PHOENIX – Arizona’s unemployment rate fell in May to the lowest level ever seen under the current methodology, state officials announced Thursday.
The seasonally adjusted rate of 3.4% is the smallest since the state began using the current methodology to measure unemployment in 1976, according to the latest employment report from the Arizona Office of Economic Opportunity.
“Arizonians have more opportunities than ever before, and our state has record low unemployment rates,” said Gov. Katie Hobbs said in a press release. “With these record numbers, it’s clear that Arizona’s economy is strong. I am focused on creating good-paying jobs for Arizonans, building and creating businesses in our state, and ensuring that every Arizonan has the opportunity to thrive.”
The press release misspelled the governor’s name as Jobbs, apparently for added effect.
The investments we are making in Arizona’s economy are working. Unemployment fell to 3.4% – a record low, with 111,300 new jobs created.
These numbers translate into real opportunities for hard-working Arizonans, who can now build the life they envisioned. pic.twitter.com/20HkscGgfB
— Governor Katie Hobbs (@GovernorHobbs) June 20, 2024
Arizona’s seasonally adjusted rate for May was down from 3.6% in April and 3.7% from a year ago. The state improved as the national unemployment rate rose from 3.7% in May 2023 to 3.9 in April this year and 4.0% in May.
A closer look at Arizona employment statistics
The state added 2,023 people (0.1%) to its seasonally adjusted labor force from April to May and 62,120 individuals (1.7%) over the past year.
Meanwhile, non-seasonally adjusted total non-farm employment increased year-over-year by 63,900 or 2%.
Ten of Arizona’s 12 top economic sectors posted year-over-year employment gains, led by 30,100 jobs in health care and social assistance. Next was trade, transportation and utilities with 15,900 jobs, followed by government (7,800) and private education services (7,400).
Information (up 2,600 jobs) and leisure and hospitality (7,500 jobs) were the only sectors to lose jobs during the most recent year of data.
Despite the rosy employment numbers, lawmakers were forced to address a $1.4 billion shortfall in the state budget for the upcoming fiscal year.
Senate President Warren Petersen said KTAR News 92.3 FM’s The Mike Broomhead Show earlier this week, the shortfall was the result of inaccurate revenue forecasts. However, he said he expects the economy to improve over the next year and the state to break even or run a surplus with the new budget.
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Image Source : ktar.com