Arizona Employment Strong Despite Recession Worries; Inflation Cooling But Costs Still High for Many
• Economy seems on track to continue moderate growth, low unemployment, and dodging recession in 2023 despite widespread public anxiety
• Inflation should continue moderating, interest rates could start falling, but unemployment may rise slightly
• Renters, young families, seniors are still hurting from inflation, high housing costs, and other economic pressures
• Arizona employment is strong with over 500,000 jobs added since early 2020 and forecast of continued growth in 2023-2024
• Mild recession possible in 2023 due to rising rates, but optimism remains and chance of avoiding downturn is 40-45%