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- 💹 U.S. Inflation Cools in June, Fed Rate Cuts May Follow
💹 U.S. Inflation Cools in June, Fed Rate Cuts May Follow
Issue #217 - July 11, 2024
John Wu
11 Jul
Dear SummerSouth Insiders!
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📆 Weekly Local Events for July 2024
Regular weekly events in or near Summerlin, Las Vegas are listed below.
Visit here to lookup specific venue information or for upcoming and/or non-weekly events on Meetup.
Monday
Monday Classes At Latin Blendz: (Every week on Monday @ 10AM)
Socially Vegas - Monday Night Bowling @ The Orleans Bowling Center: Must arrive/check-in before 7pm; 7 - 10pm (Every week on Monday); COST (CASH Only) $10 for 2 games (includes shoes) COST: $12 for 3 games (includes shoes)
Monday Night TRIVIA at ReBAR, 1225 S Main St, Las Vegas: (Every week on Monday @ 7PM)
Tuesday
Terrific Tuesday Fun Pickleball @ Police Memorial, Bring a Chair: (Every week on Tuesday @ 2PM)
Sand Volleyball Intermediate, Rusty and Old Time Players @ Aloha Shores Park (NW), Cheyenne & Buffalo, 7550 Sauer St, Las Vegas: (Every week on Tuesday @ 6 - 8 PM)
Run Drink Las Vegas - Weekly Tuesday Run @ Frankie’s Uptown patio: 6:30 - 8:30 PM (Every week on Tuesday), FOLLOW US ON INSTAGRAM @rundrinklv FOR THE LATEST WEATHER/TIMING UPDATES
Coed Soccer - Summerlin: Crossings Park, 1111 Crestdale Ln, Las Vegas: 7:30 - 9:45 PM (Every week on Tuesday/Thursday)
Wednesday
Business Leads Group - Networking Breakfast @ Summit Restaurant, Eagle Crest Golf Course, 2215 Thomas W Ryan Blvd, Las Vegas: Cost $20 cash, 7 - 8:30 AM (Every week on Wednesday)
Early Risers Toastmasters Meeting (In-Person - Summerlin Egg Works / Online Event: 7 - 8 AM (Every week on Wednesday)
Las Vegas Valley Bicycle Club - Wednesday Morning Ride @ Einstein Bagels: 9 - 11:30 AM (Every week on Wednesday)
Speakers & Leaders of Summerlin Toastmasters Meeting, Summerlin Egg Works, 2025 Village Center Cir, Las Vegas: 12 - 1:30 PM (Every week on Wednesday)
Live Music Yoga w/ Cheryl Slader @ Blue Sky Yoga: (Suggested Donation $12); 5:30 - 6:45 PM (Every week on Wednesday)
Country Crossroads Dance, Rhythms Dance Studio & Event Center, 4545 W Sahara Ave, Las Vegas: $15 Drop-in Rate / $50 for the whole month: 8 - 9 PM (Every week on Wednesday)
Thursday
Abundance Business Networking Group Online Event: 7 - 8:30 AM (Every week on Thursday). Please arrive 10-15 minutes early for networking. Steps to access our BNI Online™ Virtual Chapter Meeting, visit website.
Las Vegas Real Estate Investors Association - Weekly Power Lunch For Real Estate Investors: 11 AM - 1 PM (Every week on Thursday). Request to join here.
Free Salsa Classes @ Feel The Music Dance Studio: 7 - 8 PM (Every week on Thursday). Visit the website to register online.
Summerlin Bitcoin Happy Hour, SG Bar, 9580 W Flamingo Rd, Las Vegas: 6:30 PM (Every week on Thursday)
Coed Soccer - Summerlin: Crossings Park, 1111 Crestdale Ln, Las Vegas: 7:30 - 9:45 PM (Every week on Tuesday/Thursday)
Friday
Find Your Yoga Las Vegas - Flow & Yin W / Noé Hilyard @ Yoga Sanctuary: 6 - 7:15 PM (Every week on Friday) View Yoga Sanctuary's full schedule.
