economy

State Minimum Wage to Rise

Oct 19, 2012

Folks at the bottom of the pay scale are soon going to get a bit of relief. 

The reason is a 2006 voter-approved law which established a state minimum wage separate from the federal figure. More to the point, that law requires the Industrial Commission to adjust the figure every year. Karen Axsom, director of the commission's labor department, explains.

"It's based on the consumer price index from August to August of each year. And there was a 1.7 percent increase. We round up to 15 cents," Axsom said.

Zac Ziegler

Just north of Prescott’s historic downtown Courthouse Plaza sits Arizona’s newest brewery.

Granite Mountain Brewing Company opened its doors about a month ago.

The room smells of fresh hops and barley.

Just behind the large, hand-carved wooden bar is the brewery’s three-barrel brewing equipment.

If starting a new business during a recession seems a bit risky, it didn’t stop this brewery’s owners.

In fact, they saw some advantages.

Amanda Richardson and Michael Stanger are two of the brewery’s co-founders:

Housing Market in Flagstaff May be Looking Up

Sep 14, 2012

Across the country the housing market appears to be picking up.

In Phoenix home prices are up nearly 14 percent over last year.

And Flagstaff may soon be seeing improvement too.

Jim Snook sells houses for Dallas Real Estate, and he’s the past president of the Northern Arizona Realtor’s Association.

He’s also a numbers guy.

And Snook says the housing market in central Flagstaff is starting to look up again.

For example, houses were selling faster this August than two years ago.

Howard Fischer / Capitol Media Services

Vicente Fox warned today that unless this country works closer with Mexico -- and recognizes the benefits of immigrant labor -- it will end up playing second fiddle to China.

AZ Lottery Had Best Year Ever

Aug 17, 2012

The economy may still be on the mend. And the jobless rate is still north of 8 percent. But there's been a jump in those trying to scratch it rich.

Good and Bad News of AZ's Jobless Rates

Aug 16, 2012

The state's jobless rate jumped a bit last month. But that may hide some of the good news.

On paper, the seasonally adjusted unemployment rate for July was 8.3 percent. And the number of people working last month was less than in June. But economist Aruna Murthy of the state Department of Administration said Arizona always loses jobs in July. More to the point, the losses this year were only half as much as what usually happens. What also is significant is this is the fifth month in a row where the year-over-year growth in private sector employment is higher than 2 percent.

One of the largest employers in Navajo County began handing out pink slips today.  And community leaders are worried about the impact on small towns already struggling in a tough economy.

More than 300 people work at the paper mill in Snowflake in northeastern Arizona, or they did until Tuesday. Catalyst Paper, the mill’s owner announced it was closing September 30th.

The company says the demand for newsprint has dropped every year since it took over the mill in 2008. That and increased operational costs forced the closure

Cost of Beef is Inflating Family Grocery Bill

Jul 26, 2012
Erik Calonius

The cost of feeding your family is going up, at least a bit. 

AZ Economy Showing Modest Growth

Jul 24, 2012

Retail sales last month were $4.05 billion. On paper, that's $100 million less than the same month a year earlier. But the Department of Revenue reports that the June 2011 figures were skewed to the tune of about $280 million because of how certain sales were classified. When that figure is backed out, the year-over-year growth is about 4.5 percent. Economist Dennis Hoffman of Arizona State University said that's not bad.

State's Jobless Rate Steady, But Recovery Not Stalled

Jul 19, 2012

The state's jobless rate remained at 8.2 percent for the third month in a row. But a closer look at the data suggests that does not mean the recovery here has stalled.

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