Will the Economic Bubble Burst?
By Bryan Wachter
KEEPING WITH THE RECENT HOLIDAY TREND, EASTER CONSUMER spending reached another all-time high despite another interest rate increase at the end of March. While it is no doubt that inflation, especially of eggs, is a driver of increased spending, it begs the question of whether this level of spending is sustainable and going to continue.
To help us understand what the future may hold, RAN commissioned a legislative and consumer sentiment survey in March. RAN has traditionally conducted surveys during the legislative session; however, this year we asked new questions in an attempt to understand what is next in Nevada’s economy.
Our survey respondents had some strong opinions, especially when it came to groceries. When asked about products that have increased in price, as expected, consumers are very conscious of the rising cost of eggs as well as meat and produce. More
than half of those surveyed expect their grocery bills to increase over three month’s time. Again, more than half of our respondents report that sales tax makes at least some impact on their buying decisions, and 65% of respondents would support a sales tax holiday on backto-school supplies.
When asked about the retail experience, consumers responded positively, citing that in many cases the products they want are available, and they feel safe in retail stores. When asked about organized retail crime, however, consumers are concerned about shoplifting, with nearly half of respondents identifying it
as a major problem.
We also asked about consumer interactions with the increasing role of pharmacists as health care providers. More than 77 percent of respondents have received a clinical service provided by a pharmacist, no doubt many interactions as a result of the COVID-19 vaccinations administered by a Nevada pharmacist.
So, what does this all tell us about the economy? Consumers are leaning fully into the economy, despite rising costs. This is evident as consumers also set a record for consumer debt in February, along with
on page 3 INSIDE State of Nevada Minimum Wage ....................... 2 Pharmacy Benefit Managers Harm Consumers ............................... 3 2023 Consumer Sentiment Survey ............... 6, 7 NRF Forecasts Retail Sales Growth ................. 8 Board of Pharmcy Update ...... 9 Update From the Capitol ............................... 9 APRIL 2023
Continued
Bryan Wachter
STATE OF NEVADA
JOE LOMBARDO GOVERNOR
TERRY REYNOLDS DIRECTOR
BRETT HARRIS LABOR COMMISSIONER
Department of Business & Industry
OFFICE OF THE LABOR COMMISSIONER
www.labor.nv.gov
STATE OF NEVADA MINIMUM WAGE
2023 ANNUAL BULLETIN
POSTED APRIL 1, 2023
PURSUANT TO ARTICLE 15, SECTION 16(A) OF THE CONSTITUTION OF THE STATE OF NEVADA AND ASSEMBLY BILL (AB) 456 PASSED DURING THE 80TH REGULAR SESSION OF THE NEVADA LEGISLATURE (2019), THE FOLLOWING MINIMUM WAGE RATES SHALL APPLY TO ALL EMPLOYEES IN THE STATE OF NEVADA UNLESS OTHERWISE EXEMPTED. THESE RATES ARE EFFECTIVE AS OF JULY 1, 2023 AND WILL INCREASE AS SET FORTH BELOW UNTIL JULY 1, 2024.
FOR EMPLOYEES TO WHOM QUALIFYING HEALTH BENEFITS HAVE BEEN OFFERED/MADE AVAILABLE BY THE EMPLOYER THE LOWER TIER RATE MAY BE PAID. PLEASE SEE SENATE BILL 192 PASSED DURING THE 80TH REGULAR SESSION OF THE NEVADA LEGISLATURE (2019).
