Fort Smith jobless rate unchanged in May

The Fort Smith and Northwest Arkansas metro areas were the only Arkansas regions to see a May jobless rate decline compared to a year earlier.

Fort Smith’s metro jobless rate was an estimated 7.7% in May, unchanged from April and below the 7.9% in May 2010, according to U.S. Bureau of Labor Statistics released Wednesday (June 29).

The Northwest Arkansas metro jobless rate was 6.2% in May, up from 5.8% in April and down from 6.3% in May 2010.

Overall, Wednesday’s report from the BLS was not positive for Arkansas. The Fort Smith and Memphis-West Memphis metro areas were the only metro areas to not see a jobless rate increase from April to May, with both regions seeing the rate stay the same. The other six metro areas posted jobless rate increases between April and May, with the largest increases in the Hot Springs and the Little Rock-North Little Rock-Conway metro areas — both were up 0.5% (See chart below for details).

FORT SMITH METRO PICTURE
The number of unemployed in the Fort Smith metro area was an estimated 10,467 in May, up from a revised 10,347 in April, and down 1.64% compared to May 2010.

The number of employed in the metro area during May was 124,600, up 0.36% compared to the 124,148 employed in the area during April, and up 0.76% compared to May 2010.

However, the size of the workforce — 135,067 in May — in the Fort Smith metro area is 3.89% below the June 2007 high of 140,542. Shrinkage in the workforce reflects several factors, including people leaving the area to find work elsewhere or have simply quit looking for work.

Fort Smith’s manufacturing sector employed an estimated 21,600 in May, up from 21,200 in April, and unchanged compared to May 2010. May marks the second consecutive monthly employment gain in the sector. Employment in the sector is down 29.64% from more than a decade ago when January 2001 manufacturing employment in the metro area stood at 30,700.

Jobs in the Trade, Transportation and Utilities sector — the region’s largest job sector —  totaled 24,500 in May, up from a 24,400 in April and up from the 24,100 the sector employed in May 2010. Employment in the sector is off from the high of 25,700 posted in December 2007.

Employment in the region’s tourism industry is on an upward three-month trend, with May employment reaching an estimated 9,500. The sector employed 9,200 in April and 8,800 in May 2010. Sector employment is coming close to a high of 9,800 in August 2008.

NATIONAL, STATE NUMBERS
Unemployment rates were lower in May than a year earlier in 274 of the 372 metropolitan areas, higher in 85 areas (Compared to higher in 54 areas in April), and unchanged in 13 areas, noted the BLS report. Also, 10 areas recorded jobless rates of at least 15%, while 17 areas registered rates of less than 5%.

The U.S. unemployment rate in May was 9.1%, up from 9% in April and down from 9.6% in May 2010. Arkansas’ May unemployment rate was 7.8%, up from 7.7% in April and unchanged from 7.8% in May 2010. The Oklahoma rate during May was 5.3%, down from 5.6% in April and down from 7.1% in May 2010.

ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
May 2011: 6.2%
April 2011: 5.8%
May 2010: 6.3%

Fort Smith
May 2011: 7.7%
April 2011: 7.7%
May 2010: 7.9%

Hot Springs
May 2011: 8%
April 2011: 7.5%
May 2010: 7.8%

Jonesboro
May 2011: 7.4%
April 2011: 7.1%
May 2010: 7.3%

Little Rock-North Little Rock-Conway
May 2011: 7%
April 2011: 6.5%
May 2010: 6.8%

Memphis-West Memphis
May 2011: 10.1%
April 2011: 10.1%
May 2010: 9.6%

Pine Bluff
May 2011: 10%
April 2011: 9.8%
May 2010: 9.1%

Texarkana
May 2011: 7.4%
April 2011: 7.1%
May 2010: 7.3%

FORT SMITH METRO AREA HISTORY
Past annual average unemployment rates
2010: 8.2%
2009: 7.9%
2008: 4.8%
2007: 5.3%
2006: 4.9%
2005: 4.5%
2004: 5.2%
2003: 5.5%
2002: 5%
2001: 4.2%
2000: 3.7%