Monday, July 15, 2024

Unemployment Rate Reaches Record Low in Arizona

Arizona Unemployment Hits Record Low – Gov. Hobbs Cites Strong Economy

Arizona Hits Record Low Unemployment Rate of 3.4%

In a surprising turn of events, Arizona has reached a record low in unemployment, with the rate dropping to 3.4% in May. This marks a significant downtick from the 3.6% rate in April, according to newly released numbers.

This positive trend in Arizona’s job market stands in contrast to the overall unemployment rate in the United States, which increased from 3.9% to 4% during the same period. The Arizona government reported that the state has not seen such low unemployment numbers since the method for determining employment figures was established in 1976.

Several industries experienced job growth in Arizona, with notable increases in sectors such as health care and social assistance, manufacturing, and the financial industry. However, the government sector saw a loss of 5,400 jobs, while private education services and leisure and hospitality also experienced job losses.

Governor Katie Hobbs expressed her enthusiasm for the record-setting numbers, stating, “Arizonans have more opportunity than ever before, and our state has record low unemployment numbers.” She emphasized her focus on creating good-paying jobs, building businesses, and ensuring that every Arizonan has the chance to thrive in the strong economy.

The state’s Office of Economic Opportunity reported that non-seasonally adjusted employment outside of farming increased by 2% compared to the previous year, adding 63,900 jobs. The top three sectors for job growth were health care and social assistance, trade, transportation, and utilities, as well as the government sector.

The Hobbs administration highlighted the creation of 111,300 jobs in the state, with 93,400 of those jobs coming from the private sector. However, a report released by the group “Citizens for Free Enterprise,” backed by former Governor Doug Ducey, criticized the public sector job growth, raising concerns about the potential cost to taxpayers.

Overall, Arizona’s record low unemployment rate is a positive sign for the state’s economy, indicating growth and opportunity for its residents.

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