FOR ALL OTHER EMPLOYEES, EMPLOYERS MUST PAY THE HIGHER TIER RATE AS SET FORTH BELOW:
NEVADA BALLOT QUESTION 2 PASSED NOVEMBER 2022 ELIMINATES TWO-TIER MINIMUM WAGE AS OF JULY 1, 2024:
Copies of this notice may be obtained from our website at: www.labor.nv.gov or by contacting the addresses and phone numbers listed above. Assembly Bill 456 https://www.leg.state.nv.us/App/NELIS/REL/80th2019/Bill/6870/Text Senate Bill 192 https://www.leg.state.nv.us/App/NELIS/REL/80th2019/Bill/6334/Text
OFFICE OF THE LABOR COMMISSIONER 3340 WEST SAHARA AVENUE LAS VEGAS, NV 89102 PHONE: (702) 486-2650 FAX (702) 486-2660 OFFICE OF THE LABOR COMMISSIONER 1818 COLLEGE PARKWAY, SUITE 102 CARSON CITY, NV 89706 PHONE: (775) 684-1890 FAX (775) 687-6409
Effective Date Lower Tier Higher Tier July 1, 2022 $9.50 $10.50 July 1, 2023 $10.25 $11.25
Effective Date Minimum Wage July 1, 2024 $12.00
Pharmacy Benefit Managers Harm Consumers
RAN
Staff Report
PHARMACY
BENEFIT MANAGERS (PBMS)
ARE third-party entities that negotiate prescription drug prices on behalf of insurance companies, employers, and government programs. While PBMs are meant to bring down the costs of prescription drugs, their practices, in many cases, result in higher prices and fewer choices for patients and medical professionals.
PBMs first emerged in the 1970s, as a way to help manage the costs of prescription drugs. The idea was that PBMs would negotiate with drug manufacturers to obtain discounts, and then pass these savings onto insurance companies and their customers. PBMs were also meant to help manage formularies (the list of drugs covered by
a given insurance plan), and to provide data on drug utilization and costeffectiveness.
Over the years, PBMs have grown in size and power. Today, the three largest PBMs (Express Scripts, CVS Caremark, and OptumRx) control over 75% of the market. They have also expanded their services beyond negotiating drug prices, to include mail-order pharmacies, specialty pharmacies, and even their own retail pharmacies. PBMs now play a central role in the prescription drug supply chain and have a significant impact on the cost and availability of medications.
One of the key ways that PBMs operate is through a practice known as “rebates.” When a drug manufacturer sets a list price for a medication, it’s almost always higher
Economic Bubble
shrinking cash savings. This also comes as Nevada was the national leader in unemployment in January.
The Nevada Legislature, thus far, is treading cautiously on spending the current revenue surpluses until May 1st when the
than the actual price paid by insurers and patients. This is because drug manufacturers offer rebates (or discounts) to PBMs in exchange for preferential treatment on formularies. For example, a PBM may agree to only cover a certain drug in exchange for a rebate from the drug manufacturer. This system creates a complex web of negotiations and transactions that can be difficult to understand or regulate and can incentivize PBMs to push certain drugs over others, regardless of their clinical value or cost-effectiveness. This can lead to drugs being overprescribed or overpriced and can ultimately harm patients. Additionally, rebates can obscure the true cost of drugs, making it difficult for patients to understand what they’re paying for
Continued from page 1
economic forum will make their final determination of exactly how much money there will be to spend in this biennium. Despite this, the Governor’s Office of Economic Development is leaning in to Tesla in Northern Nevada,
awarding more than $330 million in tax breaks for their expansion.
All of this said, there is no clear answer, at least not from the state and national economic experts. All retailers can do is prepare the best they can
and why.
Another way that PBMs operate is through a practice known as “spread pricing.” This occurs when PBMs charge insurers and employers more for a drug than they pay the pharmacy that dispenses it. For example, a PBM may reimburse a pharmacy $20 for medication, but then charge an insurer $50 for the same drug. This allows PBMs to pocket the difference as profit. While spread pricing can help PBMs generate revenue, it can also result in higher costs for patients and insurers, as well as less transparency in the prescription drug supply chain.
