From a pervasive view on Nov. 4 that the Fed definitely probably should cut rates to well-maybe-not in 10 days:

As of 11/14/25

Jeffrey Schmid, president and chief executive of the Federal Reserve Bank of Kansas City, via Bloomberg, on behalf of the not-now crowd:

I do not think further cuts in interest rates will do much to patch over any cracks in the labor market—stresses that more likely than not arise from structural changes in technology and immigration policy. However, cuts could have longer-lasting effects on inflation as our commitment to our 2% objective increasingly comes into question.” 

Stocks were falling again yesterday morning as traders priced in a decreased chance of an interest rate cut next month. Ten-year interest rate graph, as a reminder:

Source: Trading Economics

Southern NV Biz Adds

Four companies are set to expand or launch operations in Southern Nevada, after receiving approval at the November 10 Nevada Governor’s Office of Economic Development (GOED) Board meeting.

• Welspun USA, a global home textiles leader operating in more than 50 countries with a workforce of 26,000, is opening its third U.S. manufacturing facility in Southern Nevada, representing $5.15 million in capital investment and 50 direct jobs with an average wage of $31.73 an hour. The project is expected to generate a two-year fiscal impact of $1.3 million and a two-year economic impact of $27 million.

Its products include towels, bedding, and rugs, and its portfolio includes household names including Martha Stewart home products and Wimbledon towels (through its UK brand Christy).

Amusingly, Welspun’s Media page features a story about “Towel Thief” Iga Swiatek receiving a personalized towel from Wimbledon authorities, who cheerfully acknowledged her reputation as a swiper-of-towels at the tournament.

Image source: Wimbledon

• A private financial technology company is expanding operations in Henderson, bringing 245 new jobs with an average wage of $33.31 per hour and $1.38 million in capital investment. The project received approval for Sales and Use, Modified Business, and Personal Property Tax abatements through the State of Nevada Governor’s Office of Economic Development.

It is expected to generate a two-year fiscal impact of $2.58 million and a two-year economic impact of $107.3 million.

• DieselCore, a Houston-based supplier and distributor in the diesel engine and parts remanufacturing industry, is establishing a new facility in the City of North Las Vegas. The company provides components to industries including automotive, agricultural, and construction.

The new facility represents $1.12 million in capital investment and will create 20 new jobs with an average wage of $31.61 an hour. The project is expected to generate a two-year fiscal impact of $432,235 and a two-year economic impact of $12.9 million.

• FAAC Inc., the world’s leading supplier of high-speed weapon system simulations, is expanding into a larger facility in Clark County to consolidate its Las Vegas operations. The firm has provided simulation and engineering systems for the U.S. government and private industry, including modular shooting range fabrication, for 45 years.

The expansion will result in 10 new skilled jobs with an average wage of $31.62 an hour and $1.53 million in capital investment.

CBER Nevada

The Lee Business School Center for Business and Economic Research (CBER) posted its latest monthly write-up on the Nevada economy, noting that the state’s business landscape softened in August, including a (seasonally adjusted) net loss of 3,800 jobs statewide.

On the plus side, the report noted gaming revenue in August increased 5.5 percent year-over-year, and that taxable sales in July saw a gain of 4.3 percent — largely boosted by Storey County’s substantial year-over-year increase (think: Tahoe-Reno Industrial Center).

Clark County’s economy weakened as tourism continued to struggle with reduced demand. August employment declined by 4,300 jobs from July, and the jobless rate was down 0.4 percent from August 2024. Visitor volume in August continued to decline (year-over-year) for the eighth consecutive months, 6.3 percent below last year’s level.

Washoe County was a mixed bag. August employment fell by 400 jobs from July but was up 0.3 percent from a year earlier. July taxable sales increased substantially by 24.4 percent year-over-year, again driven by Storey County’s strong performance. Gaming revenue in August increased by 5.3 percent year-over-year, and air passengers rose by 2.1 percent during the same period.

