June 1, 2017
The Arizona economy coasted into 2017, with modest forward momentum. State job gains decelerated late last year and slower growth has persisted into early 2017. Nonetheless, the state continues to outpace the nation in job creation. In better news, the state’s unemployment rate declined again last year, and is now back to a level last seen just before the Great Recession. Tightening labor markets are translating into faster wage and income growth and that should eventually boost retail sales. Overall, the outlook calls for the state to accelerate modestly in the near term, before growth slows as demographic forces (baby boom retirements) take hold.
Economic Forecast Data for Arizona, Phoenix & Tucson Metros
*numbers & analysis from EBRC’s June 2017 quarterly forecast (next update: august 2017)
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In tables below, hover over series title for definition and source info, click on a series title to graph.