So why are PBMs harmful to the healthcare system? There are several reasons. First, PBMs can drive up the cost of prescription drugs
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for the unknown. states without a state lottery, and RAN is requesting feedback from our members who do business in states with lotteries before engaging in this conversation.
www.rannv.org • Retail Association of Nevada ◆ 3
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NEVADA’S JANUARY UNEMPLOYMENT RATE
Highest in the U.S. Nevada’s employment office reports that total employment in the state has risen to over 1.5 million jobs, reflecting a tight labor market. The state’s unemployment rate stayed the same at 5.5%, with Nevada having the highest unemployment rate in the US for January. Revised data for 2022 showed that the state added 50,000 jobs, and David Schmidt, Chief Economist for Nevada’s Department of Employment, Training and Rehabilitation, said the report showed Nevada has recovered from the COVID recession and is adding jobs at a brisk pace. However, the leisure and hospitality industry, the largest in the state, is approaching similar employment levels to January 2020, and there are concerns that the Federal Reserve’s interest rate hikes could impact the sector and slow down hiring efforts.
Las Vegas Review-Journal
UNLV RESEARCH FINDS INCREASE IN CALIFORNIANS AND OTHERS MOVING TO NEVADA
Researchers at the University of Nevada, Las Vegas (UNLV) have found that despite higher
Nevada News
mortgage rates and an economic slump, more people are moving to Nevada, especially from California, according to a report. UNLV researchers monitored data of people who surrendered their driver’s licenses to the Nevada DMV and found that the number of people choosing to move to the state surged in 2021 and 2022. Professor Stephen Miller of the UNLV Center for Business and Economic Research said that one reason for the continued rise in relocations in 2022 was falling home prices across the Mountain West.
Fox 5 Las Vegas
EMPLOYEE MISCLASSIFICATION INVESTIGATIONS RARE IN NEVADA LABOR CASES
Nevada’s labor commissioner has only undertaken 15 investigations into potential employee misclassification violations over the past three years, despite increased national and state attention on the issue.
Employee misclassification refers to the practice of hiring workers as independent contractors to avoid complying with employment and tax laws. Nevada follows the ABC test, which presumes that workers should be
classified as employees unless they meet three specific requirements, including being “free from the entity’s control or direction in performing his work.” Senate Bill 145, which aims to set the administrative penalty for employee misclassification at $5,000 from the first offense, regardless of whether the business misclassified the worker intentionally or unintentionally, recently received its first committee hearing in the Nevada Senate Commerce and Labor.
Nevada Current HIGHER GAS BILLS EXPECTED FOR NEVADANS IN APRIL
Southwest Gas has filed plans to raise customer rates in Nevada starting from April 1, by nearly 20%, the largest increase the company has implemented. Southern Nevada and Northern Nevada will see average rate hikes of 17.7% and 18.9%, respectively. This would bring an additional $142.9 million in revenue for Southwest Gas, with $113.1 million from Southern Nevada and $29.8 million from Northern Nevada. The company has attributed the rate increases to higher fuel purchase costs and an increase
in demand for natural gas both domestically and internationally. The proposed increases follow two other consecutive quarterly rate hikes and come as the company is pursuing a separate annual rate increase in Nevada.
Las Vegas Review-Journal
NEVADA’S INADEQUATE CHILDCARE A MAJOR BARRIER TO WORKFORCE DEVELOPMENT
Childcare costs in Nevada exceed in-state college tuition, according to a report by the Nevada Governor’s Office of Workforce Innovation. The study revealed that finding care for one child can cost over $17,000 a year, which equates to between 40-80 percent of a family’s budget. The cost is hindering businesses as much as families, with many companies finding it difficult to fill job vacancies due to a lack of affordable childcare options. The report suggests using public spaces such as libraries and recreation centers to expand childcare, increasing wages for childcare providers, and creating more career pathways in the industry.
