Since the early 2000s, a fall in employment in the state of Nevada has preceded a broader U.S. recession. It makes sense why—the economic fortunes of Las Vegas, which make up a big part of the state’s overall economy, are intimately tied to consumers’ comfort with spending. Host Alex Ossola speaks with Andrew Woods, director of the Center for Business and Economic Research at the University of Nevada, Las Vegas, about what the state data shows now, and what it says about the health of the U.S. economy. This is part one of our four-part series on alternative economic indicators.

Businesses have lost confidence in the economy, according to a UNLV report that will be released publicly next week. The dramatic decline in confidence happened quickly, plunging since a recent survey last quarter, and has reached depths that haven’t been seen in more than a decade, according to Andrew Woods, director of UNLV’s Center for Business and Economic Research.

Mention Las Vegas to just about anyone, and images of the Strip with its bright lights, casinos, and unmatched energy likely come to mind. But beneath the shine, Las Vegas isn’t having its best moment. Although it might not be obvious to the average visitor, the city has been quietly battling a slowdown.

The first icy storm of the season left a dusting of snow here Wednesday morning. As the gray shroud lifted with the sunrise, the timeworn exteriors of this quintessential Nevada town almost sparkled in the light as it peeked through parting clouds.

Bogdan Popa was feeling discouraged at a September job fair at Boulevard Mall. He was out of work, and he wanted to stand out among job-seekers by meeting recruiters in person. Instead, he kept being directed to online applications. The job search was making him depressed, he said.

As prices skyrocket and international travel declines, the city finds itself caught in a perfect storm.

With concerts at the Sphere, Raiders games at Allegiant Stadium and Formula One racers flooring it, Las Vegas has upped its offerings outside casinos in recent years. The surge of new entertainment provides more reasons to visit Vegas, or at least more places to spend money, and boosts a segment of the local workforce. But a big question remains. Does it diversify Las Vegas’ tourism-heavy economy?

Paymon’s Fresh Kitchen and Lounge spent the years after COVID-19 pandemic lockdowns fighting with persistent high inflation. Sales went up for the Mediterranean restaurant in west Las Vegas by nearly 3 percent – but food and labor costs went up more than 50 percent. But 2025, so far, has been a different story.