Nevada continues to lag nation in economic recovery

(NN&V staff report) – Nevadans fared worse in 2009 in terms of personal income than any other state in the nation, according to a new report from the US Commerce Department’s Bureau of Economic Analysis.

According to the report, Nevada’s workers saw a personal income decrease of 4.8 percent over the previous year, giving Nevada the label as the state that suffered the worst decline in 2009 and the second largest decline in any state since 1969.

The Report went on to say that the average American adult lost $3,650.00 in personal income in 2009 compared to the average adult Nevadan who lost $10,587.00.

This is unwelcome news for Nevadans who had hoped to see some recovery in 2009. Unfortunately, declines in measurable economic indicators continue to accumulate. Last week, the Nevada Department of Employment, Training, and Rehabilitation noted that Nevada’s unemployment had increased in January of 2010 to 13.2 percent (the national average is 9.7).

“While the retail industry remains optimistic, it is becoming more difficult to believe that a recovery could happen soon,” said Mary Lau, president of the Retail Association of Nevada (RAN). “Private job growth will be paramount to a full return to economic stability, and we haven’t seen any indicators yet that would lead us to believe that private job growth is returning.”