Howard Fischer
PHOENIX — The Arizona economy is slowing down.The state’s seasonally adjusted unemployment rate for October was at 4.2%, new figures Thursday from the Office of Economic Opportunity show. That’s up two-tenths of a point from the prior month and the fifth consecutive increase after the jobless rate hit a record low in May.But this isn’t a one-month thing.The new report shows year-over-year job growth in private sector employment is at 1.2%. That comes after sustained annual growth of 2% to 3% prior to the pandemic.It also marks a departure from years when the state added jobs at a rate higher than the national average. Now, that 1.2% increase since last October in Arizona compares with a 1.8% increase for the rest of the country.Some of that could be attributed to the fact that Arizona didn’t lose as many jobs during the pandemic as most other states, said Doug Walls, the agency’s labor market information director. But he said there are “unique changes for Arizona” that affect employment growth here.
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