The pandemic had a significant impact on Nevada, causing economic disruptions that took time to recover from. While the state eventually began to bounce back, the recovery was not as rapid as in other parts of the country. Despite an unemployment rate that is among the highest in the nation at around 5%, economists consider this level to be close to full employment. However, the state continues to face challenges due to low wage growth and inflation.
In December, Nevada reported that its average hourly rate ranked 44th out of 50 states and the District of Columbia, with wage growth averaging just 1.3%, ranking 49th in the country. In contrast, 16 states experienced wage growth rates above 5%. Despite these challenges, inflation has decreased, consumer spending and confidence are on the rise, and Nevada’s employment growth is second only to Idaho.
Politicians have differing perspectives on the state of the economy. Presidential candidate Donald Trump has highlighted economic challenges, while President Joe Biden has touted a booming economy. The debate over the economic outlook for Nevada and the country continues to be a point of contention.
In discussing these issues, the podcast features insights from Michael Lyle, a reporter from Nevada Current; Maurice Page, the executive director of the Nevada Housing Coalition; and Stephen Miller, a professor of economics at UNLV’s Center for Business and Economic Research. Each guest provides valuable perspectives on the current economic situation in Nevada and sheds light on the different factors influencing the state’s recovery.