Northwest Arkansas jobless rate dips to 3.5% in September

While the number of employed slipped a little from August, the September jobs picture in Northwest Arkansas remained on a positive track with the number of employed up 3.42% year-over-year.

The jobless rate in the metro area during September was 3.5%, down from 3.6% in August and below the 4.3% in September 2014, according to figures recently updated by the U.S. Bureau of Labor Statistics. September’s data is subject to revision. The area jobless rate has been at or below 6% for 26 consecutive months, and at or below 5% the previous 19 months.

Metro employment during September of 239,775 was below the 239,946 in August, and up 7,938 jobs, or 3.42%, compared to the 231,837 in September 2014. The size of the Northwest Arkansas regional workforce during September was estimated at 248,540, down from the 248,953 in August, and well above the the 242,252 in September 2014.

The regional economy has more than fully recovered from the Great Recession. The Northwest Arkansas annual employment average in 2006, the year before the recession, was 218,779.

All of the eight metro areas in or connected to Arkansas had jobless rate declines in September compared to September 2014. Five areas (Northwest Arkansas, Fort Smith, Jonesboro, Pine Bluff and Texarkana) had jobless rate decreases compared to August. During September, the lowest metro jobless rate in the state was 3.5% in Northwest Arkansas and the highest rate was 7% in the Pine Bluff area.

NWA METRO NUMBERS
Following are other key figures from the BLS metro report.

Unemployed persons in the region totaled 8,765 during September, down from the 9,007 during August and below the 10,415 during September 2014.

Jobs in the Trade, Transportation and Utilities sector — the region’s largest job sector —  totaled 51,400 in September, unchanged compared to August, and up from the 50,900 in September 2014. The sector hit record employment of 52,400 in December 2014.

The Northwest Arkansas manufacturing sector employed an estimated 27,200 in September, unchanged compared to August, and below the 27,400 during September 2014. Sector employment is down almost 20% from a decade ago when September 2005 manufacturing employment in the metro area stood at 33,800. Average annual employment in the sector hit a high of 35,900 in 2000.

Employment in the region’s tourism industry was 23,500 during September, down from 23,600 in August and better than the 22,500 in September 2014. August employment, if not revised, marks a new high for the category. Employment in the regional sector is up more than 45% compared to the 16,200 employed in September 2005.

In Education & Health Services, employment was 25,700 during September, up from 25,100 in August and up from 24,800 during September 2014. The September number, if not revised, will mark a new high for the sector.. The annual average employment of 24,400 during 2014 also was a record for the metro area.

In the Government sector, employment was 33,400 during September, up from 30,200 in August and up compared to 32,400 during September 2014. The sector hit an employment high of 33,600 in November.

NATIONAL NUMBERS
Unemployment rates were lower in September than a year earlier in 353 of the 387 U.S. metro areas, higher in 25 areas, and unchanged in nine, noted the broad BLS report.

The U.S. unemployment rate in September was 5.1%, unchanged from August and down from 5.9% from a year earlier. Arkansas’ jobless rate was 5.2% in September, down from 5.4% in August and down from 5.8% in September 2014.

Oklahoma’s jobless rate during September was 4.4%, down from 4.6% August, and up from 4.2% in September 2014. The Missouri jobless rate during September was 5.3%, down from 5.6% in August and below the 5.6% in September 2014.

ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
September 2015: 3.5%
August 2015: 3.6%
September 2014: 4.3%

Fort Smith
September 2015: 5.3%
August 2015: 5.4%
September 2014: 5.6%

Hot Springs
September 2015: 5.3%
August 2015: 5.3%
September 2014: 6.1%

Jonesboro
September 2015: 4.3%
August 2015: 4.4%
September 2014: 5.2%

Little Rock-North Little Rock-Conway
September 2015: 4.4%
August 2015: 4.4%
September 2014: 5.2%

Memphis-West Memphis
September 2015: 6.4%
August 2015: 6.4%
September 2014: 7.6%

Pine Bluff
September 2015: 7%
August 2015: 7.5%
September 2014: 7.7%

Texarkana
September 2015: 4.8%
August 2015: 5%
September 2014: 5.8%

NORTHWEST ARKANSAS METRO AREA HISTORY
Past annual average unemployment rates
2014: 4.6%
2013: 5.6%
2012: 5.9%
2011: 6.5%
2010: 6.7%
2009: 6.4%
2008: 4.2%
2007: 3.8%
2006: 3.5%
2005: 3.4%
2004: 3.8%
2003: 3.8%
2002: 3.4%
2001: 3.1%
2000: 3.4%