by Ethan Faverino | Apr 7, 2026 | Economy, News
By Ethan Faverino |
The Joint Economic Committee released its analysis of the latest Monthly Trade Update, drawing on data from the Bureau of Economic Analysis, U.S. Census Bureau, Treasury Department, and Bureau of Labor Statistics. The U.S. recorded a total trade deficit of $57.35 billion in February 2026, an increase of $2.67 billion from January but 11% below the 12-month average.
The goods trade deficit stood at $84.60 billion in February, up $2.47 billion from the previous month and 8% below the 12-month average. Meanwhile, the services trade surplus narrowed slightly to $27.26 billion, down $204 million from January and 1% below the 12-month average.
Over the 12 months through February 2026, the cumulative U.S. trade deficit totaled $775.60 billion. This included a goods trade deficit of $1.11 trillion, partially offset by a services trade surplus of $329.60 billion.
Largest Goods Trade Deficits and Surpluses
During the 12 months, the United States recorded its largest goods trade deficit with Mexico ($194.61 billion, representing 17.76% of the total goods deficit), Vietnam ($187.93 billion, 17.15%), and China ($172.90 billion, 15.78%).
The largest goods trade surpluses were with the Netherlands ($65.56 billion), the United Kingdom ($42.57 billion), and Hong Kong ($36.16 billion).
Key Export and Import Categories
The top exported goods by value over the 12 months were civilian aircraft, engines, equipment, and parts; pharmaceutical preparations; and non-monetary gold. These categories together accounted for 17.14% of total U.S. goods exports.
On the import side, the leading categories were pharmaceutical preparations, computers, and passenger cars, which together made up 20.25% of the value of all imported goods.
February Trade Flows
Total exports in February reached $314.79 billion, up $12.56 billion from January and 8% above the 12-month average. Goods exports rose to $206.92 billion, while services exports increased to $107.87 billion.
Total imports climbed to $372.14 billion, up $15.23 billion from January and 5% above the 12-month average. Goods imports totaled $291.52 billion, and services imports reached $80.61 billion.
12-month Overview
Over the full 12-month period through February 2026:
- Total exports amounted to $3.49 trillion ($2.25 trillion in goods and $1.25 trillion in services)
- Total imports reached $4.27 trillion ($3.35 trillion in goods and $917.14 billion in services)
The U.S. exported the most to Mexico ($343.77 billion), Canada ($327.91 billion), and the United Kingdom ($105.71 billion), which together represented 34.89% of total exports. Imports were highest from Mexico ($538.38 billion), Canada ($367.20 billion), and China ($275.12 billion), accounting for 35.52% of total imports.
Major export port districts included New York City, NY ($268.93 billion), Houston-Galveston, TX ($242.43 billion), and Laredo, TX ($166.74 billion). On the other side, the leading ports were Los Angeles, CA ($369.30 billion), Chicago, IL ($352.76 billion), and New York City, NY ($319.81 billion).
Import Duties and Tariff Rates
In February 2026, the U.S. collected $21.24 billion in import duties, 13.25% below the 12-month average. Over the 12 months, total calculated duties reached $293.80 billion.
The average applied duty rate in February was 8.48%, 0.56 percentage points lower than the 12-month average. The top categories by duty revenue were passenger cars ($28.62 billion at 16.54%); other parts and accessories of vehicles ($19.12 billion at 14.21%); and electric apparatus ($15.11 billion at 15.09%).
The leading countries of origin by calculated duty revenue were China ($94.80 billion at an average rate of 35.99%), Mexico ($22.93 billion at 4.28%), and Vietnam ($20.84 billion at 10.06%).
Terms of Trade and Currency Movements
The U.S. dollar weakened against several major currencies over the period: down 5.8% against the Chinese yuan, 12% against the euro, 6.4% against the British pound, and 16.1% against the Mexican peso. However, it strengthened 3.6% against the Japanese yen.
