The Upward Climb
- With partial re-openings in effect, Southern Nevada’s economy has improved
- Job losses continue to hurt the recovery
- Taxable sales are down, but improving
After a strong start in the first quarter of 2020, Southern Nevada’s economy was thrown into reverse with the business closures that were ordered in mid-March. Since the local economy began to re-open in May, though, recovery in several sectors has been evident. Unemployment in the Las Vegas-Paradise MSA was 16.4 percent in July 2020, 12.1 points higher than in July 2019, but down 17.6 points from the high of 34 percent recorded in April. During the Great Recession, unemployment peaked at 14 percent in Southern Nevada. The latest national unemployment figure was 8.4 percent in August 2020, 4.7 points higher than in August 2019. The national labor force participation rate was 61.7 percent in August 2020, a 1.5 percent decrease from one year ago.
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