Arkansas’ jobless rate drops to 7.4%

Arkansas’ unemployment rate fell to 7.4% in November after hitting 7.6% in October, according to figures form the U.S. Department of Labor, Bureau of Labor Statistics. The state’s unemployment rate in November 2008 was 5.5%.

The U.S. jobless rate also fell in November, dropping to 10% after reaching 10.2% in October.

Metro area unemployment figures for November are set for a Jan. 5 release. After three consecutive months of declines or no change, the Fort Smith metro unemployment rate in October jumped to 7.8% from the September rate of 7%.

Arkansas’ civilian labor force increased 7,900 in November, a result of 10,300 more employed and 2,400 fewer unemployed Arkansans. However, the November report shows 101,563 unemployed in Arkansas, up 33.5% over the 76,061 unemployed in November 2008.

“The decline in Arkansas’ unemployment rate reflects the decrease that occurred on the national level.  Arkansas experienced fewer layoffs in November which contributed to the decline in our rate,” DWS Communications Director Kimberly Friedman said in a statement.

YEAR-OVER-YEAR
• The largest drop occurred in manufacturing, with 162,300 jobs in November 2009 compared to 177,900 in November 2008. Continuing layoffs and closures contributed to the loss, particularly in durable goods manufacturing, DWS noted in the statement. It should be noted that November 2009 marked the third consecutive month of increasing or flat jobs growth in the manufacturing sector.

• Employment in trade, transportation, and utilities also fell, with 231,700 employed in the sector compared to 242,000 in November 2008.  A majority of the contraction seen in transportation-warehousing-utilities (-6,500) and retail trade (-4,200) was related to the current economic downturn.

• Job gains continue to be seen in the education and health services sector. Arkansas jobs in that group were 167,600 in November, up 4.8% over the 159,900 in November 2008. DWS noted that gains were posted across all subsectors, with ambulatory health care adding 4,200 jobs.

• The number of government jobs continue to grow, with 221,400 employed in federal, state or local jobs in November. The sector employed 216,400 in November 2008.

• Employment in financial activities dropped, with 48,900 employed compared to 51,900 in November 2008. Finance and insurance posted a majority of the decline according to DWS.