ARIZONA GAINS 25,300 JOBS IN FEBRUARY

Sounds great to gain 25,300 jobs last month, but that is a seasonal number. The big number is the year over year number which is up only 0.1%. We are only up 3,900 jobs from February of 2007. The unemployment rate is at 4%, up from 3.8% last year, but down from 4.3% last month.

Arizona’s economy gained a less than seasonally expected 25,300 non farm jobs in February to reach a level of 2,672,400 jobs. Over-the-year, non farm payroll employment increased by 3,900 in February, with seven of 11 major industries reporting employment gains. Over-the year job growth in February was 0.1 percent, compared to the 10-year average of 3.2 percent. All industries except one were below their 10-year monthly average gains. Two industries lost jobs, while the same number showed no change. Jobs declined in goods-producing industries (-1,900) and increased in service-providing industries (+27,200). Arizona’s seasonally adjusted unemployment rate was 4 percent in February, down from 4.3 percent in January, as people dropped out of the labor force and the total civilian labor force declined by 11,700. At the
national level the seasonally adjusted unemployment rate was 4.8 percent.
Read the entire article here: http://www.workforce.az.gov/admin/uploadedPublications/2685_PrMar08.pdf