Real gross domestic product (GDP) decreased at an annual rate of 31.4 percent in the second quarter of 2020 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 5.0 percent. The “third” estimate of GDP released today is based on more complete source data than were available for the "second" … [More]

After a remarkably hot summer, home sales are expected to peak this fall then taper off in 2021 while staying above pre-pandemic levels, according to a forecast by Zillow's team of economists in this week's Market Report1. Key market stats from the week ending Sept. 19 show depleted inventory levels plumbing new depths and prices skyrocketing over 2019 figures. FORECAST: … [More]

State personal income increased 34.2 percent at an annual rate in the second quarter of 2020, an acceleration from the 4.1 percent increases in the first quarter, according to estimates released today by the Bureau of Economic Analysis (table 1). Personal income increased in every state and the District of Columbia ranging from 15.3 percent in the District of Columbia to 76.3 … [More]

After watching the for-sale housing market largely shrug off the potential impacts of the coronavirus pandemic this summer, a panel of experts is singing a much more bullish tune about short-term home price performance than in the spring. But a few clouds appear when looking further out. Skepticism remains in the long term with elevated unemployment expected to persist into the … [More]

In the week ending September 19, the advance figure for seasonally adjusted initial claims was 870,000, an increase of 4,000 from the previous week's revised level. The previous week's level was revised up by 6,000 from 860,000 to 866,000. The 4-week moving average was 878,250, a decrease of 35,250 from the previous week's revised average. The previous week's average was … [More]

This week, Arizona joins the nation in celebrating Small Business Week and is recognizing the more than 592,000 small businesses throughout the state. Small Business Week honors the entrepreneurs, small business owners and employees who help power the economy and support their communities. Small businesses are the backbone of Arizona’s economy, making up more than 99% of … [More]

The greater Phoenix unemployment rate plummeted to 5.9 percent, with 51,300 jobs added during August, according to the Arizona Office of Economic Opportunity. Arizona’s seasonally adjusted unemployment rate also hit 5.9 percent for the month, well below the U.S. rate of 8.3 percent. The metro area now has 2.1 million in the workforce, up from 2.0 million in April, but less … [More]