Arizona Layoffs Slow in Early 2024 Despite Some Cuts, Showing Economic Resilience

Arizona layoffs slowed in early 2024, with 21 employers reporting 1,395 job cuts in Q1 vs 27 employers and 2,834 cuts in Q1 2023
The largest layoff recently was American Airlines cutting 335 positions statewide, though it continued employing affected staff
Layoffs don't always lead to actual job losses, as with Lucid Motors re-employing people after cuts
Metro Phoenix accounted for 53% of statewide cuts in early 2024 vs over 90% a year earlier, showing its extra resilience
Arizona's economy remains strong, ranking high nationally for job growth, signaling a soft landing amid Federal Reserve tightening