The Nevada Independent
The U.S. inflation rate is at a 40-year high. This year, the stock market recorded its worst first half since 1970, and economic output contracted during the first quarter. In June, the Federal Reserve announced its largest interest rate hike since 1994.
Despite the combination of economic headwinds, the national unemployment rate is historically low at 3.6 percent, and consumer spending remains strong.
Still, the U.S. economy sits in a precarious position. Consumers are facing surging prices for common goods from fuel to fruit, while wages are failing to keep pace. A growing number of economists are warning that a recession is coming.
Just two years removed from the last recession, brought on by the COVID-19 pandemic and related shutdowns, another economic downturn could disrupt the recovery in Nevada, which has the second-highest unemployment rate in the nation at 4.9 percent. The state also has the country’s highest U-6 unemployment rate — a measure that captures the number of marginally attached workers and people employed part-time for economic reasons.
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