WASHINGTON – Arizona’s unemployment rate fell in May to its lowest rate ever recorded, reaching a seasonally adjusted 3.4% and falling below the previous record of 3.5% recorded in August 2007, according to state data released June 20.Compared to May 2023, the state had 63,900 more nonfarm jobs.Unemployment dropped 0.2 percentage points to 3.6% from March to April when seasonally adjusted, according to federal Bureau of Labor Statistics data.Arizona’s joblessness rate has been better than average. The national rate stood at 4% as of June 7, up from 3.7% a year earlier.The state’s labor force also has grown faster than the national average for several years – that is, more workers and more jobs – even as the jobless rate has dipped.Arizona has benefited from billions of dollars in investment from the semiconductor industry, and from Washington.The CHIPS and Science Act signed by President Joe Biden in 2022 set aside $52 billion to jumpstart domestic semiconductor manufacturing. Much of that is coming to the Phoenix area, with big federal-dollar capital infusions earmarked for Intel Corp.’s plant expansion in Chandler and Taiwan Semiconductor Manufacturing Company’s $65 billion investment into advanced chip fabrication plants in north Phoenix, the biggest foreig …
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