Tucson, Arizona (KGUN) – Arizona’s economy is steadily recovering from the effects of the COVID pandemic. Industry is recovering and lost jobs are recovering. There are good steps – and there are bad ones – you can take in the current economy.
Employment numbers are one of the best barometers of whether the economy is rising or falling. Economist George Hammond Eller College of Management, University of Arizona They say the numbers for June have only just come in.
They show that they increase Arizona’s work by 38,000 – the best result since we received the take-away order a year ago.
He says, “More specifically, June was a good month as the monthly employment of 38,000 people is about six times higher than normal monthly employment growth. Indeed, we are on track for a pre-pandemic recovery. It will peak this October. “
However, Hammond says the employment recovery is primarily an economy that is restoring jobs lost from the pandemic. We’re still below employment peak.
The biggest boost is travel and tourism, but the industry has been hit hard so there’s the biggest hole to get out of. According to Hammond, tourism jobs are still around 40,000 below pre-pandemic levels.
Transportation and warehousing performed well and stayed strong throughout the pandemic as people at home relied on someone to buy and deliver more products.
Inflation is a concern, Hammond said, largely as supply constraints and rising demand drive prices up. He anticipates it will wear off in the coming months as the supply chain catches up.
Rising timber prices were one of the reasons for the rise in home prices, but timber prices are now starting to fall. Hammond expects housing demand to be high in order to keep prices high and rental costs high.
Hammond says you shouldn’t buy a new or used car now. Prices have skyrocketed due to a lack of supplies, so it’s best to wait if possible.
But there are places where the missing supplies can get you ahead. There is a lack of labor, which can lead to a wage increase.
Hammond said, “Wages are rising relatively quickly, especially in some industries that were badly hit during the pandemic, so that’s a good thing.” If you are interested in changing jobs, employment growth will continue to accelerate. ‘Wages are likely to be like that, so this might be a good time to do so. It keeps rising. “
However, according to Hammond, the Arizona job market may not be as hot as other states. The number of people has increased during the pandemic and some are now competing for jobs.
Arizona’s Economic Recovery Continues Source link Arizona’s Economic Recovery Continues
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