Arizona economy showing 'signs of life'

Arizona State University economist Dennis Hoffman sees "signs of life" in the state's economic recovery. But he also sees the potential for continued problems if consumers do not regain more confidence in the economy. "The pace of consumption growth coming out of the recession is at the lowest level of any recovery period in recent history," Hoffman said, comparing it with the evaporation of confidence that followed the 1930s-era Depression. Surveys show historically low consumer-confidence numbers and do not project much gain until at least 2013. Hoffman presented a hopeful but cautious prognosis at the annual economic forecast breakfast of Westmarc, the West Valley business coalition, in Glendale on Wednesday.

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