As fears are stoked about the U.S. economic recovery, a UNLV index released today shows Southern Nevada could be adding jobs by the end of the year.
The Southern Nevada Index of Leading Economic Indicators in May rose 0.52 percent. Most gains were in visitor volume, passenger counts and taxable sales, according to UNLV’s Center for Business and Economic Research.
A rising index is considered a signal for job growth in the coming months.
“If the economies of the Western states improve, spending on travel and tourism could continue contributing to the economic growth in Southern Nevada,” said Bob Potts, the center’s assistant director.
But it’s too soon to put too much stock in the index that rose sharply in March and declined in April. In addition, the national economy that drives Las Vegas tourism is weakening, and some economists fear high gasoline prices and falling home prices nationwide will stall the recovery or may even lead to a double-dip recession.
The U.S. unemployment rate rose to 9.1 percent in May after the nation added only 54,000 jobs.
Nevada’s jobless rate dropped for the fourth straight month to 12.5 percent in April. Las Vegas’ rate was 12.1 percent.
The report said 3,500 jobs were added statewide in April, down from 11,000 added in March.
The UNLV index, which measures economic activity through March, showed convention attendance up 10.3 percent, visitor volume up 5.6 percent, gross gaming revenue up 7.2 percent, airport passengers up 2.2 percent and taxable sales up 9.5 percent.
Commercial construction was also up but residential construction remained weak.