State Adds 6,300 Private-Sector Jobs For Month, But Loses 7,200
As the economy continues is slow recovery across the US, states are seeing job growth at varying rates. Arizona’s economic recovery has been mixed, but the latest monthly employment report from Arizona’s Department of Administration shows the state added 6,300 jobs in July, though there was an overall net loss of jobs for the month, as the state lost 7,200 jobs. This pushed the state unemployment rate from June’s 5.9% back up to 6.1%. However, the Arizona Republic noted that July is a month where jobs are typically shed. From 2010 to 2014 the month saw an average loss of 11,400 jobs. Many of July’s job losses where linked with local education jobs, which generally restart each school year. There was strong job growth in the finance, health care, and scientific sectors for the month, according to Lee McPheters of Arizona State University. McPheters said, “Considering it’s summer, people ought to be pretty pleased with this report.” He noted the sectors that saw strong job growth are typically high-paying. The University of Arizona’s George Hammond was similarly optimistic about the jobs data. He said the state “entered 2015 like a lion, then we went through spring doldrums. We may be, with some luck, headed back to stronger growth.” Over the past year Arizona has seen 67,600 new jobs, the Republic noted.
What This Means For Small Businesses
Small business owners across Arizona are seeking signals that the state’s economy is recovering. Although the state has a ways to go to catch up to the US’ declines in unemployment, the latest jobs data show the state is seeing continued improvements in unemployment. This suggests small businesses in Phoenix and across the state should see continued positive economic gains as the state’s unemployed head back to work.
Additional Reading
The Phoenix (AZ) Business Journal also noted Arizona’s July job gains.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.
