The Labor Department reported today that the nationwide unemployment rate fell to 8.9%, the lowest rate since April 2009 and also the quickest improvement in 28 years as the rate has dropped nearly a full percentage point in three months. Also, the previous 2 months jobs report was revised better than previously reported. Unemployment is generally a lagging indicator so when things are getting better, we find out that they were actually better than we thought and when the economy is deteriorating, we usually find out that it was deteriorating faster than we originally estimated.

Nationwide unemployment reports are important to tourism and conventions in Las Vegas as consumers and companies open their wallets to travel and plan business meetings and conventions. As our tourism and convention business increases, the trickle down to improved Las Vegas commercial real estate conditions is inevitable leading to better absorption, lower vacancy rates and ultimately new development and more jobs. 

Now let's hope that the recovery isn't derailed by the mess in the middle east.