Nevada Job Connect is shown in December 2008, months after the nation’s economy began to sputter. A new index out Friday shows the rate of job loss in the Las Vegas area is beginning to moderate.
Friday, Feb. 5, 2010 | 4:08 p.m.
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An index that measures the Las Vegas economy through the spring edged up slightly in January, a reflection that job losses are starting to moderate, according to the Center for Business and Economic Research at UNLV.
The index rose 0.69 percent to 126.38 as convention attendance in November rose 25 percent over October. The index measures economic data in November and is a six-month forecast through May 1.
“Over the past several months, the index has leveled off, suggesting that the massive job losses experienced in Southern Nevada in the past 18 months are beginning to moderate,” said Mary Riddel, the center’s interim director.
That said, it doesn’t suggest a rosy employment picture.
The construction sector, taxable sales and conventions have dragged the index down, Riddel said.
The new hotel room additions at CityCenter are likely to cannibalize occupancy at existing properties, causing more bad news in the form of hotel bankruptcies down the road, Riddel said.
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