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- 💲 GDP Growth Hits 2.8% in Q2 as Inflation Eases and Spending Rises
💲 GDP Growth Hits 2.8% in Q2 as Inflation Eases and Spending Rises
Issue #231 - July 25, 2024
John Wu
25 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 hereto 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
💲 GDP Growth Hits 2.8% in Q2 as Inflation Eases and Spending Rises
The nation's economy surged last quarter, growing at an annual rate of 2.8%, driven by robust consumer spending and business investment despite high interest rates. The Commerce Department’s report on Thursday showed a marked increase from the 1.4% growth in the first quarter, surpassing economists' expectations of a 1.9% growth rate.
Key Takeaways from the GDP Report
GDP Growth: The gross domestic product (GDP) increased at a 2.8% annual pace in the April-June quarter, up from a 1.4% pace in the January-March period.
Consumer Spending: The backbone of the U.S. economy, consumer spending rose at a 2.3% annual rate, driven by increased spending on goods such as cars and appliances.
Business Investment: Business investment surged, particularly in equipment, which saw an 11.6% annual increase. Inventory increases also contributed to growth.
Inflation: Inflation continues to ease but remains above the Federal Reserve’s 2% target. The Fed's preferred inflation gauge rose at a 2.6% annual rate, down from 3.4% in the first quarter. Core PCE inflation, excluding food and energy, increased at a 2.9% pace, down from 3.7%.
Potential for a "Soft Landing"
The report bolsters confidence that the U.S. economy might achieve a rare "soft landing," where the Federal Reserve’s high interest rates control inflation without triggering a recession.
Bill Adams, chief economist at Comerica Bank, noted, “The Fed will be reassured by Thursday’s GDP report. With inflation trending lower … the Fed thinks that it’s getting close to the time to cut interest rates.”
Implications for the Federal Reserve
Fed officials have indicated readiness to start cutting interest rates soon, possibly in September, given the positive trend in inflation. Lower interest rates would reduce borrowing costs for consumers and businesses, potentially fueling further economic growth.
The Broader Economic Context
Consumer Resilience: Despite higher borrowing costs, consumers have continued to spend, supported by a strong job market and savings accumulated during the COVID-19 lockdowns.
Imports and Inventories: A surge in imports and a drop in business inventories early in the year contributed to economic slowdown but did not significantly impact underlying economic health.
Global Factors: The Fed's interest rate hikes were initially in response to inflation surges triggered by rapid economic recovery post-COVID-19 and exacerbated by the Russia-Ukraine conflict.
Economic Outlook Amid Presidential Campaign
The economy’s performance is a focal point as the presidential campaign heats up. Despite the recent slowdown and high prices compared to pre-pandemic levels, the overall economic indicators suggest resilience and potential for continued growth.
Conclusion
The U.S. economy’s stronger-than-expected performance in the second quarter, driven by consumer spending and business investments, indicates a positive trajectory despite ongoing high interest rates. The Federal Reserve’s potential rate cuts could further support this growth, reinforcing hopes for a "soft landing."
🦞 Angie’s Lobster Brings $9.99 Maine Lobster Rolls to the Nevada Desert
Angie’s Lobster, famous for its $9.99 Maine lobster rolls, is set to open its first Las Vegas location on August 2. Known for offering lobster rolls at a fraction of the typical price, Angie’s Lobster has raised eyebrows, particularly since similar rolls can cost $25 or more in other parts of town.
How Angie’s Keeps Prices Low
Angie’s manages to maintain such low prices due to its unique business model and efficient supply chain. The company owns a wharf on Bailey Island, Maine, where it buys lobster directly from fishermen. These lobsters are then processed at their 63,000-square-foot facility in Richmond, Maine. By owning the entire supply chain, from boat to table, and utilizing their own fleet of trucks for distribution, Angie’s can keep costs down and pass those savings on to customers.
“Our business model is about efficiency. We do not chase revenue like everyone else; we chase efficiency,” explained Tony Christofellis, co-founder of Angie’s Lobster.
A Family Legacy
Tony Christofellis and his wife, Roushan Christofellis, launched Angie’s Lobster in late 2021 after selling their previous venture, Salad & Go, a drive-thru salad chain with around 150 stores in the Southwest. The name Angie’s Lobster honors Tony’s late mother, Angela “Angie” Christofellis, who was an immigrant from Greece and a lifelong worker in the seafood restaurant industry. Angie’s Lobster aims to carry forward her legacy of love, courage, and dedication to quality service.
Las Vegas Location Details
Address: 4835 Blue Diamond Road, at South Decatur Boulevard, in Enterprise.
Opening Date: August 2, 2024.
Hours: Initially open from 10:30 a.m. to 10 p.m. daily. Starting August 13, hours will extend from 6 a.m. to 10 p.m., adding breakfast service.
Menu Highlights
Angie’s Lobster offers a variety of seafood options:
Lunch and Dinner: Lobster rolls, lobster tail sandwiches, fried shrimp or cod sandwiches, and fried shrimp or cod meals.
Breakfast: French toast and breakfast sandwiches.
Pricing: Items can be ordered à la carte or as part of a meal with fries, Angie’s sauce, and a drink for an additional $2.
Grand Opening Special
To celebrate its grand opening on August 13, Angie’s Lobster will provide a voucher for a free breakfast to customers who purchase a lunch or dinner meal.
Dining Experience
Angie’s Lobster features a drive-thru, counter service, and a dining area. The restaurant accepts debit cards, credit cards, and smartphone payments but does not take cash. The buns used for the lobster rolls are the essential top-split style with flat sides, ensuring an authentic lobster roll experience.
