Valley called on 'road to full recovery'

The Brookings Institution on Tuesday said that the Phoenix area is one of two-dozen metropolitan areas in the world that is likely on the "road to full recovery" because of improvements in personal income and jobs. But several economists who follow Arizona's economy more closely said the finding is premature, despite metro Phoenix placing second in the nation in October for the fastest rate of job growth compared with a year earlier. The Phoenix area's rate in October was 1.43 percent, placing it behind the Washington, D.C., area with 1.48 percent, according to Arizona State University. In terms of the actual number of jobs gained, it placed fourth. "So, this is a significant turnaround for the Phoenix metro area, considering one year ago, Phoenix was neck and neck with Detroit for worst labor market in the country, with job losses exceeding 8 percent," said Lee McPheters, research professor of economics and director of ASU's Economic Outlook Center.

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