State jobless rate unchanged; U.S. incomes up

Arkansas’ February jobless rate was 7.6%, with more employed and fewer unemployed compared to January during which the jobless rate was also 7.6%.

The February rate was down compared to 8% in February 2011, according the U.S. Bureau of Labor Statistics report released Friday morning (Mar. 30).

The federal government — Bureau of Economic Analysis — also reported Friday that February personal income increased $28.2 billion, or 0.2%, and disposable personal income (DPI) increased $18.9 billion, or 0.2%, compared to January.

However, personal savings during February fell to $438.7 billion, the lowest amount in the past seven months. Personal savings as a percentage of disposable income fell to 3.7%, well below the 4.3% in January and below the past seven month average of 4.51%.

JOBS DATA
Employment in Arkansas during February was an estimated 1.28 million, up from 1.259 million during February 2011. The number of unemployed fell from 110,135 during February 2011 to 105,275 during February 2012. Arkansas was one of 49 states to post an unemployment rate dip in February compared to February 2011.

February marks the 36th consecutive month the Arkansas jobless rate has been above 7%.

“Employment in Arkansas increased 3,400 this month, marking the seventh consecutive month of employment growth. There are now 21,000 more employed Arkansans than in February 2011,” noted a statement from the Arkansas Department of Workforce services.

The Oklahoma jobless rate was 6% in February, down from the 6.1% during January the 6.1% during February 2011. Oklahoma’s jobless rate has posted below 7% since September 2010.

The Missouri jobless rate was 7.4%, down from 7.5% during January and down from 8.9% during February 2011.

The U.S. rate during February was 8.3%, unchanged from January but below the 9% during February 2011.

ARKANSAS SECTOR SHIFTS
• In the Trade, Transportation and Utilities sector — Arkansas’ largest job sector — employment during February was an estimated 237,300, well ahead of the 235,700 during February 2011. Peak employment in the sector during 2011 was 240,400 during January 2009.

• Manufacturing jobs in Arkansas during February totaled 156,200, down slightly from a revised 156,400 in January, but below the 160,700 during February 2011. Employment in the once booming manufacturing sector fell in 2011 to levels not seen since early 1968. The December jobs figure is almost 34% below the January 2001 sector employment of 236,000.

• Government job employment during February was 221,100, up compared to the 218,800 during January and well ahead of the 216,700 during February 2011.

• The state’s Education and Health Services sector during February had 169,400 jobs, down from the 170,100 during January but up from 165,400 during February 2011. Employment in the sector us up almost 27% compared to January 2002.

• The construction sector employed an estimated 48,800 employed during February, up from a revised 48,600 during January and up from 46,700 during February 2011.

U.S. INCOME DATA
Total personal income during 2011 averaged $13.049 trillion a month, up slightly from $13.032 trillion during 2010. Total personal income during 2009 averaged $12.174 trillion. Personal consumption expenditures during 2011 averaged $10.726 trillion, up compared to $10.245 trillion during 2010, and $10.001 during 2009.

Personal Income
February 2012: $13.162 trillion
February 2011: $12.961 trillion
February 2010: $12.179 trillion
February 2009: $12.073 trillion

Personal savings (with savings as percentage of disposable income)
February 2012: $530.8 billion (4.5%)
February 2011: $640 billion (5.6%)
February 2010: $340 billion (3.1%)
February 2009: $450.7 billion (4.2%)