A graph showing the drop in job openings from 4.9% in December 2023 to 4.3% in late January 2024.
New economic statistics show Arizona’s job growth slowed to below the 10-year average last month.
Arizona added just over 16,000 jobs in February, according to the Office of Economic Opportunity. Normally that number is about 25,000, said Doug Walls, Labor Market Information Director for the department.
“This is lower than the historic 10-year average and the pre-pandemic average,” he said.
One explanation is that new job openings are slowing down… those fell more than half a percent from December to January. And because of this, more people are staying put, Walls said.
“Businesses are becoming more cautious in adding new positions and also that workers are less confident in finding better job opportunities elsewhere, and instead are opting to stay with their current employers,” he said.
However, the slowdown isn’t impacting job sectors equally… jobs in government, hospitality and health services grew the most last month, while trade, transportation, and construction saw job losses.
Statewide, Arizona’s unemployment hovers just above the national average at 4.1%.
Pima County had just above 18,000 people experiencing unemployment in February, which is a slight jump up from the previous month. Unemployment rose slightly, from 3.7% in January to 3.6% last month.
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