NWA jobless rate rises to 5.6% in May

The May jobless rate rose in Northwest Arkansas with gains in the workforce size and the number of employed not enough to counter a more than 1% rise in the number of unemployed.

The May jobless rate in the region was 5.6%, up from the 5.1% in April and unchanged compared to May 2012.

However, and barring any revisions to previous months, May was historic for the Northwest Arkansas area in that the workforce size topped the 240,000 mark.

Seven of the eight metro areas in or connected to Arkansas had jobless rate increases in May compared to April, and jobless rate increases compared to May 2012. The Northwest Arkansas area had a rate increase compared to April, but was unchanged compared to May 2012.

During May, the lowest metro jobless rate in the state was in Northwest Arkansas with 5.6% and the highest rate was 9.6% in the Pine Bluff area.

May jobless rates were lower in 68% of the 372 U.S. metro areas and higher in 23.1% of the metro areas.

NWA METRO NUMBERS
According to figures released Wednesday (July 3) by the U.S. Bureau of Labor Statistics, the size of the Northwest Arkansas regional workforce during May was 240,268, up from the 239,023 during April, and ahead of the 236,308 during May 2012.

Northwest Arkansas continues to trend upward in that category. The average annual monthly labor size was 231,461 during 2012, 227,938 during 2010 and 225,177 during 2009.

The number of employed during May was 226,723, down slightly compared to a revised 226,78 in April. The May employment was higher than the 223,128 in May 2012.

Following are other key figures from the BLS metro report.
• Unemployed persons in the region totaled 13,545 during May, above the 12,245 during April and the 13,180 during May 2012.

• Jobs in the Trade, Transportation and Utilities sector — the region’s largest job sector —  totaled 50,000 in May, up from the revised 49,900 during April, and up from the 47,600 during May 2012. Employment in the sector is slightly off from the high of 50,500 posted in December 2006.

• The Northwest Arkansas manufacturing sector employed an estimated 26,500 in May, up from the 26,400 in April, and below the 26,700 during May 2012. Sector employment is down almost 22% from more than a decade ago when May 2003 manufacturing employment in the metro area stood at 33,900.

• Employment in the region’s tourism industry was 21,700 during May, up from 21,500 in April and up from 20,800 during May 2012. The May employment is a new record for the sector, although the figure could be revised in subsequent reports.

• In Education & Health Services, employment was 25,000 during May, down from 25,200 during April and up from 23,700 during May 2012.

• In the Government sector, employment was 30,700 during May, down from 30,500 in April and up compared to 30,300 during May 2012.

NATIONAL NUMBERS
Unemployment rates were lower in May than a year earlier in 253 of the 372 metropolitan areas, higher in 86 areas, and unchanged in 33 areas, noted the broad BLS report.

The U.S. unemployment rate in May was 7.6%, down from 8.2% in May 2012. Arkansas’ jobless rate was 7.3% in May, up from 7.2% in April and unchanged compared to May 2012.

Oklahoma’s jobless rate during May was 5%, up from 4.9% in April, and below the 5.1% during May 2012. The Missouri jobless rate during May was 6.8%, compared to 6.7% in April and 7% during May 2012.

ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
May 2013: 5.6%
April 2013: 5.1%
May 2012: 5.6%

Fort Smith
May 2013: 7.7%
April 2013: 7.2%
May 2012: 7.3%

Hot Springs
May 2013: 7.7%
April 2013: 7.2%
May 2012: 7.3%

Jonesboro
May 2013: 6.9%
April 2013: 6.5%
May 2012: 6.7%

Little Rock-North Little Rock-Conway
May 2013: 6.6%
April 2013: 6.2%
May 2012: 6.4%

Memphis-West Memphis
May 2013: 9.5%
April 2013: 9%
May 2012: 8.9%

Pine Bluff
May 2013: 9.6%
April 2013: 9%
May 2012: 8.9%

Texarkana
May 2013: 7.1%
April 2013: 6.8%
May 2012: 6.7%

NORTHWEST ARKANSAS METRO AREA HISTORY
Past annual average unemployment rates
2012: 5.6%
2011: 6.2%
2010: 6.5%
2009: 6.1%
2008: 4.1%
2007: 3.8%
2006: 3.6%
2005: 3.3%
2004: 3.8%
2003: 3.7%
2002: 3.3%
2001: 3%
2000: 2.9%