The forecast predicts 34,000 job losses this year and another 13,500 next year.
A forecast from the Arizona Department of Commerce says the state could lose nearly two percent of its nonfarm jobs before the economy begins recovering late next year.
The forecast predicts 34,000 job losses this year and another 13,500 next year, a total of 47,500 lost jobs.
The state had about 2.6 million nonfarm jobs in August and the unemployment rate jumped to 5.6 percent.
The Commerce Department report released Thursday makes major revisions to the last forecast issued in May. That report estimated just 9,200 nonfarm jobs would be lost in 2008 and 2009.
The gloomy new report says lower consumer spending is expected to create a domino effect in industries such as trade, transportation, leisure and hospitality.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment