Economic indicators show recession continuing into next year

Discussion: 14 comments so far…

1. By vegasfun01

   11/12/09 at 12:36 p.m.

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   duh!

2. By isthis4real

   11/12/09 at 1:08 p.m.

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   isn't freedie mac 6 billion in the hole and there might be another collapse? hmmm seems i heard that somewhere...

3. By 7pesos

   11/12/09 at 1:45 p.m.

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   bush, greenspan and the war making right wing

   neo-cons really screwed this country up, boy!

4. By tungchow

   11/12/09 at 1:51 p.m.

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   I'll tell ya! From a construction workers point of view, beinging out of work since May 1st of this year if companies like Perini and the Jeff Soffer-Turnberry Group would learn how to manage their projects a little better the City of Las Vegas and the State of Nevada might have a chance.Hundreds if not thousands of jobs have been lost due to missmanagement and poor communications with the Banks in the Fountain Bleau project.As far as Perini at the Harmon hotel project went, the management was to lazy to watch the rebar construction in the floors to see that theres was a problem resulting in the Harmon not going the 50 to 60 floors perposed and halted on the 20th floor. I was on both! All I heard from the Perini workers was that they could finish a floor a week, and at one point I saw Perini tearing out more concrete than they were putting in. Now comes the project at the Eshelon where Boyd gameing saying it will cost 5 million to maintain that property for possibly 10 yrs.,while claimeing intrests in the Station Casino properties.I really don't understand why Oscar and the City Councel is letting these companies get away with these things.I think the City Councel and the Mayors office should fine these companies, lets say 50k a month as an "Eye Sore Tax". I'de take this Eye Sore Tax money and send it to the State of Nevada Unemployment division to help with the monies the States borrowing from the Feds and paying back at intrest! I feel it only right that companies that don't care to manage projects or research the fine print in negotiations with Banks be subjected to helping the city with our unemployment problem!I think it's time for America companies to act responsible, don't you???

5. By mrability

   11/12/09 at 1:57 p.m.

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   Listen People
   Sell out,Get out (The New Motto)
   Vegas had its 22 years of glory.
   Its finished here,and everyone knows it.
   No water,no jobs
   too many rooms
   forlosure of a dream

6. By get_involved

   11/12/09 at 2:09 p.m.

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   MORE FOREIGN WORKERS!

   http://www.numbersusa.com/content/nusabl...

7. By Future

   11/12/09 at 3:01 p.m.

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   President Obama on 11-12-2009, announce a December jobs summit aimed at synching job growth with the massive government spending.

   Obama said the White House forum will gather CEOs, economists, financial experts and representatives from labor unions and nonprofit groups "to talk about how we can work together to create jobs and get this economy moving again."

   Obama said the forum is intended to prevent making "any ill-considered decisions -- even with the best intentions -- particularly at a time when our resources are so limited. But it's just as important that we are open to any demonstrably good idea to supplement the steps we've already taken to put America back to work."

   LOL 11 months into his Presidency still has no support for Small Business.

   Few people seem to understand the dynamics of job levels during a recession. That Jobs have historically been a lagging indicator is true but much more intertwined will fear of the future.

   A job position can only exist when there is adequate recovery of costs for the product or services rendered. Costs typically include cost of money, materials, building rent, salary and benefits, and TAXES.

   In recent times with inventories controlled by high speed computers businesses can stop the procurement of materials and hiring almost instantly. Job losses are now a leading indicator of a recession. From there de-staffing to match cost recovery is also now lighting fast.

   Those workers that are left are on a treadmill to achieve higher productivity -- more results for less man-hours hence the long crawl back. So after a frightening layoff rate in December 2008 and January 2009, the layoffs have slowed every month since January. This means that businesses are bringing staff in line with recoverable costs from sales.

   What is quite another course is one of "Hiring" in the face of over leveraged consumers (70 percent of the economy) and stagnate revenue.
   Job losses are now a leading indicator and Job gains are still a lagging indicator -- resulting in longer unemployment durations.

