asu in the news 02-06-08 to - ASU News - Arizona State University
asu in the news 02-06-08 to - ASU News - Arizona State University
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Job loss figures spur concern over possible recession<br />
BYMIKESUNNUCKS<br />
msunnucks@bizjournalsjcom<br />
<strong>Arizona</strong> lost 1 800 jobs between Oc<strong>to</strong>ber<br />
and November accord<strong>in</strong>g <strong>to</strong> new federal<br />
numbers<br />
The U S Bureau of Labor Statistics<br />
said <strong>Arizona</strong> s nonfarm employment <strong>to</strong><br />
tals went from 2 721 900 jobs <strong>in</strong> Oc<strong>to</strong>ber <strong>to</strong><br />
2 720 100 <strong>in</strong> November with construction<br />
account<strong>in</strong>g for <strong>the</strong> bulk of <strong>the</strong> loss<br />
Construction employment dipped from<br />
233 000 jobs <strong>in</strong> Oc<strong>to</strong>ber <strong>to</strong> 231 000 <strong>in</strong> Nov<br />
ember Last month s figures were down<br />
significantly from <strong>the</strong> 252 000 construc<br />
tion <strong>in</strong>dustry jobs reported <strong>in</strong> November<br />
20<strong>06</strong> Those drops are fueled by <strong>the</strong> hous<br />
<strong>in</strong>g market meltdown which has seen con<br />
struction starts and residential sales drop<br />
off dramatically<br />
Those decl<strong>in</strong>es coupled with hous<strong>in</strong>g<br />
market doldrums and soar<strong>in</strong>g oil prices<br />
spark worries that <strong>the</strong> state is headed for<br />
a recession though economists differ on<br />
<strong>the</strong> severity of <strong>the</strong> situation<br />
<strong>Arizona</strong> overall still has ga<strong>in</strong>ed 41 000<br />
jobs s<strong>in</strong>ce November 20<strong>06</strong> accord<strong>in</strong>g <strong>to</strong><br />
seasonally adjusted numbers from BLS<br />
<strong>Arizona</strong> gross job ga<strong>in</strong>s are better than<br />
Ill<strong>in</strong>ois 39 900 but beh<strong>in</strong>d Virg<strong>in</strong>ia Utah<br />
Colorado and North Carol<strong>in</strong>a<br />
The job numbers are <strong>in</strong>dicative of <strong>the</strong><br />
murky economic picture <strong>Arizona</strong> faces <strong>in</strong><br />
20<strong>08</strong> The slow hous<strong>in</strong>g market loom<strong>in</strong>g<br />
Bus<strong>in</strong>ess Journal Phoenix<br />
Circulation: 15270<br />
DMA: Phoenix, AZ<br />
City: Phoenix<br />
<strong>State</strong>: AZ<br />
crackdowns on companies that h re ille<br />
gal immigrants energy <strong>in</strong>duced ir flation<br />
and <strong>the</strong> subprime mortgage fuelec credit<br />
crunch all are clouds hang<strong>in</strong>g oirer <strong>the</strong><br />
economy<br />
<strong>University</strong> of <strong>Arizona</strong> economist Mar<br />
shall Vest said at a December forum that<br />
<strong>the</strong> state already may be <strong>in</strong> a recession<br />
po<strong>in</strong>t<strong>in</strong>g <strong>to</strong> drops <strong>in</strong> residential p srmits<br />
uncerta<strong>in</strong> credit markets and weak job<br />
growth <strong>Arizona</strong> for several years posted<br />
strong job ga<strong>in</strong>s compared with o<strong>the</strong>r<br />
states thanks <strong>to</strong> population growth and<br />
<strong>the</strong> real estate boom Those stron num<br />
bers have faded accord<strong>in</strong>g <strong>to</strong> Vest<br />
Employment and economic projections<br />
for hous<strong>in</strong>g related sec<strong>to</strong>rs such as con<br />
struction mortgages and real estz te ser<br />
vices rema<strong>in</strong> bearish for 20<strong>08</strong> This weak<br />
dollar compared with <strong>the</strong> euro aid <strong>the</strong><br />
British pound has economic developers<br />
focused on attract<strong>in</strong>g more foreign <strong>in</strong>vest<br />
ment and bus<strong>in</strong>esses <strong>to</strong> <strong>the</strong> state<br />
<strong>Arizona</strong> recently formed <strong>the</strong> <strong>Arizona</strong><br />
Economic Research Organization <strong>to</strong> fo<br />
cus on that goal and <strong>the</strong> <strong>Arizona</strong> Depart<br />
ment of Commerce is open<strong>in</strong>g a bu <strong>in</strong>ess<br />
attraction office <strong>in</strong> Canada next yea r<br />
O<strong>the</strong>r economists are a bit more opti<br />
mistic forecast<strong>in</strong>g slower state ecc nomic<br />
growth but not a recession A<br />
recession is characterized by<br />
negative economic growth for<br />
two consecutive quarters<br />
The expansion lives on<br />
but at a more moderate pace<br />
as growth rates decl<strong>in</strong>e for<br />
yet ano<strong>the</strong>r year said Lee<br />
McPheters an economist<br />
at <strong>Arizona</strong> <strong>State</strong> <strong>University</strong> s WE Carey<br />
School of Bus<strong>in</strong>ess cit<strong>in</strong>g a comp lation<br />
of economic forecasts But as o now<br />
<strong>the</strong>re is no recession on <strong>the</strong> horizon<br />
© Copyright 01/04/20<strong>08</strong> Bus<strong>in</strong>ess Journal Phoenix Cision USA, Inc.<br />
All Rights Reserved.<br />
Unlicensed Reproduction, Sale or Republication Prohibited.<br />
Account: 2565G0<br />
Date: 01/04/20<strong>08</strong><br />
Pub Num: 12B745<br />
Section/Page: 6<br />
Page Count: 1 / 1<br />
RefNo: 336adb
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