Arizona has recovered all its lost jobs, but here's the catch

Arizona has finally recovered the 315,000 jobs lost in the Great Recession, but unfortunately the new jobs do not pay as much as the ones that are gone. The Phoenix Business Journal asked regional economist Lee McPheters why.

Arizona has finally recovered the 315,000 jobs lost in the Great Recession, but unfortunately the new jobs do not pay as much as the ones that are gone. The Phoenix Business Journal asked regional economist Lee McPheters why.

From the Phoenix Business Journal, March 28, 2016:

“The salary numbers reflect the fact that there are a lot more part-time jobs today than in 2007,” said Lee McPheters, director, JPMorgan Chase Economic Outlook Center and research professor in the Economics Department of the W. P. Carey School of Business at Arizona State University. “Those part-time jobs drive down the averages. Plus, some of the more entrepreneurial jobs, where some compensation is in stock options or equity, are not reflected. But this is Arizona, and wages are generally lower here.”

About Research Professor Lee McPheters:

Lee McPheters is Research Professor of Economics in the W. P. Carey School of Business at Arizona State University and Director of the school's JPMorgan Chase Economic Outlook Center. The Center specializes in economic forecasts for Arizona and the Western states. Dr. McPheters is editor of the Arizona Blue Chip Economic Forecast and the Western Blue Chip Economic Forecast newsletters, published monthly by the Center.

His writings on the Western region have been quoted in the Wall Street Journal, USA Today, The Economist, BusinessWeek,The New York Times, and Newsweek as well as major metropolitan area newspapers throughout the nation. He has appeared nationally on Good Morning America and CNN news, commenting on the economy of the Western states. McPheters has published numerous articles in books and professional journals including the Review of Economics and Statistics, Land Economics, the National Tax Journal, and Journal of Long Range Planning. His recent research has emphasized issues in economic development, with support from the U.S. Department of Transportation, the Arizona Department of Transportation, Phoenix Sky Harbor International Airport, Boeing, and other public and corporate sources.

He has been named a Distinguished Faculty Researcher in the School of Business, and received the Faculty Service Award in 2008, presented annually to one recipient for innovative and effective service. Dr. McPheters was recognized for the best research article in Economic Inquiry with an award from the Western Economic Association. He is a member of the National Association of Business Economists, the American Economic Association, the Western Economic Association, the Western Regional Science Association, and is past president of the Arizona Economic Roundtable. McPheters completed his undergraduate studies at San Francisco State University and received his PhD from Virginia Tech. He has been at ASU since 1976.