalition; and Stephen Miller, a professor of economics at UNLV’s Center for Business and Economic Research provide valuable insights into current economic situation in Nevada by shedding light on different factors influencing recovery.
While discussing these issues in detail, Michael Lyle explains how small businesses are struggling with high operating costs due to rising labor costs and limited access to capital. Maurice Page discusses how affordable housing remains a significant challenge in many areas of Nevada due to rising land values and construction costs.
Stephen Miller shares his concerns about long-term trends in labor markets as technology continues to replace jobs traditionally done by humans.
The podcast provides listeners with a well-rounded view of
