Arkansas’ jobless rate edges up to 7.7%

BusinessFort SmithNews on the Wire

by The City Wire staff ([email protected]) March 26, 2010 11:04 am 47 views 

Arkansas’ unemployment rate moved slightly higher to 7.7% in February after three consecutive months of being parked at 7.6%. The rate was 6.8% February 2009.

The report released Friday (March 26) morning from the federal Bureau of Labor Statistics shows the state with an estimated 106,446 unemployed, up 14.4% compared to February 2009 and up an alarming 61.5% over February 2008. Also, the number of employed in February was 1.270 million, down 0.6% compared to February 2009.

The U.S. jobless rate was 9.7% in February. The Oklahoma unemployment rate in February was 6.7%, unchanged from January and down one-tenth of a percentage point from the 6.8%. The Oklahoma jobless rate in February 2009 was 5.5%.

About the only good news found in the report is that Arkansas manufacturing jobs grew in February compared to the January report. The state had an estimated 159,200 manufacturing jobs in February, up 0.95% over the 157,700 manufacturing jobs in January. Unfortunately, the state’s manufacturing sector remains in a deep funk, with 11,900 fewer manufacturing jobs than in February 2009, and 27,600 fewer manufacturing jobs than February 2008.

Employment data for the Fort Smith metro area is set for release April 7.

YEAR-OVER-YEAR
• Arkansas’ civilian labor force stood at an estimated 1.377 million in February, up 0.4% compared to February 2009.

• Total nonfarm jobs in Arkansas stood at 1.149 million in February, down 1.9% from the 1.177 million in February 2009.

• The number of construction jobs dropped below 50,000 for the first time since December 1998. Jobs in the sector totaled an estimated 49,900 in February, down 8.2% compared to February 2009.

• The number of government jobs continued to grow in January, with roughly 217,600 employed in the sector, up 0.92% over February 2009.

• Trade, transportation and utilities, the largest sector in the Arkansas economy, continues an overall decline that began in January 2008. Jobs in this sector totaled 227,500 in February, down 4.8% from February 2009. The sector has lost 22,700 jobs since February 2008.

• Arkansas’ tourism and hospitality sector continues to see job losses, according to the BLS figures. The leisure and hospitality sector employed an estimated 98,800 in February, down 1.2% compared to February 2009. The sector has lost 2,000 jobs since February 2008.