LAS VEGAS (KTNV) — Over the last few months, we've heard from so many Las Vegas locals that uncertainty about our economy is one of the biggest issues that you and your families face on a daily basis.
We're listening to your concerns — for many of you those feelings haven't changed, especially as new tariffs take effect on Thursday.
WATCH | Breaking down locals' concerns
Research presented by local analyst Jeremy Aguero at the 45th annual "Las Vegas Perspective" event shows that what people in the valley are feeling is also resonating nationwide.
Aguero showed data that indicated the "Economic Policy Uncertainty Index" is at its second highest point in the last 20 years — second only to the pandemic — which he says can have real life impacts.
"Because what happens when consumers are uncertain? They spend less money, and most notably spend less money on disposable items," Aguero told Channel 13 in an interview Thursday. "Those things affect economies, and they affect Southern Nevada's economy more than almost anywhere else in the United States."
However, some statistics tell a different story.
Aguero said Thursday that the U.S. has added 1.8 million jobs over the last year, wages have gone up more than inflation growth, and — generally speaking — the nation's GDP is "moving forward."
So, that begs the question: where is all this uncertainty coming from?
Aguero's research showed inflation and tariffs are the leading factors.
Channel 13 asked Aguero what his message is to people in the community right now who are wondering how the new tariffs and changes in economic policy will impact their bottom line — or how much they're able to spend at the grocery store.
"Stop overreacting to the things that we don't know," Aguero said. "Do tariffs have the potential to be problematic? You're darn right they do — tariffs have a tendency to put upward pressure on prices, they can create supply chain issue — so I don't want to leave anyone with the impression that it's roses and sunshine, it's not. But, right now, consumers are not necessarily being impacted by those things–they have the potential to be."
Aguero says — historically speaking — we've rebounded from economic challenges here in Southern Nevada better than anywhere else in the country, so in the face of this new adversity, where do we go from here?
"I believe in our community," Aguero said. "I believe in the things that we've done right but it doesn't mean that we don't have some really hard choices — we've seen an increase in homelessness, we know water is an issue, housing affordability is a real challenge — but do I think that those challenges are going to be the existential threat that will be the end of Southern Nevada? I do not."
