Special Report
How Arizona's Job Market Has Fared Since Trump Was Elected
Published:
Last Updated:
In an era of economic uncertainty, the U.S. job market remains resilient. After falling to 3.7% in November 2023, the national unemployment rate has been below 4% for 22 consecutive months, the longest streak in over 50 years.
Of course, if history is any guide, much of the economy is subject to boom and bust cycles — and the job market is no exception. In the last seven years — a period that spanned three presidential administrations and included a global pandemic — the average annual unemployment rate in the U.S. has fluctuated between 3.6% and 8.1%, according to the Bureau of Labor Statistics.
These same cyclical patterns are also evident in Arizona, where the job market is supported largely by the professional and scientific and retail trade industries. The annual unemployment rate in the state was 3.8% in 2022, a multi-decade low. However, conditions for job seekers have not always been so favorable.
According to BLS data going back to 2016, the year Donald Trump was elected president, the annual jobless rate has been as high as 7.9% in Arizona.
This is how Arizona’s job market has changed since 2016.
2016: 5.4% unemployment
- Avg. unemployment rate: 5.4% (4.9% nationwide)
- Labor force participation rate: 60.4% (62.8% nationwide)
- Unemployed population in Arizona: 177,617
2017: 4.9% unemployment
- Avg. unemployment rate: 4.9% (4.4% nationwide)
- Labor force participation rate: 60.7% (62.9% nationwide)
- Unemployed population in Arizona: 160,411
2018: 4.7% unemployment
- Avg. unemployment rate: 4.7% (3.9% nationwide)
- Labor force participation rate: 61.2% (62.9% nationwide)
- Unemployed population in Arizona: 159,708
2019: 4.7% unemployment
- Avg. unemployment rate: 4.7% (3.7% nationwide)
- Labor force participation rate: 62.0% (63.1% nationwide)
- Unemployed population in Arizona: 165,058
2020: 7.9% unemployment
- Avg. unemployment rate: 7.9% (8.1% nationwide)
- Labor force participation rate: 61.4% (61.7% nationwide)
- Unemployed population in Arizona: 271,187
2021: 4.9% unemployment
- Avg. unemployment rate: 4.9% (5.3% nationwide)
- Labor force participation rate: 61.3% (61.7% nationwide)
- Unemployed population in Arizona: 178,381
2022: 3.8% unemployment
- Avg. unemployment rate: 3.8% (3.6% nationwide)
- Labor force participation rate: 61.7% (62.2% nationwide)
- Unemployed population in Arizona: 138,128
| Year | Arizona unemployment rate (%) | U.S. unemployment rate (%) | Unemployed population in Arizona |
|---|---|---|---|
| 2016 | 5.4 | 4.9 | 177,617 |
| 2017 | 4.9 | 4.4 | 160,411 |
| 2018 | 4.7 | 3.9 | 159,708 |
| 2019 | 4.7 | 3.7 | 165,058 |
| 2020 | 7.9 | 8.1 | 271,187 |
| 2021 | 4.9 | 5.3 | 178,381 |
| 2022 | 3.8 | 3.6 | 138,128 |
The Average American Is Losing Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.
Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.
But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
