George W. Hammond, EBRC director and Eller research professor
Arizona’s unemployment rate ticked up again to 4.3%
Arizona added 11,500 seasonally-adjusted jobs in November, bouncing back from a revised loss of 1,700 in October. The preliminary estimate put the October loss at 1,200.
The monthly gain was driven by professional and business services (up 4,100), construction (up 2,700), and leisure and hospitality (up 2,400). Financial activities added 900 jobs; trade, transportation, and utilities added 700; manufacturing and government added 400; natural resources and mining and private education and health services added 100; information lost 100; and other services lost 200.
Arizona added 60,000 jobs over the year in November (using nonseasonally-adjusted data), for 1.9% growth. That was similar to the U.S. growth rate of 1.8%. Note that, where possible, it is good practice to use nonseasonally-adjusted data for over-the-year comparisons. Seasonal-adjustment algorithms create distortions in over-the-year comparisons that it is better to avoid.
As Exhibit 1 shows, over-the-year job growth in Arizona in November was driven by private education and health services, government, professional and business services, leisure and hospitality, construction, and trade, transportation, and utilities.
Exhibit 1: Arizona Net Job Change (Thous.) and 2022 Annual Wages per Worker
The Phoenix MSA added 43,900 jobs over the year in November, for 1.9% growth. As Exhibit 2 shows, growth was driven by private education and health services, professional and business services, construction, and leisure and hospitality.
Exhibit 2: Phoenix MSA Net Job Change (Thous.) and 2022 Annual Wages per Worker
Tucson MSA jobs rose by 3,600 over the year in November, for 0.9% growth. That was one-half the national pace. As Exhibit 3 shows, Tucson’s gains were concentrated in government, manufacturing, financial activities, and construction.
Exhibit 3: Tucson MSA Net Job Change (Thous.) and 2022 Annual Wages per Worker