Export prices rose 3.54% year-over-year (2.22% for agricultural exports and 3.76% for non-agricultural). Import prices increased 7.44% overall, with fuel imports falling 10.53% while non-fuel imports rose 8.64%.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
by Matthew Holloway | Apr 4, 2026 | Economy, News
By Matthew Holloway |
The U.S. added 178,000 jobs in March, with gains driven by the private sector, while federal employment declined and labor force participation edged slightly lower, according to the Joint Economic Committee.
The report shows job growth rebounded following a weaker February. Private employers added 186,000 jobs, while government employment declined by 8,000 positions.
In a statement posted to X, the JEC Republicans announced the findings, “Beating Expectations!”
The unemployment rate decreased slightly from 4.4 percent in February to 4.3 percent in March. The labor force participation rate declined by 0.1 percentage points to 61.9 percent.
The broader U-6 measure of unemployment, which includes underemployed and marginally attached workers, increased from 7.9 percent to 8.0 percent.
Revisions to prior months showed weaker job performance than initially reported in February. Job losses for that month were revised downward by 41,000, from a decline of 92,000 to a decline of 133,000 jobs. January’s figures were revised upward by 34,000, bringing total job gains for that month to 160,000.
CNN Senior Reporter Matt Egan told audiences Friday, “The job market bounced back in a big way in March. And that is good news. Really, blowing away expectations.”
Wage growth continued on a year-over-year basis. From March 2025 to March 2026, average nominal weekly earnings for all employees on private nonfarm payrolls increased by 3.52 percent, with hourly earnings rising by the same percentage.
For production and nonsupervisory employees, average weekly earnings increased by 3.69 percent, while hourly earnings rose by 3.38 percent over the same period.
Sector-level data showed gains concentrated in specific industries. From February to March, private education and health services added 91,000 jobs, while leisure and hospitality added 44,000.
Losses were recorded in federal government employment, which declined by 18,000 jobs, and in financial activities, which fell by 15,000.
On a year-over-year basis, private education and health services added 663,000 jobs, and leisure and hospitality added 176,000. Federal government employment declined by 330,000 over the same period, while trade, transportation, and utilities decreased by 154,000 jobs.
Job openings declined during the most recent reporting period. From January to February 2026, total nonfarm job openings decreased by 358,000 to 6.88 million. The job openings rate declined by 0.2 percentage points to 4.2 percent.
Sector data for job openings showed increases in other services, which added 77,000 openings, and professional and business services, which added 64,000. Declines were led by leisure and hospitality, down 213,000 openings, and private education and health services, down 78,000.
In a statement, White House spokesman Kush Desai said, “The March jobs report blew out expectations with strong construction job growth and a surge in manufacturing job creation as trillions of dollars in investments begin to materialize. America remains on a solid economic trajectory thanks to President Trump’s proven agenda of tax cuts, deregulation, tariffs, and energy dominance. Americans can rest assured that after the short-term disruptions of Operation Epic Fury are behind us, America’s economic resurgence is set to only accelerate.”
Matthew Holloway is a senior reporter for AZ Free News. Follow him on X for his latest stories, or email tips to Matthew@azfreenews.com.
by Matthew Holloway | Apr 2, 2026 | Economy, News
By Matthew Holloway |
Arizona households are carrying higher debt, seeing declining credit scores, and falling behind on payments at rates above the national average, according to a new analysis from the Common Sense Institute of Arizona (CSI).
The report, which examines credit data and financial trends, found that Arizona’s average credit score dropped by seven points in 2025, placing the state 30th nationally with an average score of 666.
The findings also show long-term growth in household debt. Since 2003, per capita debt in Arizona has increased by 129%, reaching approximately $74,000—one of the largest increases among U.S. states.
Across major categories, Arizona borrowers carry higher balances than the national average. Mortgage debt per capita is 22% higher, while auto loan balances are 7% higher and credit card debt is 8% higher, according to the report.
Missed payments are also more common in Arizona. The report found higher delinquency rates at multiple stages, including accounts 30, 60, and 90 days past due, as well as higher levels of derogatory marks on credit histories compared to national benchmarks.