   Per the SBA Small Businesses with fewer than 20 employees account for 40% of job recovery in the 2001 recovery.

   http://www.usatoday.com/money/economy/20...

   After 11 months, Obama is still waiting for the Small Business Memo from his economic team.

8. By Future

   11/12/09 at 3:04 p.m.

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   After 11 months, Obama is still waiting for the Small Business Memo from his economic team.

   So what can we do:
   - Lower the cost of money, which the Federal Reserve has also done and may soon raise. Wall Street and Big Business has cash reserves (thanks to TARP) waiting for opportunities -- But Small Business is tapped out and needs liquidity help
   - lower the cost of your product to increase volume -- this is the deflationary cycle that bean counters abhor
   - Innovation which is an important engine in our information economy
   - More effective and efficient machinery
   - Lower cost than foreign suppliers -- we have a 35% business tax rate
   - More people working hence more customers

   The Federal Government can immediately and directly impact the cost of business moving it up (health insurance reform, cap and trade, regulations, etc) or down (depreciation rate, tax rate, capital gains tax, credits, value added tax, etc.).

   Simply put when a business looks in the future and see higher cost, uncertainty and a stagnant market they cannot hire for the well being of their company and remaining employees.

   Obama must finally start to reduce the government's part of the cost of products and services; and increase liquidity for Small Business. When opportunity presents itself business will respond.

9. By dipstick

   11/12/09 at 4:09 p.m.

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   wargo, what a surprise!! were you holding out on us so we wouldnt know? mark your calender and reprint this next year; just change the dates.

10. By nednougat

    11/12/09 at 4:36 p.m.

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    Hey, tungchow, don't you realize that the reason that the Harmon was cut short was that Union ironworkers were too stupid to read the cutsheets? Sure the inspectors missed it, too, but the plans were correct, and it took stupid is as stupid does to create the complete clusterf**k that occurred. Luckily, stupidity only can be hidden for so long, and now you're going to be out of work a lot longer. Let's see-you've been out since May. Maybe if you go to school to read plans, you'll only be out until 2012. Best you get on your horse, and ride. And take your union whore with you, Steve Ross.

11. By fogcity

    11/12/09 at 4:47 p.m.

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    The dilemna for job creation is that businesses need to see or anticipate that there will be demand. Even with tax credits for small business will they bother to hire if the demand is not there? Demand has been walloped by the cutting of consumer credit, the fear of losing a lob, or simply being out of work. Banks are not brining back easy credit any time soon until it has its balance sheet under control and even then it will not be like the easy-credit days of a few years ago. Once the job losses subside maybe current workers will loosen up their purse-strings and buy goods once again. Our country does need export business to make up for the loss of domestic demand. A devalued dollar does help American companies compete internationally.

12. By retiredyoungster

    11/12/09 at 4:47 p.m.

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    Until February? mmm, lets see - thats been said for the pat 10 months..at some point they'll get it right..the point is is that true - February wil lbe the month - but in 2015 ! Dont look for it any sooner..it wil ltake that long for people to "unbury" themselves from the mess.

13. By wizardofOz

    11/12/09 at 6:42 p.m.

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    "...The Southern Nevada Index of Leading Economic Indicators continued to drop in October, suggesting the region's recession will continue through at least February, according to the report released by the Center for Business and Economic Research at UNLV...."

    EXCUSE ME, BUT I THINK THIS NEEDS A REWRITE:

    "...The Southern Nevada Index of Leading Economic Indicators continued to drop in October, suggesting the region's *DEPRESSION* will continue through at least February, according to the report released by the Center for Business and Economic Research at UNLV...."

14. By mrability

    11/12/09 at 7:40 p.m.

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    Wizard,you,are correct,we are in a depression in las vegas.No one will tell you this.Jusst look around,emty buildingd,halted projects,highest unemployment nest to MI.Its a fact folks,its over here.Get out now or suffer an even gratter loss.

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