KTVN 2 News Reno
Retail Association of Nevada • www.rannv.org 4 ◆
INFLATION HASN’T REDUCED CUSTOMERS’ DESIRE FOR FRESH PRODUCE, REPORT FINDS
Despite high inflation, grocers’ produce sections saw sales grow 4.8% in 2022 compared with the prior year, to $74.5 billion, while the number of pounds sold fell 4.2%, according to the Food Industry Association’s latest Power of Produce report. Produce and volume sales climbed 19.2% and 3.4%, respectively, compared to 2019. Even though consumers coped with high food prices last year, they still displayed a taste for fruit and vegetable options that cut down some of the efforts in their kitchens. FMI discovered that pre-cut and pre-washed alternatives, as well as packed salads, were purchased by more buyers — goods that normally cost more per pound than their counterparts that need more prep work. The report’s primary conclusions include the fact that value matters to consumers in the produce aisle and that grocers have chances to raise value awareness.
Grocery Dive
BEST BUY PARTNERS WITH ATRIUM HEALTH FOR IN-HOME HOSPITAL CARE
Best Buy has secured an agreement with Atrium
Health, a North Carolinabased healthcare system, to provide device sales and installation services for a program that enables patients to receive medical care at home. Atrium Health is part of Advocate Health, one of the largest healthcare nonprofits in the US. The move comes as the electronics retailer broadens its presence in the healthcare sector amid declining sales of other consumer electronics. CEO Corie Barry noted during an earnings call that Best Buy anticipates its health division will outpace the growth of its other operations for the current fiscal year. CNBC
THE HOME DEPOT ANNOUNCED $1 BILLION INVESTMENT IN EMPLOYEES
Home improvement retailer
The Home Depot has unveiled a $1 billion investment in its workforce. The funds will go toward enhancing pay and benefits for employees, providing training opportunities, and improving the company’s technology and infrastructure. The move comes as The Home Depot seeks to attract and retain talent amid a competitive labor market and rising demand for home improvement products and services. Forbes
TARGET TO EXPAND SELECTION OF $15-AND-UNDER PRODUCTS
Target announced the strategic investments it will make this year to fuel growth. One is “delivering affordable joy,” in which the company will expand its collection to include more things priced at $3, $5, $10, and $15. The big-box retailer will also broaden its Drive Up Returns program nationwide, which allows customers to return most new, unopened products from their automobiles within 90 days after purchase. Moreover, Target will also open around 20 new stores in various formats, as well as invest in 175 existing shops, ranging from full remodels to the addition of Ulta Beauty or Apple shop-in-shop experiences.
Grocery Dive
EPA RECOGNIZES THE HOME DEPOT AS TOP USER OF GREEN POWER
The Home Depot has been recognized by the U.S. Environmental Protection Agency’s (EPA) National Top 100 List of the largest green power users, ranking at number 64. The company uses 8% of green power annually to reduce emissions and advance the market for those sources. The company is also ranked
No. 8 on the EPA’s Top 30 Retail List and No. 36 on the EPA’s list of Green Power Partners from the Fortune 500. Using green power reduces negative environmental impacts and The Home Depot is sending a message that using green power is smart business, says Ron Jarvis, chief sustainability officer.
The Home Depot News Release
KROGER’S Q4 SALES, FULL-YEAR FORECAST BEAT WALL STREET EXPECTATIONS
Kroger announced fourth-quarter 2022 sales and a profit forecast for the coming year that was above Wall Street’s projections, sending the stock up more than 6% in early trading. Kroger’s identical sales excluding fuel climbed 6.2% for the fourth quarter, which concluded last January 28, while adjusted earnings per share hit 99 cents. Digital sales surged by 12%, while store brand similar sales jumped by 10.1%.
Kroger expects earnings per share for the fiscal year 2023 to range between $4.45 and $4.60, exceeding Wall Street’s expectation of $4.20.
Grocery Dive
www.rannv.org • Retail Association of Nevada ◆ 5
National News
2023 RAN Consumer Sentiment Survey
KEY TAKEAWAYS
Consumers overwhelmingly responded that the product to increase most in the last year is eggs.
56% of consumers expect their grocery bill to go up over the next three months
70% of consumers agree that the products they want are available for purchase.