The analysis also includes a measure of “Household Liquidity Resilience” that assesses households’ ability to withstand financial stress. By that measure, Arizona households are estimated to be 23% less prepared for financial disruptions than the national average. The report identifies the source of this unreadiness emerging from “generally higher than average debt, higher change of delinquency, and a lower cash cushion than the average U.S. household.”
Zach Milne, senior economist at CSI, said the data reflects ongoing financial strain tied to rising costs and borrowing conditions.
“Arizona households are facing residual financial pressure from post-pandemic inflation on top of higher borrowing costs, which continue to strain budgets,” Milne said. “Declining credit scores, rising delinquency rates, and above-average debt levels all point to broader affordability challenges across the state.”
He added, “As households absorb higher costs for housing and other essential expenses, many are becoming more vulnerable to financial shocks and less financially resilient.”
The report compares Arizona’s credit and debt trends to national data, highlighting differences in borrowing levels, repayment patterns, and financial stability indicators.
Matthew Holloway is a senior reporter for AZ Free News. Follow him on X for his latest stories, or email tips to Matthew@azfreenews.com.
by Ethan Faverino | Apr 1, 2026 | Economy, News
By Ethan Faverino |
Arizona House Majority Whip Julie Wiloughby (R-LD13) praised a recent Trump administration decision recognizing the significant impact of internal emissions on Arizona’s ability to meet federal air quality standards.
The ruling grants the Phoenix metropolitan area relief from stricter federal requirements, opening the door for potential long-term reforms to the state’s expensive summer gasoline blend mandated in Maricopa and Pinal Counties.
The decision, issued last week by the U.S. Environmental Protection Agency (EPA), found that the Phoenix-Mesa nonattainment area would have met the 2015 ozone National Ambient Air Quality Standards (NAAQS) if not for emissions originating outside the United States. This finding, under Section 179B of the Clean Air Act, prevents reclassification to a more severe status. It acknowledges that a major share of emissions affecting Arizona is beyond the state’s control.
For months, Willoughby has collaborated with local and federal officials to pursue reforms addressing Arizona’s higher summer fuel costs. In January, she sent a letter to the EPA initiating discussions on permanent changes to lower costs for families while maintaining compliance with air quality standards.
“The main reason drivers in Maricopa and Pinal counties pay more for gas in the summer is that these areas are forced to use a special boutique blend made only for Arizona,” explained Willoughby. “It costs more to produce, limits supply, and leaves our state more vulnerable to price spikes. The question is whether this requirement is still doing anything meaningful to improve air quality. If it is not, then Arizona families are being forced to pay more for little to no benefit.”
Willoughby noted that industry operations are cleaner and national fuel standards have evolved since Arizona’s blend was last updated. “Industry is cleaner today than it was when Arizona’s blend was last updated, and fuel standards nationwide have changed significantly since then. There is a strong possibility that Arizona can move to a lower-cost fuel option without sacrificing air quality. If the evidence supports that conclusion, we should act immediately.”
To advance the issue, Willoughby introduced a package of five measures aimed at lowering fuel costs, evaluating compliant fuel options, and requiring the state to adopt a lower-cost fuel once federally approved.
“In order to change the blend, Arizona must submit a request to the EPA to revise our State Implementation Plan and show that we can still meet federal air quality standards with the new blend,” added Willoughby. “The modeling used to make that demonstration must take into account the fact that a major share of the emissions affecting our state comes from outside our borders and is beyond Arizona’s control. The Trump Administration’s recent decision recognizing international transport acknowledges this impact and gives Arizona more room to reevaluate whether our current fuel requirements are still justified. With the federal government signaling openness, this may be our best and only opportunity to get this done.”
In February, Willoughby requested that the Maricopa Association of Governments (MAG) model the impacts of switching from Arizona’s current boutique gasoline blend (Reid Vapor Pressure of 7.0 psi) to a more widely available, lower-cost blend with an RVP of 7.4 psi.
Preliminary modeling completed in March showed that the switch would increase the maximum ozone concentration in the Phoenix metropolitan area by between zero and 0.01 parts per billion.
