An economics analyst says Arizona's economy is at risk of falling back into recession.
Chris Lafakis of Moody's Analytics cites continued weakness in consumer spending and the still-troubled housing market.
According to Moody's Analytics, seven other states remain in recession and one — North Dakota — has an expanding economy. The rest are deemed to be recovering.
Lafakis says reasons for optimism nationally include aggressiveness by the Federal Reserve, strong corporate balance sheets, paying down of household debt and pent-up demand for autos and housing.
Lafakis spoke to a journalism conference in Phoenix on Friday.
next up posted at 8:21 am on Sat, Nov 13, 2010.
This should be a wakeup call to all those in this state, especially the politicians and people who think we can build our way out of this recession. The past ideology is not going to work this time and should have been a reality check that we can’t rely on one fragile sector of our economy. It has to become more stable, more diverse and sustainable. We have a low educated work force that pushes sectors such as the housing. Maybe with SB1070, cheap labor will not drive this sector forward, sprawling and destroying our desert and local economy. Its time to face reality and situate ourselves in a competitive advantage to entice jobs to move to this state.
psyko tek posted at 10:38 am on Sat, Nov 13, 2010.
I missed us getting out of the recession
The economy has been carp since 2001
and no construction won't save us
this state needs some jobs, and the education situation isn't helping us at all.