Arkansas jobless rate holds at 5.7% in May, new high set for nonfarm jobs

A year-over-year gain of more than 46,000 jobs kept Arkansas’ jobless rate at 5.7% during May. The month marked the 11th consecutive month the rate has been at or below 6%, and set a new record for nonfarm employment.

The state’s jobless rate of 5.7% in May was unchanged compared to April and better than the 6.2% in May 2014. According to the figures released Friday (June 19) by the U.S. Bureau of Labor Statistics, the state’s economy added an estimated 46,156 jobs between May 2014 and May 2015.

The size of the workforce – 1.336 million – was up 3.23% compared to May 2014, and was up 0.12% over the 1.334 million in April. The peak for Arkansas’ labor force was 1.376 million in August 2008.

The number of employed in Arkansas during May was 1.259 million, up 972 jobs over April and up 3.8% compared to May 2014. The number of unemployed was an estimated 76,835 during May, above the 76,162 in April, but below the 79,787 in May 2014.

The closely watched nonfarm payroll number was 1,209,900 million in May, better than the 1,208,600 million in April and up over the 1,187,000 million in May 2014. If the May number stands, will will mark a new high. Prior to May, nonfarm jobs reached a high in Arkansas of 1,209,800 in April 2008.

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.

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.

ARKANSAS SECTOR NUMBERS
In the Trade, Transportation and Utilities sector — Arkansas’ largest job sector — employment during May was an estimated 248,200, above the 248,000 in April and ahead of the 244,300 during May 2014. Employment in the sector hit a high of 251,800 in March 2007.

Manufacturing jobs in Arkansas during May totaled 154,400, below the 154,900 in April and above the 153,800 in May 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 May was 213,400, down from 213,500 in April and down from the 213,700 during May 2014.

The state’s Education and Health Services sector during May had 177,100 jobs, up from 176,100 in April and up from 172,100 during May 2014. Employment in the sector is up 21.5% compared to May 2005. May also marked a new record for employment in the sector.

The construction sector employed an estimated 48,200 in May, down from 48,400 in April and above the 45,400 in May 2014. The sector is off the employment high of 57,600 reached in March 2007.

Arkansas’ tourism sector (leisure & hospitality) employed 113,900 during May, up from 113,300 during April, and above the 107,500 during May 2014. The sector hit a record high in February with employment of 114,800.

NATIONAL, REGIONAL DATA
The BLS report also noted that 45 states had unemployment rate decreases from a year earlier, and five states had increases. The national jobless rate during May was 5.5%, down from 6.3% in May 2014.

West Virginia had the highest unemployment rate among the states in May at 7.2%. Nebraska had the lowest jobless rate at 2.6%.

The May jobless rate in Oklahoma was 4.3%, up from 4.1% in April and down from 4.6% in May 2014.

Missouri’s jobless rate during May was 5.8%, up compared to 5.7% in April and down from 6.1% in May 2014.