Arkansas Jobless Rate Trends Higher To 7.3%

The Arkansas jobless rate in May rose to 7.3% and the April rate of 7.1% was revised upward to 7.2%.

According to U.S. Labor Department data and the Arkansas Department of Workforce Services, the state’s employed workforce rose by 600 from April to May, but it was down by 23,200 jobs from one year ago as workers apparently exited the jobs market for a variety of reasons. Economists have speculated that baby boomers are retiring at a developing rate and that discouraged workers are giving up looking for employment.

The overall number of employed Arkansans stood at 1.236 million in May 2013, while the number of unemployed continued to hover below 100,000 at an estimated 97,000 displaced workers.

One year ago, Arkansas’ May jobless rate stood at 7.3% – the same as the current rate – and U.S. unemployment rose one-tenth of a percent to 7.6% in May 2013.

“The unemployment rate in Arkansas rose one-tenth of a percentage point in May, mirroring the trend seen at the national level,” said DWS Communications Director Kimberly Friedman. “Although the unemployment rate increased, employment rose 600 this month, marking the second month of employment gains.”

The separate non farm payroll summary, which surveys employers across a broad range of industry categories, continued trends seen in recent months.

Transportation, trade and utility jobs have increased sharply, but construction, mining and manufacturing employment have struggled. The industry breakdown on a year-over-year basis (May 2013 vs. May 2012) is as follows:

Mining/Logging -900
Construction -2,000
Manufacturing -1,300
Trade/Transportation +12,400
Information -400
Financial -200
Professional/Business -1,400
Education/Health +1,600
Leisure/Hospitality -1,400
Other -2,300
Government -1,000

You can access the full jobless report here.