All Arkansas Metro Areas See Lower Jobless Rates In March

All eight of Arkansas’ metropolitan areas had lower jobless rate in March compared to the previous month and a year ago, according to data compiled and released by U.S. Bureau of Labor Statistics. March’s data is subject to revision, and a massive adjustment of historical employment data for all U.S. metro areas was posted April 22.

Statewide, the Arkansas’ jobless rate was 5.6% in March, unchanged from February and down from 6.4% in March 2014. The lowest metro jobless rate in the state was 4.2% in Northwest Arkansas and the highest rate was 7.6% in the Pine Bluff area.

Overall, the state’s labor pool grew by 4,700 workers in March to a total of 1,330,900 workers currently on payrolls. There are 3,900 more employed and 800 additional unemployed Arkansans.

By comparison, the U.S. unemployment rate in March was 5.5%, unchanged compared to February and down from 6.6% from a year earlier. Compared to surrounding states, Arkansas is even with Missouri’s 5.6%, but well behind Oklahoma’s and Texas’ jobless rate of 3.9% and 4.2% respectively. Mississippi’s labor pool is stilling with a 6.8% seasonally adjusted jobless rate, the 49th highest jobless among the 50 states and the District of Columbia.

ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
March 2015: 4.2%
Feb. 2015: 4.4%
March 2014: 5%

Fort Smith
March 2015: 5.8%
Feb. 2015: 6%
March 2014: 6.7%

Hot Springs
March 2015: 6%
Feb. 2015: 6.2%
March 2014: 6.8%

Jonesboro
March 2015: 5.2%
Feb. 2015: 5.4%
March 2014: 6.3%

Little Rock-North Little Rock-Conway
March 2015: 5.1%
Feb. 2015: 5.3%
March 2014: 5.8%

Memphis-West Memphis
March 2015: 6.5%
Feb. 2015: 7%
March 2014: 7.9%

Pine Bluff
March 2015: 7.6%
Feb. 2015: 7.9%
March 2014: 9.2%

Texarkana
March 2015: 5.2%
Feb. 2015: 5.5%
March 2014: 6.77%

CENTRAL ARKANSAS
Meanwhile, the March jobless rate in Central Arkansas came in at 5.1%, down from 5.3% in the previous and well ahead of the 5.8% unemployment rate in the same period a year ago. The number of employed in the central Arkansas metro during March was 327,006, better than the 324,094 in February and well ahead of the 316,816 in March 2014. Employment in the region is getting close to its peak annual average of 327,965 set in 2008.

Overall, March saw the metro labor force size grow to 344,627, up from 342,388 in February and up over the 336,496 in March 2014. The number of unemployed in March was an estimated 17,621, down from 18,294 in February and down from the 19,680 in March 2014.

Historic employment numbers for the metro were recently revised. Following are the central Arkansas annual employment averages and jobless rate during the previous five years.

2014: 320,528, 5.5%
2013: 320,020, 6.5%
2012: 324,863, 6.7%
2011: 324,639, 7.2%
2010: 322,952, 7.2%

NORTHWEST ARKANSAS
Northwest Arkansas’ labor market employed an estimated 236,693 during March, a gain of more than 13,000 jobs compared to March 2014 and, if the number stands, a new record for the metro area.

The jobless rate in the metro area during March was 4.2%, down from 4.4% in February and below the 5% in March 2014, according to figures from the U.S. Bureau of Labor Statistics. The area jobless rate has been at or below 6% for 21 consecutive months, and below 5% the previous nine months. The March numbers are subject to revision.

A massive revision of historical employment data for all U.S. metro areas was posted April 22, with the revisions clearly showing the Northwest Arkansas economy performing much better than the pre-recession period. The labor force size and number of employed in March set new records for the region.

Metro employment during March of 236,693 was above the 234,846 in February, and above the 223,613 in March 2014. The size of the Northwest Arkansas regional workforce during March was estimated at 247,112, up from the 245,592 in February, and well ahead of the 235,455 during March 2014.

Following are the revised Northwest Arkansas annual employment averages and jobless rate during the previous five years.

2014: 227,954, 4.6%
2013: 219,788, 5.6%
2012: 219,374, 5.9%
2011: 216,661, 6.5%
2010: 212,323, 6.7%

The Northwest Arkansas annual employment average in 2006, the year before the recession, was 218,779.

FORT SMITH
The March jobs reports for the Fort Smith metro shows a year-over-year gain in employment, but the regional employment has struggled to gain and maintain momentum in the previous five years. The number of jobs during March was almost 12,000 fewer than a pre-recession peak.

Fort Smith’s metro jobless rate was 5.8% in March, down from 6% in February, and lower than the 6.7% in March 2014, according to figures from the U.S. Bureau of Labor Statistics. March’s data is subject to revision, and a massive revision of historical employment data for all U.S. metro areas was posted April 22.

The number of employed in the Fort Smith region totaled 113,464 in March, down slightly from 113,523 in February, but better than the 110,353 employed in March 2014. The number of employed in the metro area is down 9.5% compared to the revised high of 125,426 in June 2006 – or 11,962 fewer jobs than the peak metro employment.

Following are the revised Fort Smith metro annual employment averages and jobless rate during the previous five years.

2014: 111,588, 6.2%
2013: 111,277, 8%
2012: 113,821, 8.1%
2011: 114,160, 8.8%
2010: 115,923, 8.5%

The Fort Smith annual employment average in 2006, the year before the recession, was 122,993.

The size of the Fort Smith regional workforce during March was 120,392, down from 120,797 during February, but better than the 118,287 during March 2014. The labor force reached a revised high of 132,004 in June 2007, meaning the March workforce size is down 10.5% from the peak number.

All of the eight metro areas in or connected to Arkansas had jobless rate declines in March compared to March 2014, and all had jobless rate declines compared to February. During March, the lowest metro jobless rate in the state was 4.2% in Northwest Arkansas and the highest rate was 7.6% in the Pine Bluff area.

JONESBORO
The number of employed in the Jonesboro metro during March was 58,296, better than the 57,852 in February and well ahead of the 54,528 in March 2014. Employment in the region is getting close to its peak annual average of 327,965 set in 2008.

Jonesboro metro annual employment average in 2014 was 55,817, a record for the metro area. First quarter 2015 numbers are on a trend line to set a new record.

The Jonesboro metro labor force size during March was 61,471, up from 61,164 in February and up over the 58,179 in March 2014. The number of unemployed in March was an estimated 3,175, down from 3,313 in February and down from the 3,651 in March 2014.

Historic employment numbers for the Jonesboro metro were recently revised. Following are the metro annual employment averages and jobless rate during the previous five years.

2014: 55,817, 5.7%
2013: 54,692, 7%
2012: 55,111, 7.2%
2011: 55,303, 7.8%
2010: 53,985, 7.8%