The United States, Arizona and the Phoenix metro area have all bounced back from the steep but short economic recession induced by the pandemic, and the economic outlook is good, according to Arizona State University’s economic forecaster.
Lee McPheters, research professor of economics and director of the JPMorgan Chase Economic Outlook Center at ASU, spoke at the annual ASU/PNC Bank Economic Forecast Luncheon, which was sponsored by the Department of Economics in the W. P. Carey School of Business at the Renaissance Phoenix Downtown Hotel on Wednesday.
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“The main message is that the U.S. and Arizona economies were hit hard by the pandemic, but we expect a strong economy into 2022,” he said.
“We’re going to replace all the lost jobs by the end of 2021.”
McPheters said that Arizona lost more than 331,000 jobs in March and April of 2020…
