The Arizona Office of Economic opportunity reported last Thursday about the worrying unemployment rate of the state. Same as the preceding month, the unemployment rate stayed flat at 5 percent. This monthly report indicated yet another loss of jobs this month. The report showed a decrease of 56,700 jobs.
The report showed that most of the job losses occurred this month are typically due to the end of the holiday season. Since the season ended many jobs were lost which contributes to these losses
If we take a look at the past, these type of losses at this time of the year are typical for this month. But the worrying factor for the state is that this year’s drop was above the post-recession average of 51,700.
Despite the losses of jobs that occurred this month. The report also contained some positive news despite the above than normal losses. Those who compiled this report reported to have said that many indicators showed a positive movement of the economy. The fact that the unemployment rate remain unchanged in itself was a positive sign to see for the state.
The compilers also reported that a huge number of individuals were returning to the labor force which was yet another positive sign for the state. Close to 17,000 labor force was added in the month of January. This news was confirmed by Doug Walls who is the research administrator for the economic opportunity office.
The state’s unemployment rate has remain unchanged in the last few months starting from October to January. It stood stationary at 5 percent and remain unchanged for the mentioned months. The state also indicated good signs of strong yearly growth. The state also increased the number of jobs with an increase of 54,700 since January 2016, which shows a growth of 2 percent.