Arizona’s unemployment rate is on the rise as the labor market faces continued challenges.Since last month, the state’s non-farm unemployment rate has declined by 16,400 jobs. This marks the third consecutive month of year-over-year job losses.Doug Walls, chief economist of the Arizona Office of Trade and Economic Opportunity says the decline reflects ongoing adjustments in the labor market.“These declines were attributed to factors such as increased economic uncertainty, higher interest rates, rising operational costs, and shifts in consumer demand,” said Walls.Since last month, the unemployment rate has increased from 3.9$ to 4.1%.Walls says the hardest hit departments in Arizona include trade, transportations, utilities, construction and manufacturing.While these departments face decrease in employment, non-farm employment saw an increase by over 3,000 jobs from last month. However, the number falls short from the pre-pandemic of over 10,000.
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