Arizona unemployment rate drops to 8.9%, still at twice pre-COVID levels

According to the latest numbers from the U.S. Bureau of Labor Statistics, the Valley posted one of the steepest unemployment drops in the country in May.

According to the latest numbers from the U.S. Bureau of Labor Statistics, the Valley posted one of the steepest unemployment drops in the country in May. Lee McPheters, research professor of economics, comments on the shifts in employment tracked by restrictions imposed by state leaders across the country in response to COVID-19 in this story published on MSN Money June 26, 2020:

At the national and state level, consumer spending drives the economy, accounting for approximately 65 – 70% of all spending. Due to layoffs and increasing risk from the COVID virus, retail spending in Arizona fell by about one-third between March 15 and April 15. Restaurants took the greatest hit, with revenues down about 60% by mid-April.

– Research Professor of Economics Lee McPheters, is also the director of the JPMorgan Chase Economic Outlook Center