Arkansas’ unemployment rate up to 6.4%
by March 11, 2009 9:54 am 52 views
Arkansas’ unemployment rate inched higher in January to 6.4%, according to figures released Mar. 11 by the federal Department of Labor. At 7.6 percent, the United States’ jobless rate increased four-tenths of a percentage point.
The December 2008 rate was revised from 6.2 percent to 5.7 percent as part of the annual revision process done in accordance with U.S. Department of Labor guidelines.
Arkansas’ civilian labor force declined 3,400 between December 2008 and January 2009. This represents an increase of 10,300 more unemployed and 13,700 fewer employed Arkansans.
Figures for Arkansas’ metropolitan areas will be released Mar. 19.
ANNUAL EMPLOYMENT CHANGES (January 2008 – January 2009)
• Arkansas’ nonfarm payroll employment decreased 19,700 since January 2008.
• Manufacturing posted the largest decline (-13,100). Multiple layoffs and closures, particularly in durable goods manufacturing (-10,900), occurred in 2008.
• Jobs in trade, transportation, and utilities dropped (-10,500). The retail subsector experienced the largest decline (-5,300), as several stores closed in the last 12 months.
• The largest increase occurred in government (+4,300), due mostly to the expansion of Arkansas’ public educational system.
• Educational and health services posted a gain of 3,000 workers, all in health care and social assistance.
MONTHLY EMPLOYMENT CHANGES (December 2008 – January 2009)
• Nonfarm payroll jobs in Arkansas decreased 25,300 in January to total 1,171,100.
• The largest drop occurred in trade, transportation, and utilities (-6,800). Retail trade, down 4,600, accounted for a majority of the loss.
• Government experienced a seasonal loss of 4,800 workers. The decline was a result of holiday breaks at public educational facilities.
• Influenced by layoffs and closures, employment in manufacturing fell 4,500.
• Leisure and hospitality lost 2,100 jobs, all in accommodation and food services.
• The troubled housing market and seasonal factors contributed to a decline of 2,000 in construction.
FORT SMITH REGION
The most recent report (December 2008) for the Fort Smith metropolitan area had the unemployment rate at 6.1% in December. The report indicated that regional employment had dipped from 133,300 in July to 128,900, a loss of 4,400 jobs in the 6-month period. Of that 4,400, 1,900 were manufacturing jobs, and 700 were in the leisure and hospitality sector.
As noted above, new employment information about the Fort Smith area will be released Mar. 19.