December 07, 2007

November 2007 Employment Data and Arizona

Arizona continues to have less unemployment and more job creation than the national average.

"The Greater Phoenix unemployment rate remains below the national average and job growth is higher. "

Good news from about the November labor market eases concern about a possible recession. The new reports indicate that 94,000 new jobs were created in November. This is not exceptional but it’s good and higher than most economists expected. Job growth was seen in the Professional and Technical sectors while the Financial and Construction sectors declined. The Professional sector is one of the leading job sectors in Arizona as well. The unemployment rate held at 4.7%. The Greater Phoenix unemployment rate remains below the national average and job growth is higher.
These are good indicators for the national as well as Arizona economy. Arizona is in a good position economically and is poised for further growth which should help with the oversupply of homes.