“That is a negligible impact and more than enough reason to move this conversation forward,” continued Willoughby. “Just as important, Governor Hobbs’ administration already has these results. MAG provided the modeling to her Department of Environmental Quality, which means the Governor could begin acting on this now if she wanted to. She does not need to wait. She does not need more excuses. If Governor Hobbs is serious about lowering fuel costs, she should direct her agency to act immediately.”
In a follow-up letter to MAG Director of Environmental Planning, Matt Poppen, Willoughby highlighted the positive results from the Comprehensive Air Quality Model with Extensions (CAMx v7.32) and Community Multiscale Air Quality (CMAQ v5.5) analyses. The CAMx results showed no changes in the 2023 design value attainment at any monitoring site, while CMAQ predicted a maximum impact of just 0.01 ppb at three sites.
Willoughby also requested additional modeling for a Federal Reformed Gasoline blend with an RVP of 7.8 psi, used in some other western states, and discussions on next steps for a State Implementation Plan revision.
“The modeling is favorable. The facts are lining up in Arizona’s favor. We should seize this opportunity and make the case for lasting gas affordability now,” concluded Willoughby.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
by Matthew Holloway | Apr 1, 2026 | Economy, News
By Matthew Holloway |
The Arizona Chamber of Commerce & Industry and the Goldwater Institute hosted a delegation of Missouri policymakers in Phoenix to discuss economic competitiveness, innovation, and pro-growth policy, according to a joint release.
The meeting focused on Arizona’s approach to building a competitive environment for emerging industries and long-term economic growth.
The discussion followed the Chamber’s recent launch of its AZ AI Leadership Initiative, which aims to strengthen Arizona’s position in emerging technologies and the broader digital economy.
Arizona has seen rapid expansion in AI and data center infrastructure, driven by growing demand for computing power and cloud services. Major investments from companies such as Taiwan Semiconductor Manufacturing Company (TSMC), which is constructing advanced semiconductor fabrication facilities in Phoenix, along with large-scale data center developments by Google and Meta Platforms in Mesa, and Amazon Web Services in Goodyear, have helped position the state as an emerging hub for both semiconductor production and AI-related computing capacity.
Participants included legislative leaders, policy experts, and representatives from the Arizona Commerce Authority, who shared insights into the state’s policy framework and economic development strategies.
“Arizona’s growth didn’t happen by accident,” said Courtney Coolidge, executive vice president of the Arizona Chamber of Commerce & Industry. “It reflects deliberate policy choices that prioritize certainty, competitiveness, and a regulatory environment where businesses can invest, innovate, and scale.”
Arizona lawmakers participating in the meeting included House Speaker Steve Montenegro (R-LD29), Majority Leader Michael Carbone (R-LD25), Rep. Jeff Weninger (R-LD13), Rep. Justin Wilmeth (R-LD2), chair of the House Artificial Intelligence and Innovation Committee, Senate President Pro Tempore T.J. Shope (R-LD16), and Senate Majority Whip Frank Carroll (R-LD28).
“Arizona has made a conscious decision to lead on innovation rather than wait for other states to set the pace,” Montenegro said. “That kind of alignment and forward-looking policy environment allows industries to grow and scale here.”
Lawmakers and policy leaders highlighted sectors including advanced manufacturing, semiconductors, aerospace, autonomous systems, and emerging technologies as areas where Arizona has seen sustained growth.
“Arizona’s success in attracting major investment is tied directly to our focus on advanced manufacturing, infrastructure, and supply chain strength,” Carbone said.
Weninger pointed to Arizona’s regulatory and tax structure as a factor in business investment.
“Companies are looking for certainty,” Weninger said. “Arizona’s predictable regulatory environment and competitive tax structure give businesses the confidence to invest and expand.”
Participants also discussed the role of infrastructure, water policy, and land use in supporting statewide growth. “We’ve been intentional about making sure economic development isn’t concentrated in one region,” Shope said.
