Turning the Economy Around Will Take Time, But Small Signs the Bottom of Recession Could Be Near (Rep. Dina Titus)

The current economic recession continues to leave millions of Americans struggling to make ends meet.  In my home state of Nevada, we are still facing a foreclosure crisis and record unemployment.  While the challenges before us are great and there will continue to be tough times ahead, there are a few small signs that we may be nearing the bottom of this recession.

Last week, the Bureau of Labor Statistics announced the latest job numbers for April.  After losing 699,000 jobs in March, the United States economy lost 539,000 jobs last month.  While the loss of more than half a million jobs is no cause for celebration, the fact that fewer jobs were lost is a move in the right direction.  After eight years of failed economic policies, a recovery will take time.  Our economy will not turn around over night.
In Nevada, we are beginning to see some other numbers that provide a glimmer of hope.  In March, gaming revenue had the lowest percentage drop in six months, while Las Vegas had the smallest visitation decrease in seven months.  And in April, compared to a year ago, home sales in Las Vegas were up 78 percent.

While our economy is certainly not out of the woods yet, these numbers are an indication that our efforts are beginning to have an effect.  This Congress passed a recovery package that is providing tax cuts to 95 percent of working Americans, creating and saving jobs, and investing in our nation’s infrastructure.  The Obama Administration has taken important steps to get credit moving again and address the housing crisis that is at the root of our economic troubles.

It is clear, however, that our work is far from over.  Creating jobs in Southern Nevada and across the country remains a top priority and this Congress must continue to take bold action to restore economic security and growth.