65% of consumers support a back-to-school sales tax holiday on school supplies
The survey took place on March 4, 2023 and included 334 Nevada voters with a margin of error of 5.36%.
Consumers are concerned about organized retail crime.
71% of consumers reported shoplifting as a problem, and 49% said it was a significant problem.
65% of consumers believe Nevada should allocate more resources to keep our communities safe from organized retail crime
45% of consumers have struggled to fill a prescription in the last year
77% of consumers have used a clinical service through a pharmacy
ORGANIZED RETAIL CRIME & PHARMACY ISSUES
3 IN 4 NEVADANS HAVE RECEIVED A CLINICAL SERVICE FROM A PHARMACY
RANNV.org
NRF Forecasts Retail Sales Growth for 2023 Amidst Federal Reserve’s Monetary Tightening
RAN Staff Report
THE NATIONAL RETAIL FEDERATION (NRF) HAS issued its annual forecast for the retail industry, projecting that retail sales will grow between 4% and 6% in 2023. The forecast predicts that total retail sales will reach between $5.13 trillion and $5.23 trillion this year, an increase compared to the prepandemic average annual retail sales growth rate of 3.6%.
Nonstore and online sales are expected to grow between 10% and 12% year over year, to a range of $1.41 trillion to $1.43 trillion. The physical store still plays an important role in the fulfillment process, with brick-and-mortar
stores accounting for approximately 70% of total retail sales.
The NRF anticipates job growth to decelerate in the coming months due to slower economic activity and the prospect of restrictive credit conditions. The unemployment rate is likely to exceed 4% before next year.
NRF Chief Economist Jack Kleinhenz acknowledged that recent developments in the financial markets and banking sector, as well as some
aggregate economic activity has held up well, a softer and likely uneven pace of consumer spending is projected for the balance of the year.
In a separate announcement, Kleinhenz stated that the organization’s 2023 retail sales forecast is one of the most challenging he has ever prepared. The US economy is currently in a state of uncertainty, with low unemployment rates and high consumer savings being offset by rapidly increasing interest rates and unsettled financial markets. While the NRF predicts that 2023 retail sales will grow between 4% and 6% over 2022, the forecast assumes that GDP growth will slow to 1% in 2023, and inflation will average between 3% and 5%.
consumer confidence, particularly with banks, will be essential to sustaining spending in these uncertain times, and the wildcard is what the Federal Reserve will do with interest rates in the coming months. While the five percentage point increase in interest rates imposed by the Fed over the past year has had an impact on inflation, it has not slowed the economy as much as expected. Consumers have been supported by job and wage growth, a stockpile of savings built up during the pandemic, access to credit, and lower energy costs.
unresolved public policy issues, complicate the outlook. While
Inflation is expected to be higher for services than for retail merchandise, and it is difficult to measure and forecast accurately.
Kleinhenz believes that maintaining
In conclusion, the NRF predicts that the year ahead will be a bumpy journey, and the disruption and uncertainty are likely to persist. The full effect of tightening may not have shown up yet, as monetary policy works with long and variable lags. ◼
Retail Association of Nevada • www.rannv.org 8 ◆
Board of Pharmacy Update
By Liz MacMenamin
EARLIER THIS YEAR
GOVERNOR LOMBARDO issued a directive to his boards and commissions to review their current regulations and make recommendations to the administration regarding outdated or unnecessary regulations that would restrict businesses from being able to thrive in our state. He also directed these regulatory boards to obtain such recommendations from those in the industry they regulate.
