The Changing Tone of Nevada's Economic Commentary - 8 News NOW

Desert Underwater

The Changing Tone of Nevada's Economic Commentary

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With record unemployment and an unprecedented housing crisis, it is easy to forget that just six short years ago, many businesses, residents, and state economists simply did not see, or at least openly raise red flags, about the impending implosion.

The following quotes, in chronological order, document the economy through the lens of the State's periodic "Nevada Economy in Brief" reports from the Nevada Department of Employment, Training and Rehabilitation. Note how the tone of the commentary changed over time.

June 2005 -- "Ho, hum. Another month of low unemployment, statewide job growth of more than 6 percent, and 3,000 new construction jobs. Many terms have been used to describe Nevada's economy (strong, robust and dynamic come to mind), but ‘boring' usually has not been one of them."

December 2006 -- "Despite the challenges posed by high oil prices, a slowdown in both the national and local housing markets and a reduction in the number of hotel rooms in Las Vegas, 2006 was another good year for the Nevada economy."

June 2007 -- "Over the past two decades, Nevada's economy has led the nation in annual job growth a dozen times and usually has been described in glowing terms. But currently, the state's employment growth and unemployment rate could best be described as ...average!"

December 2007 -- "The year 2007 was a less than memorable one for Nevada's economy. The housing slowdown, stagnating retail sales and tepid job growth contributed to a state budget shortfall ...When the final numbers are in, the state is likely to have seen its second weakest job growth -- better only than 2002 -- in the past 15 years."

March 2008 -- "Nevada posted its highest rate of unemployment and lowest rate of job growth in nearly six years in March ...The only good news came from the state's mining regions."

September 2008 -- "Changes in the national economic landscape have dominated headlines this fall as the ongoing credit crunch turned into a credit freeze. What was a lingering problem for consumers and commercial developers quickly became a full scale emergency as credit for doing daily business dried up."

December 2008 -- "Nevada's economic conditions took a turn for the worse in the final months of 2008, and the deterioration was particularly evident in December. The statewide unemployment rate jumped a full percentage point to 9.1 percent (seasonally adjusted) from a revised 8.1 percent in November. The unemployment rate is the highest it has been since September 1983..."

March 2009 -- "Nevadans searching for signs of economic recovery saw few reasons to be optimistic in March ...There were job losses in most major industries, record highs for unemployment insurance claims and a statewide unemployment rate that pushed to within 0.3 percentage point of the highest rate on record (10.7 percent)."

September 2009 -- "The deterioration in Nevada's labor market eased a bit in September, but we will have to wait and see how future months unfold before we can conclude that the recession's grip on the state's economy is lessening ...The month-over-month increase in the unemployment rate was the smallest since March 2008, while the employment gain was the strongest since February 2007."

December 2009 -- "December marked the end of a historically bad year for Nevada's economy, a year marred by record-setting unemployment and job loss ...In all, 76,100 jobs were lost from 2008 to 2009."

June 2010 -- "Segments of Nevada's private sector showed signs of life in June, but overall, labor market weakness persisted. Reaching a new record high, Nevada's unemployment rate ticked up two-tenths of a percent to 14.2 percent, with an estimated 193,000 out of work."

March 2011 -- "Nevada's labor markets showed signs of life in March, hinting at the beginning of a potential economic recovery. Employment increased on an over-the-year basis for the first time in 38 months, and results of the household survey showed a solid decline in unemployment."

August 2011 -- "In August, Nevada's labor market continued on a path evident since the beginning of summer, marked by flat employment readings and an increasing jobless rate ...The good news is that dramatic job losses have subsided; unfortunately, it is not enough to put the unemployment rate on a consistent downward trajectory."

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