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9-11 Job Losses in Vegas, Nation Less than Feared

3 September 2002

LOS ANGELES -- As reported by the Associated Press: ``The U.S. and Las Vegas economies are proving more resilient after the Sept. 11 terrorists attacks than first predicted, a study released Friday said.

``The attacks will mean that about 673,100 fewer jobs are created nationwide this year in industries directly impacted by the attacks.

``That figure represents 73,100 fewer losses than estimates first made in January by the Milken Institute.

``...The assault on Al Qaeda forces in Afghanistan went better than expected. As a result consumer confidence remained relatively strong, he said.

``At the same time, low interest rates allowed many homeowners to refinance mortgages and free up disposable income. Zero-interest financing offered by auto manufacturers lured many Americans to the showroom.

``Personal income tax cuts also jacked up the level of discretionary spending, while the government's higher defense spending helped stoke the economy further, he said.

``...Las Vegas, first predicted to have the greatest percentage job loss of any city, has benefited from a large number of vacationers driving to the city. It will have about 29,000 fewer jobs because of the attacks, rather than the nearly 41,000 loss first expected, the study said.

``The attacks will still mean a 2.6 percent decline in jobs in the Reno area and a 3.7 percent fall in the Las Vegas area, the study by the Milken Institute estimates..."

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