Las Vegas Review-Journal: Forecast grim for Southern Nevada

[marmar]

Forecast grim for Southern Nevada
Economic index falls for third straight month

By HUBBLE SMITH
LAS VEGAS REVIEW-JOURNAL


The Southern Nevada Index of Leading Economic Indicators declined for the third straight month, dropping to 127.96 in January as every data series showed negative percentages from a year ago.

Eight of the 10 series posted double-digit decreases in November, the month of data used for the January index.

Not since the aftermath of Sept. 11, 2001, has there been as sharp of a one-month decline in the index, said Keith Schwer, executive director of the Center for Business and Economic Research at the University of Nevada, Las Vegas. It's down from 129.56 in December.

"The fallout of the September failure of Lehman Brothers continues to show up across the United States, including Nevada, which some once thought was immune to such national economic events," the local economist said. "It is highly likely that we may see a few more months of difficulty before things get better. It may well be that we are amid the most difficult part of this recession."

The index, compiled by the research center, is a six-month forecast from the month of the data, based on a net-weighted average of each series after adjustment for seasonal variation.

The accompanying Review-Journal chart includes several of the index's categories, along with data such as new residents and employment and housing numbers, updated for the most recent month for which figures are available. .......(more)

The complete piece is at: http://www.lvrj.com/business/39357612.html