MEDIA CONTACT:
Lindsay Hansen
PR Consultant
(C): 480.205.6195
lindsay@ldhconsulting.net
FOR IMMEDIATE RELEASE:
June 24, 2024
Hiring Rates Increase, Employed Workers Missing Less Work and Wages in Utilities Sector Rise
PHOENIX, Ariz. (June 24, 2024) – The Greater Phoenix Chamber has released its June Arizona Economic Insights Dashboard findings. This tool provides access to real-time, interactive data updates on Arizona’s ever-changing economic landscape. Users can delve deeper into GDP, job projections, population changes, average income, educational attainment, housing data, and more.
June economic data findings include:
- Hiring Rates: In April, hiring rates in Arizona increased by 0.40%, while the national rate remained unchanged at 0.00%.
- Job Opening Rates: Job opening rates in Arizona rose by 1.00%, contrasting with a 0.20% decrease observed across the United States. Arizona was one of only 3 states that saw a rise in job openings.
- Separation Rates: Arizona experienced a 1.00% increase in total separation rates (employees leaving a company), whereas the national rate showed no change.
- Employment Trends: Recent trends indicate that employed workers are missing work less often, returning to pre-pandemic levels. Our data tracks this trend back to 2005, offering a comprehensive historical perspective. Additionally, employed workers are missing work less often due to lack of childcare, returning to pre-pandemic levels. Our data tracks this trend back to 2005, offering a comprehensive historical perspective.
- Average Weekly Wages: Detailed insights into average weekly wages by NAICS sector are available in our ‘Average Weekly Wages by Industry’ visual. Users can toggle between industries to observe recent growth and data trends over the past five years.
- Notably, in the last quarter of 2023, average weekly wages in the utilities sector rose by 17%, amounting to an average increase of $337 per week. This marks the first time in five years that the utilities sector’s wages in Arizona have surpassed the national rate. Additionally, the number of establishments in the utilities sector in Arizona decreased by 1.88%, while nationally, there was a 1.03% increase.
For information on how to obtain access to the Arizona Economic Insights Dashboard, visit phoenixchamber.com/Azeconomicinsights.
About the Greater Phoenix Chamber
Representing 2,400 businesses across the Greater Phoenix region, the Greater Phoenix Chamber catalyzes regional prosperity with forward-thinking public policy, intentional economic growth, and diverse, prepared talent. The Chamber pursues this mission by collaborating with business, political and community leaders to grow the regional talent pool, create a regional approach to economic development and drive a pro-Arizona agenda.
FOLLOW ONLINE:
@phxchamber
facebook.com/phxchamber
Learn more:
www.phoenixchamber.com
info@phoenixchamber.com
602.495.2195
https://azbigmedia.com/business/heres-a-look-at-the-arizona-economic-insights-dashboard/