PHOENIX, AZ (STL.News) — Arizona’s economy posted strong gains in August, adding nearly 80,000 jobs over the month. The state’s unemployment rate dropped to 5.9%, down from 10.7% in July and lower than the U.S. overall rate of 8.4%.
During August, the private sector in Arizona recorded a gain of 30,400 jobs, which is 12,200 more jobs than the ten year average for the month. Gains were posted across ten private sectors, with ‘education and health services’ and ‘trade, transportation and utilities’ at the top.
“This pandemic has been incredibly hard for many people, but these numbers show Arizona is moving in the right direction,” said Governor Ducey. “We still have a ways to go. We know many people are still out of work due to the pandemic. I’m grateful to all the entrepreneurs and business owners who’ve continued to prioritize health and safety of customers and employees. Together, we can keep moving forward safely and continue to be a national leader for growing jobs and opportunity.”
A recent ranking of state economies by 24/7 Wall Street listed Arizona at sixth in the nation. The same report showed Arizona had the 4th highest 5-year annualized employment growth rate through June 2020.