Las Vegas economy resilient post 9/11
By Paul
The US and Las Vegas economies have proved more resilient than expected after the September 11 terrorist attacks, a study released Friday says.

Due to the attacks on the US, around 673,100 fewer jobs will be created nationwide this year in industries directly affected by the attacks, but that figure still represents 73,100 fewer job losses than estimates made in January by the Milken Institute.

This is due in part to the successful military operation against Al Quaeda in Afghanistan, which boosted consumer confidence. Low interest rates allowed many homeowners to refinance mortgages, freeing up disposable income. Zero-interest financing offered by the auto industry also kept sales buoyant.

Other measures included personal income tax cuts, which raised the level of discretionary spending, and the government's higher defense spending which boosted the economy, the survey said.

The January predictions painted a gloomy picture for Las Vegas, projecting higher job losses than any other US city, largely because of the City’s reliance on airlines for tourism. However, Las Vegas has benefited from a large number of vacationers driving to the city. It will have about 29,000 fewer jobs because of the attacks, rather than the nearly 41,000 loss first expected, the study said.

The attacks will still mean a 2.6% decline in jobs in the Reno area and a 3.7% downturn in the Las Vegas area, the study by the Milken Institute estimates.

The US and Las Vegas economies have proved more resilient than expected after the September 11 terrorist attacks, a study released Friday says.

Due to the attacks on the US, around 673,100 fewer jobs will be created nationwide this year in industries directly affected by the attacks, but that figure still represents 73,100 fewer job losses than estimates made in January by the Milken Institute.

This is due in part to the successful military operation against Al Quaeda in Afghanistan, which boosted consumer confidence. Low interest rates allowed many homeowners to refinance mortgages, freeing up disposable income. Zero-interest financing offered by the auto industry also kept sales buoyant.

Other measures included personal income tax cuts, which raised the level of discretionary spending, and the government's higher defense spending which boosted the economy, the survey said.

The January predictions painted a gloomy picture for Las Vegas, projecting higher job losses than any other US city, largely because of the City’s reliance on airlines for tourism. However, Las Vegas has benefited from a large number of vacationers driving to the city. It will have about 29,000 fewer jobs because of the attacks, rather than the nearly 41,000 loss first expected, the study said.

The attacks will still mean a 2.6% decline in jobs in the Reno area and a 3.7% downturn in the Las Vegas area, the study by the Milken Institute estimates.

 
 
 
 
 
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