Arizona hits historic low in unemployment rate
New data says Arizona has hit an historic low in unemployment. The information was released Friday by the Bureau of Labor Statistics and lists the state’s unemployment rate at 3.3% in March.
That beats the national unemployment rate which was listed at 3.6% for the month.
Cronkite News Digest reports that Arizona is one of 17 states that were listed with historic lows dating back to 1976, although state rates fell below 3% back in the 1950s according to national recordkeeping.
Analysts say the most recent data is an encouraging sign of economic recovery in Arizona but labor shortages are leading to inflation problems and the share of the working age population that is employed or actively looking for work has fallen since the pre-pandemic numbers.