RAN and the Chain Drug Committee have made several recommendations to the Nevada State Board of Pharmacy regarding regulations that restrict the pharmacy from being able to thrive. These recommendations will uphold the importance of ensuring the citizens of Nevada are able to obtain medical assistance in a safe and timely manner. The
suggestions we submitted will still uphold this standard with no compromise to the patient. We believe this will also assist a pharmacist to work in a less stressful environment, again enabling the patient to receive their medications in a safe and timely manner. The following recommendations were submitted to the Board of Pharmacy:
1. PHARMACY/ PHARMACIST LICENSURE:
A. NAC 639. 403 (1) (aif) Application required for pharmacists to engage in the practice of pharmacy at a site other than the site of a licensed pharmacy: Amend. Have a registered pharmacy (captured in NAC 639.412), rather than each pharmacist, apply for permission to operate an off-site pharmacy practice for pharmacists. Allow technicians and pharmacy interns to also practice at an off-site location.
B. Remove the requirement for a physical signature requirement in: NAC 639.7145 Transfer of information between pharmacies and requirements for transfer by facsimile machine.
C. Consider the elimination of the MPJE (law examination). No other medical providers: doctors or nurses, are required to take this examination. The Schools of Pharmacy nationwide have issued an opinion that this is an unnecessary requirement
and burden placed on the pharmacists.
D. Remove the antiquated requirement for a 5-foot barrier between the pharmacy and general areas in NAC 639.520.
2.
PHARMACY TECHNICIANS:
During the pandemic, the ratio of technicians working in a pharmacy increased, and there were no safety issues reported. The waiver was rescinded, and the board chose to go back to the previous requirement. This increased the workload for the pharmacist in some of the busiest pharmacies.
The Retail Association of Nevada thanks the governor for his involvement in moving our state forward and understanding that some of these outdated regulations limit the ability of the healthcare sector from being able to provide citizens with safe and timely healthcare.
Update From the Capitol
WE HAVE CROSSED THE HALFWAY point of the 2023 Nevada Legislative Session, and it is now a sprint to the finish line to sine die on June 5th. Each session is unique in its own right, but this one
RAN Staff Report
is likely to be remembered for the heavy snowfall, with the Sierra Nevadas falling just short of a new record at 700 inches of snow this season. Although those from Las Vegas have not suffered the same fate as the Donner Party, several flights have been
redirected to Sacramento due to adverse weather when conditions prevented landing in Reno.
Whether as a result of inclement weather or aggressive legislative agendas, legislators agreed to extend the bill introduction deadline,
allowing for additional time to draft bills before sending them off to their respective committees. Leadership continues to assert that all business will be completed on time, and there will be no need to convene beyond sine die.
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www.rannv.org • Retail Association of Nevada ◆ 9
Liz MacMenamin
◼
Important Information for SIG Members
NRS requires all existing members of a self-insured group to be notified of all new members. NRNSIG new members are listed below.
GVG
LV
What’s Special About the Month of April?
Retail Association of Nevada • www.rannv.org 10 ◆
Membership Information: Find out more about RAN’s self insured group. Call Pro Group, 800-859-3177, or the RAN office at 775-882-1700 (toll free in Nevada 800-690-5959). Don’t forget to check out our website, www.RANNV.org. “Workers’ comp that works for you” Retail Association of Nevada NRNSIG members who wish to register a negative vote on a new group member,
NRNSIG at
S. Saliman Road,
please write
575
Carson City, NV 89701, indicating which member and the reason(s) for the negative vote
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Pharmacy Benefit Managers
by creating a complex and opaque system of negotiations and transactions. This can make it difficult for patients to understand what they’re paying for and can result in drugs being overpriced or overprescribed. Additionally, PBMs can create conflicts of interest by incentivizing certain drugs over others, based on the rebates they receive. This can ultimately harm patients by promoting drugs that may not be the most effective or cost-effective options.
Second, PBMs can
limit patient choice and access to medications. By controlling formularies and negotiating rebates, PBMs can effectively steer patients towards certain drugs and away from others. This can be especially problematic for patients with chronic or complex conditions who may need specialized medications that aren’t on a given formulary.
Finally, PBMs can also harm independent pharmacies and smaller drug manufacturers. PBMs may negotiate lower reimbursement rates for these entities, which can make it difficult for them
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to compete with larger chain pharmacies or drug manufacturers. This can limit competition in the market and result in fewer options for patients.
