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The Great Recession had devastating effects across the U.S. and few places were as hard hit as Arizona. The state was booming on the strength of its tourism and real estate markets during the 2000s. Median home prices jumped 70% between 2003 and 2006—only Nevada had bigger gains—fueling more building and construction jobs. Monthly unemployment was at 3.5% through much of 2007. But then the bottom fell out. Home prices plummeted more than 50% from their peak and 6% Arizona properties received foreclosure filings in 2009. Unemployment stubbornly remained in double-figures for most of 2009 and 2010 and only Nevada lost a higher percentage of jobs over the last five years. Household incomes declined at the fastest rate in the country since 2008.
London Business School has topped the European table for the third year running — but continental rivals lead the European schools in the individual rankings used to compile it.
Mr D’Aloisio received acclaim from Apple after Summly’s launch, which featured as one of its best iPhone apps of 2012. It had been downloaded almost 1m times before it was pulled from the app store yesterday following the deal.