updated 11/12/2010 1:44:03 PM ET 2010-11-12T18:44:03

An economics analyst says Arizona's economy is at risk of falling back into recession.

Chris Lafakis of Moody's Analytics cites continued weakness in consumer spending and the still-troubled housing market.

According to Moody's Analytics, seven other states remain in recession and one — North Dakota — has an expanding economy. The rest are deemed to be recovering.

Lafakis says reasons for optimism nationally include aggressiveness by the Federal Reserve, strong corporate balance sheets, paying down of household debt and pent-up demand for autos and housing.

Lafakis spoke to a journalism conference in Phoenix on Friday.

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