Phoenix Area Economic Summary - Bureau of Labor Statistics

Phoenix Area Economic Summary

Updated July 06, 2022

This summary presents a sampling of economic information for the area; supplemental data are provided for regions and the nation. Subjects include unemployment, employment, wages, prices, spending, and benefits. All data are not seasonally adjusted and some may be subject to revision. Area definitions may differ by subject. For more area summaries and geographic definitions, see regions/economic-summaries.htm.

Unemployment rates for the nation and selected areas

Unemployment rates

Average weekly wages for all industries by county

Phoenix metro area, fourth quarter 2021 (U.S. = $1,418; Area = $1,335)

United States

5.5 3.4

Arizona

5.3 3.4

Phoenix metro area

4.9 2.9

Maricopa County

4.9 2.9

Pinal County

5.2 3.3

Phoenix city

5.3 3.0

0.0

2.0

4.0

6.0

May-21 May-22 Source: U.S. BLS, Local Area Unemployment Statistics.

Source: U.S. BLS, Quarterly Census of Employment and Wages.

Over-the-year changes in employment on nonfarm payrolls and employment by major industry sector

12-month percent changes in employment 15.0

10.0

5.0

0.0

-5.0

-10.0

-15.0 May-19

May-20

May-21

May-22

Phoenix metro area

United States

Source: U.S. BLS, Current Employment Statistics.

Phoenix metro area employment (number in thousands)

Change from May

May 2022

2021

Number Percent

Total nonfarm

2,272.7

81.0

3.7

Mining and logging

3.0

0.4

15.4

Cons tructi on

140.6

2.5

1.8

Ma nufa cturi ng

142.9

7.1

5.2

Trade, transportation, and utilities

450.7

21.0

4.9

I nforma ti on

42.9

3.6

9.2

Financial activities

212.8

-2.5

-1.2

Professional and business services

376.7

7.3

2.0

Education and health services

357.3

15.8

4.6

Leisure and hospitality

235.8

23.3

11.0

Other services

70.5

2.8

4.1

Government

239.5

-0.3

-0.1

Source: U.S. BLS, Current Employment Statistics.

Over-the-year change in the prices paid by urban consumers for selected categories

12-month percent change in CPI-U, April 2022

35.0

32.6

30.3

30.0

25.0

20.0

15.0 11.0

10.0

8.3

8.6 9.4

5.0

0.0

All items

Food

Energy

Phoenix metro area

U.S. city average

Source: U.S. BLS, Consumer Price Index.

Over-the-year changes in the selling prices received by producers for selected industries nationwide

12-month percent changes in PPI

40.0 30.0 20.0 10.0

0.0 -10.0 -20.0 -30.0

May-19

May-20

May-21

General freight trucking

Hospitals

Hotels (exc casino hotels) and motels Source: U.S. BLS, Producer Price Index.

May-22

Average annual spending and percent distribution for selected categories

Average annual expenditures, United States and

Phoenix metro area, 2019-20

100% 80% 60%

$9,928

$5,238 $6,693 $6,737

$10,754 $5,185 $7,205 $7,744

40%

$12,776

$10,257

20%

$21,094

$21,043

0% Phoenix metro area

United States

All other items

Healthcare

Personal insurance & pensions

Food

Transportation

Housing Source: U.S. BLS, Consumer Expenditure Survey.

Average hourly wages for selected occupations

Occupation All occupations

Phoenix metro United

area

States

$27.22 $28.01

Human resources managers

60.51 65.67

Electrical engineers

48.89 51.87

Registered nurses

39.72 39.78

Chefs and head cooks

29.64 27.37

Carpenters

23.77 26.53

Drywall and ceiling tile installers

23.48 26.35

Source: U.S. BLS, Occupational Employment and Wage Statistics, May 2021.

Employer costs per hour worked for wages and selected employee benefits by geographic division

Private industry, March 2022

Total compensation Wages and salaries Total benefits Paid leave Vacation Supplemental pay Insurance Retirement and savings Legally required benefits

West census region $42.35 29.86 12.49 3.22 1.63 1.37 3.15 1.45 3.31

United States $38.61

27.19 11.42

2.88 1.47 1.37 2.93 1.33 2.91

Source: U.S. BLS, Employer Costs for Employee Compensation.

Over-the-year changes in wages and salaries

12-month percent changes in ECI

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

Mar-19

Mar-20

Phoenix metro area

Source: U.S. BLS, Employment Cost Index.

Mar-21

Mar-22

United States

Western Information Office ? BLSinfoSF@ ? ? 415-625-2270

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