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The unemployment rate edged up to 9.8 percent in November, and nonfarm payroll employment was little changed (+39,000), the U.S. Bureau of Labor Statistics reported today. Temporary help services and health care continued to add jobs over the month, while employment fell in retail trade. Employment in most major industries changed little in November.

Household Survey Data

The number of unemployed persons was 15.1 million in November. The unemployment rate edged up to 9.8 percent; it was 9.6 percent in each of the prior 3 months. Read the rest of this entry »

Nevada Retains High Credit Rating from All Three Major Rating Agencies
By Nevada News Bureau Staff

CARSON CITY – Nevada State Treasurer Kate Marshall announced today that the state has maintained its high credit rating after discussions last month with each of the three major rating agencies.

Fitch Ratings and Standard and Poor’s rated Nevada’s credit worthiness at AA+ and Moody’s Investment Services at Aa1. The ratings are measures of the state’s general credit worthiness and are used by both institutional and retail investors in deciding whether to buy the state’s debt. The ratings also determine the cost at which the state’s bonds trade with a high credit rating resulting in reduced costs on the debt issues. Read the rest of this entry »

IRVINE, Calif. – Dec. 2, 2010 — RealtyTrac today released its Q3 2010 U.S. Foreclosure Sales Report™, which shows that Nevada continues to lead the nation in foreclosures and that foreclosure homes accounted for 25 percent of all U.S. residential sales in the third quarter of 2010 and that the average sales price of properties that sold while in some stage of foreclosure was more than 32 percent below the average sales price of properties not in the foreclosure process — up from a 26 percent discount in the previous quarter and a 29 percent discount in the third quarter of 2009.

Foreclosure sales accounted for nearly 54 percent of all sales in Nevada in the third quarter, the highest percentage of any state but down from nearly 56 percent of all sales in the previous quarter and 62 percent of all sales in the third quarter of 2009. Both pre-foreclosure sales and REO sales in Nevada were down from the previous quarter and from the third quarter of 2009. Nevada properties in some stage of foreclosure sold for an average discount of 19 percent in the third quarter. Read the rest of this entry »

The U.S. Census Bureau of the Department of Commerce announced today that construction spending during October
2010 was estimated at a seasonally adjusted annual rate of $802.3 billion, 0.7 percent above the revised
September estimate of $797.1 billion. The October figure is 9.3 percent below the October 2009 estimate of
$884.7 billion.

During the first 10 months of this year, construction spending amounted to $684.7 billion, 11.2 percent below the
$770.6 billion for the same period in 2009. Read the rest of this entry »

The Center for Business and Economic Research at University of Nevada Las Vegas reports that following two months of growth, the Southern Nevada Index of Leading Economic Indicators dropped by 0.68 percent in November. After seasonal adjustment and weighting, all ten of the component series, except passenger counts, pulled the index into negative territory. This decline suggests that the Southern Nevada economy has yet to turn the corner to positive, sustainable growth.

Nonfarm business sector labor productivity increased at a 2.3 percent annual rate during the third quarter of 2010, the U.S. Bureau of Labor Statistics reported today. Labor productivity is calculated by dividing an index of real output by an index of the combined hours worked of all persons, including employees, proprietors, and unpaid family workers. Output increased 3.7 percent and hours worked increased 1.4 percent in the third quarter, seasonally adjusted.

Nonfarm business productivity increased 2.5 percent from the third quarter of 2009 to the third quarter of 2010, as output increased 4.3 percent and hours worked rose 1.7 percent. Read the rest of this entry »

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