(The Center Square) — The Arizona economy experienced an increased labor force and decreased unemployment between November and December 2022, according to a new report from the Office of Economic Opportunity.
While the seasonally adjusted labor force saw an uptick of 0.2%, there was an overall annual increase of 2.8%, which equates to 99,816 people, the report stated.However, even though unemployment decreased from 4.1% in November to 4% in December, the December figure is higher than the 3.9% unemployment rate Arizona had in December 2021.
There were 11,200 private sector jobs added in total that month, but the information, manufacturing, construction, government and “other services” sectors all experienced losses. The government saw the most significant loss, with 10,800 jobs lost month over month but had an overall positive of 2,500 jobs year over year.
As many businesses are having luck growing in the state of Arizona, challenges still remain both regionally and nationwide amid inflation and a looming recession.
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