There have been efforts to regulate PBMs and increase transparency in their operations. For example, several states have passed laws requiring PBMs to disclose the amount of rebates they receive from drug manufacturers, as well as how much of these rebates are passed on to insurers and patients. Additionally, there have been calls to increase competition in the PBM
Update From the Capitol
The Democratic leaders will probablyremain true to their word, given that the agenda for a special session would be determined by Republican Governor Joe Lombardo.
To date, the business community is seeing mixed results as bills progress through the various committees. With impending deadlines, it won’t be long before we see what the showdown will look like between the legislature’s Democratic majorities and Governor Lombardo. Thus far Governor Lombardo is keeping his strategies
close to the vest, but we anticipate that his veto stamp will be exercised on key Democratic proposals.
RAN reserves judgment on the successes or setbacks of the legislative session until the dust settles in June, at which point we will calculate our legislative matrix. This scorecard serves as a reference for our election strategy, taking into consideration not just bills that are introduced but also concepts proposed as BDRs and their potential impact on Nevada’s retail and business sectors. In
market, by allowing Medicare to negotiate drug prices directly with manufacturers or by creating a public option for prescription drug coverage.
PBM regulation is an important issue in the pharmacy industry. RAN is actively working on legislation to increase transparency and ensure our pharmacy members are represented in discussions about solutions to ensure PBMs are not driving up the cost of prescription drugs in Nevadan and ensuring patients have a choice and access to medications they need. ◼
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Carson City, we monitor votes throughout the session as well as evaluate our interactions with legislators. Cooperation from bill sponsors and/ or committee leadership is factored into our assessment, a practice that became even more important during the pandemic when opportunities for meetings and testimonies were limited.
As the final weeks of the session approach, the RAN team is continuing to monitor the session closely. Any contentious legislation that is passed
and sent to the governor for a veto will likely serve as a “testing of the waters” for the next legislative session, which, barring significant investment in the election, may prove even more favorable for Democrats if revenue figures decline over the biennium. Watch your email for action alerts as we conclude the 82nd Legislative Session. If you are uncertain about your subscription to the RAN email list, or have previously opted out and wish to re-subscribe, kindly contact the RAN team at info@RANNV.org
www.rannv.org • Retail Association of Nevada ◆ 11
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Mary F. Lau President/CEO
Bryan Wachter Senior Vice President
Elizabeth MacMenamin Vice President of Government Affairs
Piper Brown Vice President, Finance and Administration
Megan Bedera Editor
Sue Arzillo, Alphabet Soup Inc. Newsletter Design & Layout
Imports Climbing But Below Pandemic Peaks
IMPORT CARGO VOLUME AT THE NATION’S MAJOR CONTAINER ports should climb steadily through this summer but will remain below record-setting levels seen during most of the pandemic, according to the Global Port Tracker report released by the National Retail Federation and Hackett Associates.
“Last spring and summer were the busiest
National Retail Federation
ever as consumers spent freely and retailers brought in merchandise to meet demand,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “This year won’t repeat that, but the numbers we’re expecting would have been considered normal before the pandemic.
The priority at the moment is resolving labor negotiations at the West Coast ports and avoiding any self-inflicted supply
chain challenges on top of those we’ve faced the past three years.”
NRF last month sent a letter signed by 238 national, state and local trade associations to President Biden encouraging further engagement by the administration in the West Coast talks. In addition, NRF President and CEO Matt Shay met with Port of Los Angeles Executive Director Gene Seroka
at NRF headquarters in Washington to hear the latest developments regarding the status of negotiations. The contract between the International Longshore and Warehouse Union and the Pacific Maritime Association expired July 1. Workers remain on the job, but many shippers have shifted cargo elsewhere to avoid any potential disruption. ◼
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News
is published by the Retail Association of Nevada, a nonpartisan, nonprofit corporation founded in 1969 representing the Retail Community, the Chain Drug Council and the Grocery Industry Council.
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