Phoenix/ Politics & Govt
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Published on May 22, 2024
Arizona Nears Historical Low with 3.6% Unemployment Rate, Outpacing National FiguresSource: Google Street View

In a strong display of economic resilience, Arizona has edged closer to its historical low unemployment rate, hitting a 3.6% in April. This figure is a hair's breadth away from the record bottom of 3.5% seen back in the balmy days of 2007, as reported by the Arizona Office of Economic Opportunity.

As Arizona celebrates this near-record achievement, the contrast with the broader nation becomes stark – the United States as a whole saw its jobless rate nudging upward to 3.9%, according to the same report. The state has been flirting with this low level of unemployment for the past three years, consistently remaining within a tenth of a percentage point from the record low.

Further underpinning the state's economic vigor, Arizona's pattern of decreasing layoffs coupled with an uptick in job vacancies and quits rate – a sign of worker confidence in finding new employment – paints a rosy picture of the job market.

The latest data also reveals that the state added 2,972 jobs just last month. The private education and health services sector was a major contributor to this growth, with employment swelling in these areas. Meanwhile, the influx of employable adults into the state has not gone unnoticed, with a year-over-year growth rate at 1.9%, outpacing the national average by 1.1 percentage points, the report detailed.

While most metropolitan areas in Arizona have experienced an uptick in employment, Yuma stands out as the only area with a recorded drop in employment figures. On the other end, Tucson saw minimal gains, clocking a 0.1% increase in employment for April.

Overall, the past year has been a boon for Arizona's job sector, with the addition of a whopping 68,000 jobs. This robust employment landscape sets the state apart at a time when economic headwinds are causing fluctuations in employment rates across the country. For further details, the full report can be accessed at Arizona Public Media.