Fort Smith metro job numbers, workforce size up in June

The job market in the Fort Smith metro continues to make modest gains, with the region adding more than 2,600 jobs between June 2014 and June 2015. The size of the available regional labor force also grew by 1.94% in the year-over-year period.

Fort Smith’s metro jobless rate was 5.9% in June, unchanged compared to May, and lower than the 6.3% in June 2014, according to figures posted Wednesday (July 29) by the U.S. Bureau of Labor Statistics. June’s data is subject to revision.

The number of employed in the Fort Smith region totaled 115,443 in June, up from 114,507 in May, and up an estimated 2,629 jobs compared to the 112,816 employed in June 2014. The June number is the first time employed topped the 115,000 mark since July 2012. The number of employed in the metro area is down 7.95% compared to the revised high of 125,426 in June 2006 – or 9,983 fewer jobs than the peak metro employment. Metro area employment averaged 111,588 in 2014, below the average of 122,993 in 2006.

The size of the Fort Smith regional workforce during June was 122,679, up from 121,688 during May, and better than the 120,340 during June 2014. The labor force reached a revised high of 132,004 in June 2007, meaning the June workforce size is down 7.06% from the peak number.

All of the eight metro areas in or connected to Arkansas had jobless rate declines in June compared to June 2014. Only three areas (Northwest Arkansas, Hot Springs and central Arkansas) had jobless rate increases compared to May. During June, the lowest metro jobless rate in the state was 4.2% in Northwest Arkansas and the highest rate was 8% in the Pine Bluff area.

FORT SMITH METRO NUMBERS
Unemployed persons in the region totaled an estimated 7,236 during June, up from 7,181 during May, and below the 7,524 during June 2014.

Jobs in the Trade, Transportation and Utilities sector — the region’s largest job sector —  totaled 23,300 in June, up from 23,700 in May, and below the 23,400 during June 2014. Employment in the sector reached a high of 24,700 in December 2007.

The Fort Smith area manufacturing sector employed an estimated 17,900 in June, down from 18,000 in May, and below the 18,100 in June 2014. Sector employment is down 36% from a decade ago when June 2005 manufacturing employment in the metro area stood at 28,000. Annual average monthly employment in manufacturing has fallen from 27,900 in 2005, 20,700 in 2010, and to 18,100 in 2014.

Employment in the region’s tourism industry was 9,100 during June, up from 8,900 in May and below the 9,300 in June 2014. The sector reached an employment high of 9,300 in May and June of 2014. Annual average employment of 9,100 in 2014 was a new record for the metro sector.

In Education & Health Services, employment was 16,500 during June, unchanged compared to May and June 2014. Employment in the sector reached a record 16,700 in October and December of 2012.

In the Government sector, employment was 17,600 during June, down from 18,400 in May and down from 17,700 during June 2014.

NATIONAL NUMBERS
Unemployment rates were lower in June than a year earlier in 351 of the 387 U.S. metro areas, higher in 28 areas, and unchanged in eight, noted the broad BLS report.

The U.S. unemployment rate in June was 5.3%, unchanged from May and down from 6.1% from a year earlier. Arkansas’ jobless rate was 5.7% in June, down from 5.8% in May and down from 6.1% in June 2014.

Oklahoma’s jobless rate during June was 4.5%, up from 4.3% May, and unchanged from June 2014. The Missouri jobless rate during June was 5.8%, the same as in May and below the 6% in June 2014.

ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
June 2015: 4.2%
May 2015: 4.3%
June 2014: 4.7%

Fort Smith
June 2015: 5.9%
May 2015: 5.9%
June 2014: 6.3%

Hot Springs
June 2015: 5.7%
May 2015: 5.9%
June 2014: 6.4%

Jonesboro
June 2015: 5.1%
May 2015: 5%
June 2014: 5.6%

Little Rock-North Little Rock-Conway
June 2015: 4.9%
May 2015: 5.1%
June 2014: 5.6%

Memphis-West Memphis
June 2015: 7%
May 2015: 6.6%
June 2014: 8.1%

Pine Bluff
June 2015: 8%
May 2015: 7.8%
June 2014: 8.8%

Texarkana
June 2015: 5.1%
May 2015: 5%
June 2014: 6.4%

FORT SMITH METRO AREA HISTORY
Past annual average unemployment rates
2014: 6.2%
2013: 8%
2012: 8.1%
2011: 8.8%
2010: 8.5%
2009: 8.3%
2008: 5.1%
2007: 5.2%
2006: 4.8%
2005: 4.6%
2004: 5.2%
2003: 5.6%
2002: 5%
2001: 4.4%
2000: 3.7%