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Phoenix unemployment rate plummets under 4%Phoenix unemployment rate plummets under 4%<div class="ExternalClass486D1B74403548EC8B27711737BAABEC"><p>​The Phoenix metro unemployment rate plummeted 0.3 percent to 3.7 percent for October 2017, according to the newest employment report from the Arizona Office of Economic Opportunity.</p><p>The state unemployment rate dropped to 4.5 percent. Nationally, the rate is 4.1 percent.</p><p>The metro area workforce increased to 2.3 million, a net gain of 34,600, 1.7 percent, over the same month last year. Statewide, there was a net gain of 32,000 jobs, with nearly 3,000 job losses reported in Tucson, and less than 1,000 each for Flagstaff and Prescott. The losses offset workforce gains in Phoenix, Sierra Vista-Douglas and Lake Havasu-Kingman. Yuma had no change in workforce.</p><p>Manufacturing jobs in the Valley increased by 4,200 over October 2016, the 10<sup>th</sup> consecutive month of job gains in the sector. The 3.5 percent increase over last year puts the workforce in the manufacturing sector at 124,200, compared with 111,200 in construction. In October 2008, there were 130,000 construction workers in the Valley according to AOEO and 113,000 in manufacturing.</p><p>Food service and drinking establishments hired the most new workers in October, 10,100 over last year. Health care and social assistance at 6,700 were second on the list. Professional, scientific and technical service workers added 5,400.</p><p>The number of local public education jobs decreased by 3,300 from last year. In information and telecommunications, the number of jobs declined by 2,400.</p><p>Looking at the changes in employment over the past decade shows a measurable shift in the economy into advanced industries. Advanced industry employment is now more than 61 percent of the private sector workforce, compared to 45 percent in 2007.</p><p>Construction, mining and government all have fewer employees today than October 2008. Logistics, trade, wholesale and retail employment is up 4.2 percent, while total private employment is 12.3 percent higher in October 2017 compared to October 2008.</p><p>Education and health services increased workforce by 36.6 percent over the past ten years, leisure and hospitality are up 25.7 percent and manufacturing is up 22.6 percent.</p><h4>Change in Number of Workers by Sector: Phoenix Metro 2017/2008</h4><table cellspacing="0" width="100%" class="ms-rteTable-default"><tbody><tr><td class="ms-rteTable-default" style="width:20%;"><strong>Sector</strong></td><td class="ms-rteTable-default" style="width:20%;"><strong>Oct 2017</strong></td><td class="ms-rteTable-default" style="width:20%;"><strong>Oct 2008</strong></td><td class="ms-rteTable-default" style="width:20%;"><strong>Change</strong></td><td class="ms-rteTable-default" style="width:20%;"><strong>% Chg</strong></td></tr><tr><td class="ms-rteTable-default">Educational and Health Services</td><td class="ms-rteTable-default">307.4 </td><td class="ms-rteTable-default">225.0</td><td class="ms-rteTable-default">82.4</td><td class="ms-rteTable-default">36.6%</td></tr><tr><td class="ms-rteTable-default">Professional and Business Services</td><td class="ms-rteTable-default">352.5 </td><td class="ms-rteTable-default">303.8</td><td class="ms-rteTable-default">48.7</td><td class="ms-rteTable-default">16.0%</td></tr><tr><td class="ms-rteTable-default">Leisure and Hospitality</td><td class="ms-rteTable-default">226.9 </td><td class="ms-rteTable-default">180.5</td><td class="ms-rteTable-default">46.4</td><td class="ms-rteTable-default">25.7%</td></tr><tr><td class="ms-rteTable-default">Financial Activities</td><td class="ms-rteTable-default">182.4 </td><td class="ms-rteTable-default">149.1</td><td class="ms-rteTable-default">33.3</td><td class="ms-rteTable-default">22.3%</td></tr><tr><td class="ms-rteTable-default">Manufacturing</td><td class="ms-rteTable-default">124.2 </td><td class="ms-rteTable-default">101.3</td><td class="ms-rteTable-default">22.9</td><td class="ms-rteTable-default">22.6%</td></tr><tr><td class="ms-rteTable-default">Trade, Transportation and Utilities</td><td class="ms-rteTable-default">392.8 </td><td class="ms-rteTable-default">377.0</td><td class="ms-rteTable-default">15.8</td><td class="ms-rteTable-default">4.2%</td></tr><tr><td class="ms-rteTable-default">Information</td><td class="ms-rteTable-default">33.9 </td><td class="ms-rteTable-default">30.2</td><td class="ms-rteTable-default">3.7</td><td class="ms-rteTable-default">12.3%</td></tr><tr><td class="ms-rteTable-default">Natural Resources and Mining</td><td class="ms-rteTable-default">3.2 </td><td class="ms-rteTable-default">3.9</td><td class="ms-rteTable-default">-0.7</td><td class="ms-rteTable-default">-17.9%</td></tr><tr><td class="ms-rteTable-default">Government</td><td class="ms-rteTable-default">247.6 </td><td class="ms-rteTable-default">253.5</td><td class="ms-rteTable-default">-5.9</td><td class="ms-rteTable-default">-2.3%</td></tr><tr><td class="ms-rteTable-default">Other Services (except Public Administration)</td><td class="ms-rteTable-default">61.0 </td><td class="ms-rteTable-default">72.1</td><td class="ms-rteTable-default">-11.1</td><td class="ms-rteTable-default">-15.4%</td></tr><tr><td class="ms-rteTable-default">Construction</td><td class="ms-rteTable-default">111.2 </td><td class="ms-rteTable-default">130.0</td><td class="ms-rteTable-default">-18.8</td><td class="ms-rteTable-default">-14.5%</td></tr></tbody></table><p>Source: Arizona Office of Economic Opportunity, October 2008 and 2017 (in thousands)</p><p><br></p></div>11/16/2017 7:00:00 AMEric Jay TollEric Jay toll602-617-3797