Swing Dancing in Las Vegas Vintage and Modern Swing Dances @ The Mint Tavern: 7:30 - 8:30 PM (Every week on Friday)
Saturday
Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday)
Find Your Yoga Las Vegas - Saturday Morning Meditation with Practitioner Selina Kelly @ Yoga Kandy, LLC. Cost: Love Donation $5-$10 suggested. 11 - 11:45 AM (Every week on Saturday)
Sunday
Las Vegas Valley Bicycle Club - Sunday Morning Ride @ Einstein Bagels: 9 - 11:30 AM (Every week on Sunday)
Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday)
Level 1 West Coast Swing @ 2580 N Rancho Dr, North Las Vegas: 7 - 8 PM (Every week on Tuesday); Drop in Rate is $15, Monthly pass is $50; Register online.
⛽ Las Vegas Gas Prices
💹 U.S. Inflation Cools in June, Fed Rate Cuts May Follow
Inflation in the United States eased for the third consecutive month in June, signaling a steady decline from the worst price spike in four decades and potentially setting the stage for interest rate cuts by the Federal Reserve. The Labor Department reported a 0.1% decline in consumer prices from May to June, marking the first monthly drop since May 2020.
Year-over-year, prices rose 3% in June, down from May's 3.3% annual rate. These figures suggest that inflation is moving closer to the Fed's 2% target. If the trend continues, economists expect the Fed to begin cutting its benchmark rate in September.
Key Takeaways:
Inflation Rates and Consumer Prices
Consumer prices dropped 0.1% from May to June.
Year-over-year inflation slowed to 3% in June from 3.3% in May.
Core prices (excluding food and energy) rose 0.1% month-over-month and 3.3% year-over-year.
Impact on Federal Reserve Policies
The cooling inflation rates could prompt the Fed to start cutting interest rates in September.
The Fed has kept its key rate unchanged after aggressive hikes in 2022 and 2023.
Economic Indicators
Gas prices decreased by 3.8% in June and are down 2.5% from a year ago.
Grocery prices edged up 0.1% month-over-month and are up 21% from March 2021.
Used car prices fell 10.1% over the past year.
Rental costs increased by 0.3% from May to June, marking the mildest rise in nearly three years.
Public Impact and Reactions
Despite easing inflation, costs for essentials like food and rent remain high.
Deborah Stettler of Quincy, MA, illustrates the struggle with rising living costs despite having a new job.
Market and Employment Trends
Inflation is significantly lower than its peak of 9.1% in mid-2022.
The job market has "cooled considerably" with unemployment at 4.1%.
Hiring is concentrated in government, health care, and the hospitality sectors.
🏀 A’ja Wilson's 20-20 Game Powers Aces to Victory Over Storm
A’ja Wilson secured a pivotal defensive rebound with 2.1 seconds left, sealing an 84-79 victory for the Las Vegas Aces against the Seattle Storm on Wednesday at Climate Pledge Arena. Wilson’s performance, marked by 24 points and a career-high 20 rebounds, was crucial in holding off a late-game surge by the Storm.
Nneka Ogwumike missed a potential game-tying 3-pointer in the final moments, and Jewell Loyd's subsequent shot was also off the mark, allowing Wilson to grab the rebound and hit two free throws to finalize the win. This marked Wilson’s first career 20-20 game and the 21st in WNBA history.
Jackie Young led the Aces with 27 points, while Chelsea Gray added 11 points and six assists. Kelsey Plum contributed 13 points. Jewell Loyd scored 28 points for the Storm.
Key Takeaways:
Wilson’s Historic Night Wilson’s 24 points, 20 rebounds, four blocks, and three steals made her only the second WNBA player to achieve these stats in a game, alongside Sylvia Fowles. Her dominance came on the same day it was announced she'd be on the cover of NBA 2K25.
Defensive Resilience Despite a slow start, with only 30 points in the first half, the Aces' defense shined. The team improved their shooting in the second half, particularly in the third quarter with 62.5% from the field, ultimately grinding out the win.
Rallying Moment Midway through the third quarter, Wilson had to leave the game due to a nose injury. Her return marked a shift, as the Aces outscored the Storm 30-19 in the third quarter, showcasing their determination and team spirit.
The win pushed the Aces into fourth place in the WNBA standings, ahead of the Storm. The Aces continue their road trip against the Atlanta Dream on Friday.
🎰 Mirage Casino's Closure Sparks Frenzy with $1.6M Giveaway
The Mirage hotel-casino on the Las Vegas Strip is drawing thousands of last-minute visitors with its six-day, $1.6 million progressive cash giveaway as it nears its closure next week. The promotion, running until the casino's shutdown on July 17, has seen nearly every available slot machine occupied, with guests vying for over $200,000 in cash prizes.
