Arkansas’ jobless rate holds at 5.6% in March

Relatively stable growth in the labor force size and the number of employed held Arkansas’ jobless rate at 5.6% in March. It is the ninth consecutive month the jobless rate has been at or below 6%.

Arkansas’ March jobless rate of 5.6% was unchanged compared to February and below the 6.4% in March 2014, according to figures released Tuesday (April 21) by the U.S. Bureau of Labor Statistics. The March numbers are subject to revision.

Arkansas’ average jobless rate for 2014 was 6.1%, down 1.3% percentage points from the 7.4% average in 2013. It is the first time the annual average dropped below 7% since 2008.

The size of the workforce – 1.33 million – was up 2.91% compared to March 2014, and was better than the 1.326 million in February. The peak for Arkansas’ labor force was 1.376 million in August 2008.

The number of employed in Arkansas during March was 1.256 million, below February employment of 1.252 million, and up 3.75%, or an impressive 45,505 jobs compared to March 2014. The number of unemployed was an estimated 74,459 during March, above the 73,682 in February, but well below the 82,269 in March 2014.

The closely watched nonfarm payroll number was 1.203 million in March. The nonfarm number topped the 1.2 million mark in December, the first time since September 2008. The nonfarm category does not include farm workers, private household employees, non-profit employees and “general government” employees. Investopedia estimates that the nonfarm category represents about 80% of the total workforce that contributes to national GDP.

Nonfarm payroll during March was below the 1.209 million in February and up over the 1.181 million in March 2014. Nonfarm jobs reached a high in Arkansas of 1,209,800 in February 2008.

ARKANSAS SECTOR NUMBERS
In the Trade, Transportation and Utilities sector — Arkansas’ largest job sector — employment during March was an estimated 247,400, below the 249,400 in February and ahead of the 242,400 during March 2014. Employment in the sector hit a high of 251,800 in March 2007.

Manufacturing jobs in Arkansas during March totaled 154,400, above the 153,900 in February and above the 153,200 in March 2014. Employment in the manufacturing sector fell in 2014 to levels not seen since early 1968. Peak employment in the sector was 247,300 in February 1995.

Government job employment during March was 213,300, unchanged compared to February and just above the 213,200 during March 2014.

The state’s Education and Health Services sector during March had 174,400 jobs, up from 174,100 in February and up from 171,600 during March 2014. Employment in the sector is up 20.2% compared to March 2005.

The construction sector employed an estimated 46,100 in March, down from 49,500 in February and above the 44,700 in March 2014. The sector is off the employment high of 57,600 reached in March 2007.

Arkansas’ tourism sector (leisure & hospitality) employed 114,400 during March, down from a revised 114,800 during February, and above the 106,800 during March 2014. The revised February employment marked a record for the industry.

NATIONAL, REGIONAL DATA
The BLS report also noted that 46 states had unemployment rate decreases from a year earlier, three states had increases and only Arkansas had no change. The national jobless rate during March was 5.5%, down from the 6.6% in March 2014.

Nevada had the highest unemployment rate among the states in March at 7.1%. Nebraska had the lowest jobless rate at 2.6%.

The March jobless rate in Oklahoma was 3.9%, unchanged compared to February and down from 4.8% in March 2014.

Missouri’s jobless rate during March was 5.6%, up compared to 5.5% in February and down from 6.4% in March 2014.