The upward revision reflected higher consumer spending and net exports than previously reported, which were partly offset by smaller-than-expected fixed investment and state and local government spending. The unusual and surprising upswing of real GDP in the third quarter reflects a surge in agricultural (soybean) exports and a rebound in business inventories. U.S. nonfarm employment gained 178,000 jobs in November. The unemployment rate fell to its lowest reading (4.6 percent) since the recession.
The Nevada economy continued its economic expansion and recovery. Seasonally adjusted statewide employment added 1,000 jobs in October, and the unemployment rate decreased to 5.5 percent in October. Gaming revenue in October jumped strongly by 11.1 percent year-over-year, which was largely reflected by a higher win percentage compared to last year. Taxable sales in September continued its strong growth, up by 7.0 percent from a year ago, while gasoline sales (in gallons) rose by 3.9 percent over the same period. Total air passengers also exceeded their levels from last year by 4.0 percent.
The most recent data on the Clark County economy exhibited positive signals for the economy. Surprisingly, however, seasonally adjusted employment lost 2,600 jobs from September to October, but remained up by 1.8 percent from October 2015. Visitor volume in October fell slightly by 0.2 percent from a year ago, while total McCarran passengers increased notably by 13.2 percent during the same period. Gaming revenue experienced a large year-over-year gain, up by 13.4 percent. Taxable sales and gasoline sales also climbed by 4.7 and 4.0 percent, respectively, relative to last year. Residential housing permits declined substantially by 22.0 percent from a year ago, after a big rebound from last month. Commercial permits continued its year-over-year loss, decreasing by 33.3 percent.
Washoe County saw favorable signals on local economic growth. The Reno-Sparks seasonally adjusted employment lost 400 jobs for the month, but was up by 3.4 percent for the year. Taxable sales showed a double-digit year-over-year growth, up by 11.4 percent, while gaming revenue rose by 2.4 percent from a year ago. Gasoline sales also remained above its respective level from last year. Even though the total air passengers experienced a 2.9 percent year-over-year growth, visitor volume fell by 3.7 percent. Residential housing permits continued its significant gain, rising by 77.5 percent compared to a year ago.
Stephen M. Miller, Director, Jinju Lee, Economic Analyst, UNLV Center for Business and Economic Research