On May 26, 2022, members of the Tucson community gathered at the Westin La Paloma to attend the annual Breakfast with the Economists sponsored by the Economic and Business Research Center (EBRC) in the Eller College of Management and J.P. Morgan Chase & Co.
At the event, George Hammond, director of the EBRC, and Anthony Chan, former CEO of Chase offered analysis and insights about what to expect for local, state and global economies in the future.
Arizona’s economy continues to recover unevenly from the pandemic. Jobs in three out of the state’s seven metropolitan areas were below their pre-pandemic level in April.
Jobs in six out of 11 NAICS industries were below their February 2020 level as well.
Although statewide jobs have regained their pre-pandemic peak before the U.S., they remain below where they likely would have been had the pandemic not occurred.
State and national labor markets remain in turmoil as employer efforts to rapidly ramp up production meet workers re-evaluating career objectives and opportunities.
Lastly the prediction for inflation is projected to continue to remain very high before decelerating in 2023.