Southern Nevada is in for its longest recession since the Great Depression, according to a UNLV economist.
Keith Schwer, UNLV’s Center for Business and Research director said the economic slowdown will continue through the end of 2009 based on the latest trends.
All 10 categories of the Southern Nevada Index of Leading Economic Indicators declined in March.
The March index showed gaming revenue fell by 16 percent, taxable sales fell 13 percent, visitor volume fell 12 percent, airport passengers declined 16 percent.
Keith Schwer, UNLV’s Center for Business and Research director said:Â “It’s going to take a while before things get better. We are in the winter of the recession. It has been quite clear for some time that this was not going to be like recessions we have experienced in the last 25 years. Unemployment is going to continue to rise. It is going to be a bitter recession.”