Cumulative Percent Change in Inflation-Adjusted and Seasonally Adjusted Earnings in Arizona During Recessions
During the recession that began in late 2007, inflation-adjusted and seasonally adjusted earnings fell by 8 percent over six quarters in Arizona, using the official dates of the national recession as determined by the National Bureau of Economic Research. The last recession looks quite similar to the 1973-75 recession in magnitude of decline in earnings.
However, since the last recession in Arizona began before and ended after the national recession, the unusual nature of the last recession is seen when using dating specific to Arizona earnings. The length of the recession was at least seven quarters longer than that of any of the preceding five recessions; the total decline was 10 percent.