PHOENIX (AP) — Arizona State University forecasters say the state's economy is rebounding and poised in coming months to recover all the jobs lost in 2020 due to the pandemic recession.
“The forecasts are clear — it’s really onward and upward from here,” economics professor Dennis Hoffman said Thursday during a webinar for the Economic Club of Phoenix, the Arizona Republic reported.
Lee McPheters, another ASU economic professor, said continuing population gains and improving business conditions mean Arizona could gain about 117,000 net jobs this year and 89,000 next year.
That would put the state’s employment back to pre-pandemic levels by the end of 2021 or early 2022.
McPheters said possible dampening effects on the state’s economic include climate change, the availability of water and a potential deterioration in the qualify of life.
Hoffman said the national outlook includes some uncertainties, including expectations of higher inflation, a rising federal debt burden, increased materials costs, the graying of the population and widening economic inequality that could spur social unrest.