The Business Journal of Phoenix - 2:46 PM MST Friday
After three months of sliding downhill, the Arizona Business Conditions Index did an abrupt about-face in August, gaining 6.1 points to reach a reading of 60.5.
The index, updated monthly by the Bank One Economic Outlook Center at Arizona State University's W.P. Carey School of Business, shows economic growth when the reading is above 50 points. A reading below 50 suggests a slowdown in the overall level of economic activity in the near term.
"Until August, the index had been approaching the critical 50-point mark, below which a recession would be indicated," said Dawn McLaren, an ASU economist.
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