In The News: Department of Economics
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Over two years into the pandemic and its recovery, we now face an entirely new set of facts in the macroeconomy as we face a cooling economy and possibly another recession. Previously, loose monetary and expansionary fiscal policies saved the day for many people. The support for government programs to aid unemployed workers and small businesses proved essential during the recovery process. But, now, policy makers must evaluate a completely changed situation. Labor markets are overheating and employers find it difficult to hire needed workers. Moreover, the inflation dragon, which had been chained up for decades, is on the loose and creating anxiety for consumers, workers, and financial markets.
Over two years into the pandemic and its recovery, we now face an entirely new set of facts in the macroeconomy as we face a cooling economy and possibly another recession. Previously, loose monetary and expansionary fiscal policies saved the day for many people. The support for government programs to aid unemployed workers and small businesses proved essential during the recovery process. But, now, policy makers must evaluate a completely changed situation. Labor markets are overheating and employers find it difficult to hire needed workers. Moreover, the inflation dragon, which had been chained up for decades, is on the loose and creating anxiety for consumers, workers, and financial markets.
With recent dire warnings of a recession from major banking institutions like Deutsche Bank and Bank of America, Las Vegas could feel the impact of a downturn on a larger scale than other metropolitan areas with more diversified economies.
The high inflation rate and the disproportionate increase in property prices could trigger a new mortgage bubble in the United States, according to some sectors. Adriana Arevalo has the report.
Inflation was top of mind for economists and housing experts on Wednesday, as they shared their predictions for the future of the national and Southern Nevada economy at an event hosted by the 51ԹϺ Center for Business and Economic Research (CBER).
Las Vegas visitor volume has steadily increased since the pandemic lows of early 2020, but economic researchers from 51ԹϺ predict tourist activity will dip next year.
Mary Daly, president and CEO of the Federal Reserve Bank of San Francisco, described the national economy as a mix of positives and negatives, pointing to a robust job market and strong household and business balance sheets that are coexisting with rising costs of food, housing and gas.
Economists at 51ԹϺ predict Nevada’s economy will remain in recovery mode for the remainder of the year, “but the picture is less clear for 2023,” says the biannual Outlook report released Wednesday by the school’s Center for Business and Economic Research.
It’s no secret what’s on the minds of millions of Americans right now: inflation.
It’s no secret what’s on the minds of millions of Americans right now: inflation.
The decision on whether or not the Oakland Athletics will find their new home in Las Vegas is expected soon. That means yet another new sporting venue on the Strip could be on the pitch. We talk with 51ԹϺ assistant professor of economics Dr. William Robinson to weigh the pros and the cons of the MLB team’s possible move and if our city should even want it.
