The doom and gloomers will look at this employment report and point to the loss of jobs. But truly the report says there were early seasonal job losses in the public education sector. Government shredded 14,800 jobs in May.
The state lost a total of 8,100 jobs, but metro Phoenix added 26,900 jobs. The unemployment rate for metro Phoenix is at 7.2%. While the state’s unemployment rate remained unchanged at 8.2%, that is equal to the national level.
In metro Phoenix there are 50,500 more private jobs today, but with Government loosing 8,900 jobs there are a total of 41,600 more jobs today than last year at this time.
What is Awesome is that over 10,000 jobs are in construction. Folks we still are not building nearly the amount of homes that our valley needs annually. That is because we have been absorbing the excess inventory from the housing crash. 2,900 of those construction jobs were created in May of 2012!
Above‐average private sector job gains; early seasonal losses in public education The May seasonally adjusted unemployment rate for Arizona was unchanged at 8.2%. The national unemployment rate increased one tenth of a percentage point and is now equal to the Arizona rate at 8.2% in May (see figure 1). The Arizona rate had been greater than the U.S. rate since June 2008. The Private Sector added 6,700 jobs (0.3%) in May while Government lost 14,800 jobs (‐3.5%) for a net loss of 8,100 nonfarm jobs in Arizona. The Private Sector gain was well above the recent ten‐year average (900) and also above the average (4,200) observed in the ten years ('98‐'07) before the recession (see figure 2).