Economics Blog

Arizona Labor Market through October 2018: All Good News

Using data sets from the Bureau of Labor Statistics, we can get a reasonable view of the Arizona labor market since the beginning of 2018. Thus, we will explore four factors with respect to the marketplace: the number of employed, the labor force, the number of unemployed, and the unemployment rate. Moreover these four factors will provide us with a labor rating of Arizona.

Number of Employed

There are two pieces of information to take away from this data set:

  1. First, the number of employed increased by 57,776 workers between January and October.
  2. Second, this means the percentage of the number of employed increased by 1.8 percent in that same time frame.


Labor Force

There are two pieces of information to take away from this data set:

  1. First, the labor force (employed and unemployed) increased by 55,804 between January and October.
  2. Second, this means the labor force increased overall by 1.7 percent in that same period.

Number of Unemployed

There are two pieces of information to take away from this data set:

  1. First, the number of unemployed decreased by 1,972 between January and October.
  2. Second, this means the number of unemployed decreased by 1.2 percent in this same same time frame.

Unemployment Rate

There are two pieces of information to take away from this data set:

  1. First, the unemployment rate decreased by 0.1 points between January and October.
  2. Second, this means the unemployment rate decreased by 2.1 percent in that same period.

Summary:

Arizona’s number of employed and its labor force increased between January and October, while the number its unemployed and subsequently its unemployment rate both decreased in that same period.

Therefore, the Arizona labor market scored positively in all four categories – employment level, labor force, unemployment level, and unemployment rate, which gives the state a 4 out of 4 rating. To reiterate, a 4 out of 4 rating would be an increased number of employed, an increased labor force, a decreased number of unemployed, and a decreased unemployment rate.

Definition:

The Labor Force in this case is every person, not in the military, 16 years or older, who is either employed or unemployed (and looking for work).

  • Labor Force = Number of Employed + Number of Unemployed

Unemployment Rate is the Number of Unemployed divided by the Labor Force.

 

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