Although Phoenix lost 31,600 jobs in January due to seasonal lay-offs, the valley is still far ahead of last year’s January totals. Phoenix 12-month job growth is at 2.7 percent which translates into 48,405 new jobs added since last January.
All major employment sectors shed jobs in January with the biggest losses happening in Trade, Transportation & Utilities as retailers reduced their workforce. However, Financial Activities led the charge in 12-month job growth as it added 12,400 new jobs over the last year. Education and Health Services continues to be an economic driver in Phoenix as it added 10,800 new jobs in the last year. Manufacturing and Government are the only two sectors that lost jobs in the last 12 months, down 3,500 jobs cumulatively.
Phoenix’s unemployment rate rose from 6.2 percent to 6.7, but remains lower than the Arizona rate (7.5%) and is on par with the national rate (6.7%).
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