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Report: Arizona Drops Out Of Top 10 In Job Growth

A new Arizona State University analysis shows Arizona and the Phoenix metro area have both dropped out of the Top 10 for job growth.

The analysis by ASU research professor Lee McPheters shows job-growth figures for the state dropping to No. 14 nationwide through the first nine months of 2014 compared with No. 10 for all of 2013. The Phoenix metro area dropped to No. 12 from No 7.

McPheters says state job growth remains about the same at about 2 percent but other states are seeing job growth pick up.

The job category keeping Arizona down is the home construction industry. McPheters says the state is on track to lose construction jobs this year and post a smaller number of new single-family home permits.

A second report shows consumer spending down 5.2 percent over the same month last year.

ASU economist Dennis Hoffman calls that kind of growth okay but nothing spectacular, taking into account lackluster sales of new cars, furniture and home furnishings, and an actual decline in clothing sales.

“All that adds up to relatively slow growth in retail sales. And the way the state is financed, we're financed on the backs to a large degree of retail sales. You know, it's as retail sales goes, so goes the tax collections,” Hoffman said.

That’s just another piece of bad news to lawmakers trying to balance the state’s budget.

The Associated Press contributed to this report.