National and Nevada Economic Updates
During these uncertain times in our nation’s history, it is important to stay informed, stay connected and stay healthy. The following provides a snapshot of notable economic indicators that are updated periodically by public and private organizations. We are providing this information in a central repository to ensure you have a dedicated place to stay informed.
National: Number of New COVID-19 Cases Weekly
National: Financial Stress Index
National: Number of Initial Unemployment Insurance Claims
National: Number of Mortgage Applications (Weekly Index Value)
Sources and Definitions
Number of New COVID-19 Cases Weekly: Values reflect the total number of new COVID-19 cases confirmed weekly in the United States. (Source: John Hopkins University)
Financial Stress Index: Values reflect a weekly composite index depicting the degree of financial stress in United States markets. The index is constructed from 18 weekly data series, including seven interest rates, six yield spreads and five other indicators. Values below zero suggest below-average financial market stress, while values above zero suggest above-average financial market stress. (Source: Federal Reserve Bank of St. Louis.)
Number of Initial Unemployment Insurance Claims:Values reflect the weekly number of individuals seeking unemployment benefits for the first time in the United States.(Source: U.S. Department of Labor)
Number of Mortgage Application (Weekly Index Value): Values reflect a weekly composite index of mortgage applications talking place in the United States. Index values do not reflect the actual number of applications. However, increase to the index value suggest more applications are taking place, and decrease to the index suggests fewer applications are taking place. (Source: Mortgage Bankers Association)
Economic conditions throughout the state of Nevada continue to be impacted by the COVID-19 health crisis and related response. Although the pandemic-related challenges persist, selected economic indicators have posted a bounce from the bottom experienced a month or two ago. Notably, overall employment has risen for two consecutive months, adding back 131,600 jobs lost (primarily in the leisure and hospitality and professional and business services sectors). This contributed to the state wide unemployment rate being reduced from an all-time high of 30.1 percent in April 2020 to 15.2 percent in June 2020. Statewide construction employment of 96, 100 in June 2020 was essentially on par from a year ago as development activity moves forward. New home permitting activity, which dropped off significantly in April2020, has started to climb back. Meanwhile, resale home prices have remained elevated throughout the crisis, primarily as a result of limited supply levels and sellers unwilling to offer deep discounts. The broader economic recovery cycle is expected to be predicated on the evolution of the heath crisis. Cautious optimism persists, but the course of the virus and actions at the federal, regional and local level will have the potential alter anticipated recovery time lines. Should California or other major feeder markets explore mandatory quarantines or travel-related restrictions, the Silver State’s progress to date would be dampened. In absence of a resurgence or intervention, an 18-to 36-month recovery time line is anticipated.
Applied Analysis (“AA”) was retained by Nevada Builders Alliance to summarize and analyze a series of key economic indicators on a recurring basis. Relevant data were obtained from AA’s internal databases as well as national, regional and local data providers, including without limitation, state and local governments. For more information visit appliedanalysis.com.
Sources: Bureau of Labor Statistics; Nevada Department of Employment, Training and Rehabilitation; Nevada Department of Taxation; Nevada Gaming Control Board; US Census Bureau; Nevada Department of Health and Human Services. While we have no reason to doubt the accuracy of the data reported by these providers, we have not performed audit or assurance procedures on these data, and as such, we cannot attest to their completeness.