As of May 2022, there have been more than 80 million confirmed cases of COVID-19 across the United States, and over two million cases in Arizona. The pandemic has had a devastating impact on local, national, and global economies. This brief features the findings from data collected from a survey administered to Arizona residents in April of 2021, as well as national statistics, to understand some of the economic consequences of COVID-19 and its impacts on Arizona households.

In March 2020, the COVID-19 pandemic triggered a sudden and severe economic downturn. Between February and May 2020, the number of unemployed individuals rose by more than 14 million, resulting in an unprecedented increase in the unemployment rate, which went from 3.8% in February to 14.4% in April. Even though unemployment has declined in recent months, with some individuals returning to work, the rate is still much higher than it was one year ago (7.9% in September 2020 vs. 3.5% in September 2019). Further, as of September 2020, there are 19.4 million persons unable to work due to the pandemic, as well as 6.3 million persons working only part time even though they would prefer to work more.