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​The Economy Update​

 

 

Phoenix adds 56,500 jobs; 3.7% Unemployment rate drops more than U.S. decline731Phoenix adds 56,500 jobs; 3.7% Unemployment rate drops more than U.S. declinehttps://www.phoenix.gov/econdev/inthenews/73111/15/2019 12:00:00 PM<div class="ExternalClassA28781D65F094B1C9ABE077F20E31C6A"><div style="text-align:center;"><figure> <img src="/econdevsite/MediaAssets/People/UPDATE-20191115-Employment-German-Factory-1958-Monotone.jpg" alt="Photo, duotone of a German shoe factory in 1958" /> <figcaption><em>The production hall of the Angulus company in Bad Soden am Taunus, (West) Germany, in 1958.</em> <br>Image: Wikimedia Commons <br> <em>By Eric Jay Toll for The Economy Update</em> </figcaption> </figure></div><p><span style="font-size:15px;">Phoenix added 56,500 jobs in the metro area, growing the workforce to more than 2.2 million in October, a 2.6 percent gain over 2018, according to data from the Arizona Office of Economic Opportunity. The private sector increased hiring by 3.1 percent over October 2018.</span></p><p><span style="font-size:15px;">Manufacturing gained 7,700 new hires over 2018, a 6 percent increase, falling second to construction, which saw a 7.6 percent increase in hiring, adding 9,800 jobs in year-over-year comparisons. For manufacturing this is the 39th consecutive month of job gains, compared to generally flat or declining U.S. numbers.</span></p><p><span style="font-size:15px;">Hiring in health services slowed to 9,500 new jobs, a 3.5 percent gain over October 2018. This growth is slower for the Phoenix area, but still higher than national hiring in the sector. </span></p><p><span style="font-size:15px;">Across the state, there were 72,200 new jobs, with most falling into health services boosting hiring the sector by 3.9 percent. In October, the Phoenix metro generated 79 percent of the new jobs, which is less than the typical proportion of nearly 85 percent of all new jobs being created in the nation's 11th-largest metro area. Sierra Vista-Douglas and Lake Havasu City-Kingman metro areas both topped 3 percent in job growth, the strongest gains for those areas in a long time.</span></p><p><span style="font-size:15px;">In Phoenix, demand for construction workers shows in the heavy construction and building construction hiring, with the sectors sporting gains of 16 percent and 10 percent over last year, respectively. Transportation and warehousing reflected the holiday season hiring needs with a 10.6 percent gain in new hires over 2018. Real estate hiring jumped 7.2 percent over October 2018, reflecting the Phoenix area's hot housing market.</span></p><p><span style="font-size:15px;">Banking continued shedding jobs in the Valley, with hiring marked at 600 fewer in 2019 than 2018. Overal jobs in financial activities increased 1.4 percent with 2,800 jobs added, the lowest year-over-year increase since 2014. For the first time since 2007, there were more new hires in the real estate sector than in the metero insurance sector.</span></p><p><span style="font-size:15px;">Government hiring declined by 1,400 workers in 2019 with the largest losses in federal agencies and local government education, where 7,100 fewer people are employed this year compared to October 2019. Food services and drinking places added 5,300 jobs,a 3.1 percent increase.</span>​</p></div>https://laborstats.az.gov/sites/default/files/documents/files/emp-report.pdf

 

 

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