Source: Center for Business and Economic Research, UNLV as of 2025

CEO Exits

Chief executive departures from big org charts have hit a record high, and as of last Friday, Walmart CEO Doug McMillon is among the ranks. The retail giant’s share price increased more than 300 percent in his 12-year tenure, so he leaves victorious. Other exits:

• Kohl’s CEO Ashley Buchanan (who bailed after just 5 months)

• Target’s Brian Cornell, who plans to step down in January

• X’s Linda Yaccarino left in July

• Spotify’s Daniel Ek said in September he’ll shift into the executive chairman role after 20 years as CEO.

Through September of this year, 1,650 CEOs departed, nearly matching the 1,652 logged over the same period in 2024, according to outplacement firm Challenger, Gray & Christmas.

As of September 2025

What’s driving departures?

• More CEOs are reaching retirement age. Half of the S&P’s 1500 CEOs were age 60+ for the first time last year (source: executive search firm Spencer Stuart).

• Some sectors churn faster than others: Tech CEO exits are occurring at 10× the overall rate, in part because investors are raising the qualifications bar in the age of AI.

• Shareholder pressure has led to changes of the guard after as few as six quarters of poor returns.

• Activist pressure forced out a record 27 CEOs last year, well above the four-year (2020-2023) average of 16.

• Planned successions by experienced corporate insiders (they were selected for the top job in 73 percent of cases in 2024) accounted for 22 percent of CEO departures last year.

Related: Verizon’s new CEO is planning at least 15,000 layoffs. The company had around 99,600 full-time employees at the end of 2024, according to a securities report. Verizon also plans to convert about 200 stores to franchises, moving those employees off its payroll.

No College Needed

A high school diploma plus on-the-job training, apprenticeships, or specialized certification can earn people the jobs below, many with above-average pay:

Graph source: Visual Capitalist As of May 2024

Data source: U.S. Bureau of Labor Statistics



Table format for those who prefer a quick linear scan:

Table source: Visual Capitalist As of May 2024

Data source: U.S. Bureau of Labor Statistics

The highest paying non-college job — air traffic controller — can be obtained via FAA Academy training, passing rigorous exams, medical clearance. Applicants must be under the age of 31.

Notably, commercial pilots for charter companies, medevac flights, and crop dusting, need no sign-off from the FAA — just flight hours and pilot certification. Most major airlines require a bachelor’s degree for captains and first officers.

Golf Trends

Nearly three-quarters of U.S. golf courses are public and open to all, while less than 8 percent of the golfer population have a membership at private clubs, but that doesn’t mean the private golf sub-sector is small. Private club golfers tend to play and spend more on the game, are more likely to take instruction or travel for golf and have a higher average income enabling them to do both.

Private play was up +3 percent year-over-year versus +1 percent at public courses, as of October, and golf survey data suggests waiting lists for membership are long across the nation. The number of golfers who are members at private clubs has risen almost 50 percent since 2019, and there has been a 16 percent increase in overall golf participation in that period.

Source: National Golf Foundation As of October 2025

Demand is a factor in the recent uptick in development in the already well-supplied U.S. golf market, and private clubs account for 50 percent more new course projects than they do among overall supply.

Unhitched

The U.S. marriage rate has been decreasing for years — the share of married households declined to 47.1 percent in 2024 — and Gen Z is unlikely to change that trend, per Census Bureau data cited by USAFacts.

Just 67 percent of 12th graders in 2023 said they thought they were likely to get married one day, compared with the 80 percent three decades before. The share who said they were quite likely to never marry early doubled to 9 percent.

As of 2024

On the flip side, At the same time, the U.S. is seeing fewer separations. Divorces per 1,000 married women dipped to 14.4 percent in 2023, down from its 1980 peak (22.6 percent), according to Pew Research.

A 2023 Pew survey found that the share of boys expressing a desire to marry was “virtually unchanged,” but girls were far less likely to say they thought they’d get married one day than in 1993 — 61 percent vs. 83 percent.

Thanksgiving Break

The Fact Pack team will be off next week. Have a warm and wonderful holiday, and we’ll see you in December!

On the Horizon

Marketwatch calendar:

Data & Dialogue About the Economy



The Fact Pack is a monthly business e-report co-authored by Mike PeQueen of Hightower Las Vegas and John Restrepo of RCG Economics, which combines important metrics relevant to business decision makers and financial commentary on the current issues facing the economy.

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