THE PHOENIX MARKET TODAY
Some may claim that the recession is over nationally, but Arizona
remains in a recession and its recovery will probably lag the rest of
the country. So reports the latest issue of Arizona’s Economy from
the University of Arizona’s College of Management.
Economists Marshall Vest says that evidence shows that the U.S economy
probably bottomed out in May or June. Signs include better housing
numbers, recovering economies of major trading partners, increases in
industrial production, large declines in inventories, high production
schedules by auto makers, rising productivity, widening profit margins
and recovery in capital-expenditure plans.
In Arizona, job losses have begun to slow, retail sales still falling,
but at a slower rate, and restaurant and bar sales showed a 1.5
percent decrease in June. Inventories of houses for sale are falling,
and prices are beginning to stabilize. Vest’s latest forecast is that
hiring will stabilize by the middle of next year.
