Home This Week U.S. recovers all Jobs lost during Great Recession, AZ still down 113,000...

This Week June 5, 2015
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By Valorie Rice, EBRC Senior Business Information Specialist


June 13, 2014 

Real gross domestic product (GDP) increased in 49 states in 2013, according to the Bureau of Economic Analysis release June 11, which included revised statistics for 1997-2012 as well as 2013 data. Arizona GDP increased 1.1 percent in 2013. Additionally, the 2010-2012 estimates for the state were revised upwards. Real GDP for Arizona increased 0.7 percent in 2010, 2.6 percent in 2011, and 3 percent in 2012. U.S. real GDP grew 1.8 percent in 2013 after increasing 2.5 percent in 2012.

Initial unemployment claims in Arizona moved up to 5,469 the final week of May. The four-week average also inched up to 5,166. Nationally, the number of people filing for unemployment benefits continues to move up slightly. Last week the number was a seasonally adjusted 317,000, with the four-week average at 315,250 unadjusted, both of which are near pre-recession levels. 

The Bureau of Labor Statistics released the May Producer Price Indexes June 13. The PPI for final demand was down 0.2 percent for the month, with prices for both goods and services declining. The index for final demand rose 2 percent over the year on an unadjusted basis. 

June 6, 2014 

May bankruptcy data for Arizona was released this week. The total number of bankruptcies was down 11.5 percent from May 2013 and down 9.9 percent year to date.  Despite lower overall bankruptcy figures, Chapter 11 filings, often called the ‘reorganization chapter’, were up 11.7 percent year to date.

Initial unemployment claims in Arizona are creeping up again, moving to 5,301 the week ending May 24 compared to 5,042 claims the week before. The uptick in claims was not enough to change the four-week average much, as it inched down to 5,055 from 5,128 the week prior. Nationally, jobless claims also moved up slightly to a seasonally adjusted 312,000. The four-week average fell to 310,250 unadjusted. 

The big statistical news of the week was the May employment situation report from the Bureau of Labor Statistics, released June 6. Total nonfarm payroll employment was up 217,000 for May, which meant that the US as a whole recovered all the jobs lost during the recession.  We needed 113,000 new jobs to break even. The unemployment rate was unchanged at 6.3 percent.

Hands and calculator photo courtesy Shutterstock.