Conclusion
With its unique business model and commitment to honoring a family legacy, Angie’s Lobster is poised to become a popular destination for seafood lovers in Las Vegas. The affordable pricing and quality seafood promise a delightful dining experience for all.
🏈 Raiders' QB Competition Intensifies as O’Connell and Minshew Shine
The competition between quarterbacks Aidan O’Connell and Gardner Minshew at the Raiders' training camp is heating up, with both players aiming to prove they deserve the starting role. Raiders coach Antonio Pierce is confident that the battle will produce a clear-cut winner, a sentiment underscored by the sharp performances of both quarterbacks during Wednesday’s first practice session at Jack Hammett Sports Complex.
Strong Start at Training Camp
Wednesday's practice marked a significant step in the right direction for O’Connell and Minshew, who had both struggled during the team’s offseason program in May and June. Their crisp play, highlighted by impressive touchdown throws during an 11-on-11 period, set a positive tone for what promises to be a rigorous competition.
"The goal is to make the decision as hard as possible for the coaches," O’Connell said. "You try to earn it every day, and that’s what I’m trying to do."
O’Connell’s Journey
Aidan O’Connell, now in his second NFL season, started the Raiders' final nine games last year, leading the team to a 5-4 record under challenging circumstances. He stepped in after the mid-season firings of coach Josh McDaniels and offensive coordinator Mick Lombardi, showcasing resilience and leadership. Despite this, the Raiders sought to strengthen their quarterback options, signing Minshew in free agency and attempting to trade up for Louisiana State’s Jayden Daniels during the draft.
O’Connell acknowledges the nature of the NFL, where past performance guarantees nothing. "It’s a 'what have you done for me lately' kind of business," he remarked. "And so it’s important to come out here every day with the mentality that I’ve got to earn it."
Minshew’s Challenge
Gardner Minshew, signed to a two-year, $25 million contract in March, brings his own history of battling for opportunities. His journey has been marked by persistent competition, starting from his college days at Washington State to his professional career. Drafted in the sixth round in 2019, Minshew has continuously fought for his spot, earning 37 NFL starts, including 13 last season with the Indianapolis Colts.
Reflecting on his experiences, Minshew shared, "Every single game, it was Gardner Minshew or Trey Tinsley or Anthony Gordon. So like, it is what it is." His approach to the current competition is no different, focusing on improvement and team leadership. "I really don’t listen to the press clippings," he said. "I’m just trying to get out here, get better and try to lead the team best I can. If I can lead this team to wins, I’ll be out there. If Aidan does it better, he’ll be out there."
Looking Ahead
Both quarterbacks started strong on Wednesday, a promising sign for the Raiders, who hope this level of play continues throughout the preseason. The competition not only drives each player to perform at their best but also ensures that the Raiders will have a capable leader under center when the season begins.
❎ Biden Ends Reelection Bid, Endorses Harris in Solemn Oval Office Address
In a rare and solemn Oval Office address on Wednesday, President Joe Biden announced his decision to abandon his reelection campaign, aiming to highlight the stakes of the upcoming election and endorse Vice President Kamala Harris as his successor. The 10-minute address underscored Biden’s commitment to continue working on key issues during his remaining time in office while handing over the torch to a new generation of leaders.
Key Takeaways from Biden’s Address
1. Implicit Warning About Trump
Without directly naming his former Republican opponent, Donald Trump, Biden conveyed a sense of urgency about the election’s significance. He outlined the choices facing voters in November, framing them as a decision between moving forward or backward, and between unity and division. “Americans are going to have to choose between moving forward or backward, between hope and hate, between unity and division,” Biden said. He emphasized that defending democracy is “more important than any title.”
2. Ambitious Agenda for Final Months
Biden assured the nation that he would remain active and committed during his final six months in office. His agenda includes efforts to end the war in Gaza, bring home hostages, and seek peace in the Middle East. Domestically, he plans to focus on lowering costs for families, defending personal freedoms, combating hate and extremism, pushing for gun violence prevention, continuing his initiative to end cancer, and advocating for Supreme Court reforms. “I’m going to keep working,” Biden affirmed.
3. Transition to a New Generation
Recognizing the calls from within his party, Biden expressed his understanding of the need to hand over power to a younger generation. “I’ve decided the best way forward is to pass the torch to a new generation. It’s the best way to unite our nation,” he stated. Biden’s decision was influenced by his performance in a recent debate with Trump, which raised concerns about his age and ability to serve another term. This ultimately led him to step aside to unify the Democratic Party.
4. Solemn Tone and Setting
The address was delivered with a careful and deliberate tone, set against the formal backdrop of the Oval Office. This was only the fourth time Biden has used the Resolute Desk to address the nation, underscoring the gravity of the moment. Surrounded by family and close aides, Biden emphasized the democratic principle that “kings and dictators do not rule” in America, but rather, “the power is in your hands.”
5. Endorsement of Kamala Harris
While avoiding overt political language, Biden praised Vice President Kamala Harris, calling her “tough” and “capable,” and encouraging voters to support her. “She’s been an incredible partner for her leadership, for our country,” he said. First Lady Jill Biden also expressed gratitude to supporters and urged them to trust Harris. Biden’s endorsement seeks to ensure the continuity of his policy achievements and to promote Harris as the candidate to carry forward his legacy.
Conclusion
President Biden’s address not only marked the end of his reelection campaign but also set the stage for Vice President Kamala Harris to take the lead. His speech aimed to reinforce his commitment to his presidential duties while emphasizing the importance of democratic values and the need for fresh leadership.
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 19, 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.
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Until next time, John Wu.