Northwest Arkansas Jobless Rate Below 4% For First Time In Six Years

Editor’s note: This story is a component of The City Wire’s quarterly Compass Report, which is sponsored by Arvest Bank. Supporting sponsors of The Compass Report also include Cox Communications and the Fort Smith Regional Chamber of Commerce.

The Northwest Arkansas jobless rate in October dipped below 4% for the first time since October 2008. The region’s rate also was the lowest metro rate in Arkansas, but declines continued in the size of the regional labor force.

The October rate of 3.9% was down from 4.4% in September and below the 5.4% in October 2013, according to figures from the U.S. Bureau of Labor Statistics.

Metro employment in Northwest Arkansas during October of 224,698 was above the 223,532 in September, and also above the 222,492 in October 2013. The October numbers are subject to revision.

The size of the Northwest Arkansas regional workforce during October was estimated at 233,835, relatively unchanged compared to the 233,827 in September, but 0.52% below the 235,079 during October 2013. The average annual monthly labor size was 234,412 in 2013, 232,208 during 2012, 228,918 during 2011 and 225,974 during 2010.

All of the eight metro areas in or connected to Arkansas had jobless rate declines in October compared to September, and all had jobless rate declines compared to October 2013.

During October, the lowest metro jobless rate in the state was 3.9% in Northwest Arkansas and the highest rate was 7.5% in the Memphis-West Memphis area. A full rundown of each metro area can be found at the bottom of this post.

CENTRAL ARKANSAS
The central Arkansas metro area jobless rate was 4.8% in October, down from 5.3% in September and below the 6.5% in October 2013. October marked the first time the rate has been below 5% since November 2008.

The size of the central Arkansas regional workforce during October was estimated at 334,640, above the 333,343 in September, but below the 335,905 in October 2013.

Central Arkansas’ metro employment of 318,464 in October was above the 315,618 in September, and up 0.57% compared to the 316,641 during October 2013. The average annual monthly employment was 317,790 in 2013, 320,336 during 2012, 317,981 during 2011 and 317,383 during 2010.

FORT SMITH
Fort Smith’s metro jobless rate fell to 5.4% in October compared to 5.7% in September. The rate was lower than the 7.5% in October 2013, but the number of employed in the region dipped slightly by 0.54% in the 12-month period.

The size of the Fort Smith regional workforce during October was 126,015, up from 125,985 during September, but below the 129,664 during October 2013. The labor force reached a revised high of 140,253 in June 2007, meaning the October workforce size is down 10.15% from the peak number.

The number of employed in the Fort Smith region totaled 119,241 in October, up from 118,771 in September, and just slightly below the 119,892 employed in October 2013. The number of employed in the metro area is down 10.19% compared to the high of 132,779 in November 2007 – or 13,538 fewer jobs in the almost seven-year period.

JONESBORO
The Jonesboro metro area jobless rate was 4.8% in October, down from 5.2% in September and well below the 6.6% in October 2013. October marked the first time the rate has been below 5% since November 2008.

The size of the Jonesboro regional workforce during October was estimated at 59,993, above the 59,332 in September, and 0.67% above the 59,589 in October 2013.

Jonesboro metro employment during October of 57,143 was above the 56,228 in September, and up 2.66% compared to the 55,662 during October 2013. The average annual monthly employment was 55,105 in 2013, 54,873 during 2012, 54,537 during 2011 and 53,345 during 2010.

ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
Oct. 2014: 3.9%
Sept. 2014: 4.4%
Oct. 2013: 5.4%

Fort Smith
Oct. 2014: 5.4%
Sept. 2014: 5.7%
Oct. 2013: 7.5%

Hot Springs
Oct. 2014: 5.6%
Sept. 2014: 6.1%
Oct. 2013: 7.8%

Jonesboro
Oct. 2014: 4.8%
Sept. 2014: 5.2%
Oct. 2013: 6.6%

Little Rock-North Little Rock-Conway
Oct. 2014: 4.8%
Sept. 2014: 5.3%
Oct. 2013: 6.5%

Memphis-West Memphis
Oct. 2014: 7.5%
Sept. 2014: 7.9%
Oct. 2013: 9.2%

Pine Bluff
Oct. 2014: 6.8%
Sept. 2014: 7.5%
Oct. 2013: 9.7%

Texarkana
Oct. 2014: 5.5%
Sept. 2014: 5.8%
Oct. 2013: 7.2%

NATIONAL NUMBERS
Unemployment rates were lower in October than a year earlier in 354 of the 372 metropolitan areas, higher in 14 areas, and unchanged in four areas, noted the broad BLS report.

The U.S. unemployment rate in October was 5.8%, down from 7% from a year earlier. Arkansas’ jobless rate was 6% in October, down from 6.2% in September and down from 7.6% in October 2013.

Oklahoma’s jobless rate during October was 4.5%, down from 4.7% in September, and down compared to 5.6% in October 2013. The Missouri jobless rate during October was 5.9%, down from 6.3% in September and below the 6.3% in October 2013. Tennessee’s unemployment rate fell to 7.1% in October, down from a revised 7.3% in September and a full percentage point below October 2013’s jobless rate of 8.1%.