Fort Smith area jobless rate falls to 7.2% in August

The Fort Smith metro jobless rate fell to 7.2% in August thanks to a 4.67% dip in the number of unemployed that offset a slight decline in the number of employed.

Metro employment of 123,189 was down 0.05% compared to July 2013, but was up 0.24% compared to the number of employed in August 2012. The August jobless rate of 7.2% was down from 7.6% in July and down from 7.9% in August 2012, according to figures released Monday (Oct. 21) by the U.S. Bureau of Labor Statistics.

August was the 56th consecutive month the Fort Smith metro jobless rate has been at or above 7%.

All eight metro areas in or connected to Arkansas had jobless rate declines in August compared to July, but only three areas (Northwest Arkansas, Fort Smith and Jonesboro) had jobless rate decreases compared to August 2012.

During August, the lowest metro jobless rate in the state was in Northwest Arkansas with 5.4% and the highest rate was 9.8% in the Pine Bluff area.

FORT SMITH METRO NUMBERS
The size of the Fort Smith regional workforce during August was 132,814, down from the 133,352 during July, and below the 133,378 during August 2012. The labor force reached a revised high of 140,253 in July 2007.

Unemployed persons in the region totaled an estimated 9,625 during August, down from the 10,096 during July, and below the 10,495 during August 2012.

The Fort Smith area manufacturing sector employed an estimated 18,600 in August, unchanged compared to July, and below the 19,430 during August 2012. Employment in the sector is down almost 35% from a decade ago when August 2003 manufacturing employment in the metro area stood at 28,600. Also, the annual average monthly employment in manufacturing has fallen from 28,900 in 2005 to 19,200 in 2012 – the first year the average has dropped below 20,000 since surpassing that level.

Jobs in the Trade, Transportation and Utilities sector — the region’s largest job sector —  totaled 25,700 in August, unchanged compared to July, and above the 24,300 during August 2012. A revised June employment of 25,800 marks a new employment high in the sector.

Employment in the region’s tourism industry was 9,500 during August, unchanged compared to July and above the 9,300 in August 2012. The sector reached an employment high of 9,800 in August 2008.

In Education & Health Services, employment was 17,900 during August, unchanged compared to July and above the 17,100 during August 2012. The July and August employment level is a record for sector employment in the Fort Smith area. Annual average monthly employment in the sector has steadily grown since 2005 when it reached 14,000. In 2012 the average was 17,100.

In the Government sector, employment was 17,800 during August, up from 16,700 in July and above the 17,700 in August 2012.

NATIONAL NUMBERS
Unemployment rates were lower in August than a year earlier in 311 of the 372 metropolitan areas, higher in 47 areas, and unchanged in 14 areas, noted the broad BLS report.

The U.S. unemployment rate in August was 7.3%, down from 8.1% from a year earlier. Arkansas’ jobless rate was 7.4% in August, unchanged compared to July and up from 7.3% in August 2012.

Oklahoma’s jobless rate during August was 5.3%, unchanged compared to July, and unchanged compared to August 2012. The Missouri jobless rate during August was 7.2%, compared to 7.1% in July and up compared 7% in August 2012.

ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
August 2013: 5.4%
July 2013: 5.9%
August 2012: 5.5%

Fort Smith
August 2013: 7.2%
July 2013: 7.6%
August 2012: 7.9%

Hot Springs
August 2013: 7.5%
July 2013: 7.8%
August 2012: 7.3%

Jonesboro
August 2013: 6.7%
July 2013: 7.2%
August 2012: 6.8%

Little Rock-North Little Rock-Conway
August 2013: 6.5%
July 2013: 6.8%
August 2012: 6.5%

Memphis-West Memphis
August 2013: 9.4%
July 2013: 9.5%
August 2012: 9.1%

Pine Bluff
August 2013: 9.8%
July 2013: 10.3%
August 2012: 9.2%

Texarkana
August 2013: 7.2%
July 2013: 7.3%
August 2012: 6.9%

FORT SMITH METRO AREA HISTORY
Past annual average unemployment rates
2012: 7.7%
2011: 8.6%
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%