Unemployment rate in Arizona dropped to 3.3 percent in March, the lowest rate in nearly a half-century.
Arizona was one of 17 states whose unemployment rates touched “record lows”, as the US economy recovers from the Covid-19 pandemic.
The rate is lower than the national average of 3.6 percent.
Andrew Sugrue, the assistant director of policy and advocacy at the Arizona Center for Economic Progress said: “It’s a really encouraging sign about the strength of the economic recovery that we’re having in Arizona and nationally.”
The lower jobless rate may also indicate a pandemic-related decline in labor force participation, which has left some companies unable to fill job positions.
As firms are pushed to boost pay to compete for fewer workers, this can feed inflation.
Economists said the latest figures continue to demonstrate the resilience of the recovery, both nationally and in Arizona, where the jobless rate reached 13.9 percent at the height of the crisis two years ago.
Arizona’s unemployment rate in March was the lowest in 46 years.
However, national records dating back to 1948 reveal that there were many months in the 1950s when unemployment in the United States went below 3 percent.
Source: Arizona Daily Independent