Southern Nevada’s economy was on an upward swing through the end of May, but a slowdown in the nation’s economy could thwart that trend, according to an analysis released today by UNLV’s Center for Business and Economic Research.
The center released its July Index of Leading Economic Indicators, which showed a gain of 0.53 percent over June. The index measures economic data through May and is intended to forecast job growth through Nov. 1.
Gaming revenues, up 24.9 percent, contributed to most of the improvement in the index and much of that was due to strong baccarat play, slot machine wagering and sports book performance, said Bob Potts, the center’s assistant director.
Overall, the index shows a slight upward trend since late 2010, suggesting that the outlook for Las Vegas employment may finally be improving even as the national economy shows weaker growth, Potts said.
“The latter development raises some concerns about the possibility of reduced discretionary spending adversely affecting Las Vegas’ tourist-based economy,” Potts said.
Eight of the 10 indexes recorded an increase.
The July index showed convention attendance dropped 19 percent and taxable sales fell by 0.42 percent.