Regional jobless rate dips to 7.3%

The preliminary February unemployment rate for the Fort Smith region decreased to 7.3% after spiking up to 7.7% in January. However, the rate is more than 2% above the February 2008 unemployment rate of 5.1%.

Manufacturing job losses continue to be a big factor in pushing the rate higher. According to the preliminary numbers from the federal Bureau of Labor Statistics, manufacturing employment in the Fort Smith metro area has dipped 10.1% in the past 12 months. Regional manufacturing jobs totaled an estimated 23,100 in February.

The annual average manufacturing employment in the Fort Smith area fell from 31,700 in 1999 to 25,000 in 2008, a decline of more than 21%.

According to figures from the federal Bureau of Labor Statistics, the civilian labor force in the Fort Smith metropolitan area (Crawford, Franklin and Sebastian counties in Arkansas, and LeFlore and Sequoyah counties in Oklahoma) was 138,100 in January, with 10,000 listed as unemployed.

Arkansas’ unemployment rate was 6.6% in February, up from 6.4% in January and 4.8% in February 2008.

ARKANSAS METRO AREAS
The Fayetteville-Springdale-Rogers
February 2009: 5.8% (same as January 2009)
February 2008: 4.2%

Hot Springs
February 2009: 7.2% (same as January 2009)
February 2008: 5.8%

Jonesboro
February 2009: 6.7% (6.5%, January 2009)
February 2008: 5.5%

Little Rock-North Little Rock-Conway
February 2009: 6% (5.9%, January 2009)
February 2008: 4.9%

Memphis-West Memphis
February 2009: 8.9% (8.7%, January 2009)
February 2008: 6%

Pine Bluff
February 2009: 9.3% (9.4%, January 2009)
February 2008: 7.7%

Texarkana
February 2009: 5.7% (5.8%, January 2009)
February 2008: 4.7%

FORT SMITH METRO AREA HISTORY
Past annual average employment rates
2007: 5.3%
2006: 4.9%
2005: 4.5%
2004: 5.2%
2003: 5.5%
2002: 5%
2001: 4.2%
2000: 3.7%