Carroll said Arizona’s approach to economic development has positioned the state for continued expansion, particularly in emerging industries.
Wilmeth emphasized the importance of flexibility in regulating new technologies. “We’ve taken a thoughtful approach to emerging technologies by avoiding premature regulation,” he said.
Victor Riches, president and CEO of the Goldwater Institute, said policy certainty and deregulation remain key factors in supporting innovation.
“As emerging technologies continue to reshape industries, policy certainty and deregulation matter more than ever,” Riches said. “Arizona needs to ensure an environment where innovation can move forward.”
The Missouri delegation included state senators and policy advisors, including Sen. Travis Fitzwater, Sen. Maggie Nurrenbern, Sen. Karla May, Sen. Barbara Anne Washington, Sen. Jamie Burger, policy advisor to Gov. Mike Kehoe, Johnathan Shifflett, and representatives from the Missouri Chamber of Commerce, Karen Buschmann, and Jared Hankinson.
The meeting explored how elements of Arizona’s economic policy framework could be adapted in other states and how interstate collaboration could support broader economic growth.
Matthew Holloway is a senior reporter for AZ Free News. Follow him on X for his latest stories, or email tips to Matthew@azfreenews.com.
by Staff Reporter | Mar 26, 2026 | Economy, News
By Staff Reporter |
Republicans in the Arizona Senate are moving on legislation they believe will reduce gas prices.
A strike everything amendment to HB 2400 proposes to mitigate price spikes at the pump by filing an emergency waiver to increase Maricopa County’s fuel supply during emergencies.
Arizona policymakers anticipate prices to spike with pending supply constraints due to a forecasted California refinery closure in April. Federal environmental regulations require Valley drivers to use a more expensive and limited specialized fuel blend year-round, a requirement that expands to affect residents elsewhere in the state during the summer months.
Should the bill be enacted, the Department of Environmental Quality and the Arizona Department of Agriculture would submit an emergency fuel waiver to the Environmental Protection Agency (EPA) within 30 days.
State Sen. Shawnna Bolick (R-LD2) introduced the strike everything amendment. Bolick said the state does have recourse, but it’s up to executive leadership to allow for the remedy to occur.
“We see the warning signs. Refineries are shutting down, and if we don’t act now, prices will go up. HB 2400 will make sure Arizona can quickly access additional fuel when shortages hit, instead of waiting and hoping for relief,” said Bolick in a press release.
According to Stanford University’s Woods Institute for the Environment, the California refinery shutdowns were caused by multiple factors: depleting crude oil fields, declining in-state gasoline sales, consolidating oil infrastructure, and increasing availability of imported finished fossil fuel products.
A similar issue occurred in 2023. Gov. Katie Hobbs declined to file an emergency fuel waiver with the Biden administration despite a request from petroleum refiner HF Sinclair.
The company’s senior vice president, Jerry Miller, advised Hobbs in a letter of a critical supply shortage of several counties’ Cleaner Burning Gasoline (CBG), the special gasoline formulations required in certain parts of the state by the EPA under the Clean Air Act (CAA).
These formulation requirements are laid out in Arizona’s State Implementation Plan (SIP). The SIP establishes different CBG requirements depending on the season. CBG is required in Maricopa County and certain parts of Pinal and Yavapai counties year-round (called “Area A”). CBG requirement expands to include more of Pinal County during the summer months of May through September (called “Area C”).
As in 2023, it will mostly be Maricopa County drivers who will feel the brunt of forecasted supply constraints.
Senate lawmakers will also consider HB 2955, which would expand the state’s fuel options by modifying the state’s fuel standards for CBG in order to expand supply options.
Sen. Bolick shared that she and other Republican lawmakers have laid the groundwork with the Trump administration to ensure that the fuel standard updates and emergency fuel waiver would be processed immediately upon filing.
“We are coordinating with the Trump Administration so Arizona is ready to act the moment these bills are signed into law,” said Bolick. “This is about getting ahead of the problem and making sure families aren’t stuck paying the price for decisions made in other states.”
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