Moody’s is saying what we’ve been saying for awhile- Arizona is in a recession: [Thanks L!]
The Phoenix and Tucson metropolitan areas, as well as the state of Arizona, are in a recession, economists at Moody’s Economy.com have declared.
The company first concluded several weeks ago that Arizona was in a recession and, in a separate report released Thursday, said that metro Phoenix is "firmly" in one.
Industries are shedding jobs, the housing market remains tumultuous, the mortgage-delinquency rate is rising faster than the national rate and credit conditions aren’t likely to improve in the near term, says the Phoenix report written by Rebecca Seweryn, a senior economist with Moody’s in West Chester, Pa.
