Arizona recovery on pause amid resurgent virus, UA economists say | Business News
“Downside risks outweigh upside risks at this time, as the course of the pandemic continues to generate surprises and as supply-chain disruptions remain a concern,” Hammond said in his presentation.
Former Chase Chief Economist Anthony Chan said the current high price inflation will likely continue before easing next year.
“The inflation pressures we have here are not permanent, they’re not going to last forever, but they are going to last a lot longer than the Federal Reserve anticipated,” Chan said.
Inflation is being driven by supply-chain disruptions, labor shortages and high energy prices, he said.
“Until you unwind those things, you’re not going to see inflation coming down,” Chan said. “But the good news is, I think in 2022 perhaps by the second half of the year, we will start to see some light at the end of the tunnel.”
Job gains
Through October, Arizona had recovered 98% of the estimated 331,500 jobs lost at the outset of…