Despite the excitement, the impending closure has caused over half of the casino's slot machines to be turned off, creating high demand and some frustration among guests. Krissy Carter, a Las Vegas native, described the experience as "frustrating" after waiting nearly two hours for a chance to play.
Locals Matt Moss and Mandy Gonzalez found humor in the chaotic situation and suggested the promotion should have favored existing Unity card holders to reduce frustration. Meanwhile, Nate Rose, a table games player, expressed optimism, aiming to leave with winnings from the Mirage's two-day drawing offering $400,000 in table game cash.
The Mirage, after 34 years, will close for a multi-year transformation into the Hard Rock Hotel & Casino Las Vegas, expected to be completed by 2027.
Key Takeaways:
High Demand for Slots The Mirage’s giveaway has resulted in crowded slot machines, with many guests frustrated by the limited availability due to the upcoming closure.
Customer Reactions Guests like Krissy Carter expressed frustration with the wait times, while others, like locals Moss and Gonzalez, suggested improvements for future promotions.
Optimistic Gamblers Despite the challenges, some guests, including Nate Rose, remained optimistic about winning during the promotion’s final days.
Upcoming Transformation The Mirage will close on July 17 and undergo a multi-year project to become the Hard Rock Hotel & Casino Las Vegas, with completion expected by 2027.
💹 Costco Raises Membership Fees, Maintains Strong Financial Performance
Costco Wholesale's shares climbed in after-hours trading after the retailer announced a $5 increase in annual membership fees and provided a quarterly dividend update. This marks the first fee hike since 2017, responding to pressure from analysts and investors to boost revenue from its 134 million Costco Club cardholders.
Starting in September, U.S. and Canada Gold Star (individual), Business, and Business add-on members will pay $65 annually, up from $60. Executive membership fees will also rise by $5 to $125 per year, with the maximum annual 2% reward increasing by $250 to $1,250.
Costco’s sales for the five weeks ending July 8 rose 7.4% year-over-year to $24.48 billion, contributing to a year-to-date total of $210.55 billion, up 6.9% from last year. The company also maintained its quarterly dividend of $1.16 per share.
The retailer’s second-quarter revenue from membership fees reached $1.23 billion, a 7.6% increase from the previous year. Earnings per share improved by 29% to $3.78, surpassing Wall Street forecasts, with gross profit margins increasing to 10.8%.
Costco shares increased by 2.6% in after-hours trading, setting an anticipated opening price of $907.01 and marking a year-to-date gain of 37.3%.
Key Takeaways:
Membership Fee Increase Costco will raise annual membership fees by $5 for both standard and Executive members starting in September, the first increase since 2017.
Sales and Revenue Growth Sales for the five weeks ending July 8 rose 7.4% year-over-year to $24.48 billion, with year-to-date sales reaching $210.55 billion.
Dividend and Earnings Costco will maintain its quarterly dividend of $1.16 per share. The company’s earnings per share rose by 29% to $3.78, exceeding expectations.
Stock Performance Costco shares rose by 2.6% in after-hours trading, continuing a year-to-date increase of 37.3%.
Profit Drivers Membership fees remain a crucial profit driver, generating $1.23 billion in the second quarter, a 7.6% increase from the previous year.
Summerlin South, NV Demographics
What is the population of Summerlin South?
What are the employment statistics in Summerlin South?
How many households are there in Summerlin South?
What are the median and average incomes in Summerlin South?
How many homeowners and renters are there in Summerlin South?
What is the level of education in Summerlin South?
What is the marital status of Summerlin South residents?
What are the most common means of transportation in Summerlin South?
Methodology & Disclaimers
Demographic data shown in this section was gathered from the latest U.S. Census Bureau release, the 2022 American Community Survey. The information is updated yearly, as soon as new data is made available by the US Census Bureau.
No representation, guarantee or warranty is made as to the accuracy or completeness of information modified or aggregated for specific neighborhoods and/or zip codes.
Zip codes included in this demographic data: 89135
Summerlin Area Command - Week Ending: July 5, 2024
Courtesy of The Las Vegas Metropolitan Police Department.
📌🏠 Summerlin South - June 2024
*Median Sold Price By Bedroom Count
This is the middle price for which all homes in the area were sold based on the number of bedrooms. Half of all the homes sold were below this price, and half were above.
Visit here to see the entire report.
📌✅ We Want To Spotlight Your Business!
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Until next time, John Wu.