Fort Smith metro jobless rate at 5%, year-over-year job gain up almost 1%

Editor’s note: This story is a component of The Compass Report. The quarterly Compass Report is managed by Talk Business & Politics, and sponsored by Arvest Bank. Supporting sponsors of The Compass Report are Cox Communications and the Fort Smith Regional Chamber of Commerce.

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Job growth in the Fort Smith metro is not as robust as most other Arkansas regions, but year-over-year job numbers were up almost 1% and the November jobless rate of 5% was the lowest since a 4.9% rate in September 2008.

Fort Smith’s metro jobless rate was 5% in November, down from 5.1% in October, and lower than the 5.5% in November 2014, according to figures from the U.S. Bureau of Labor Statistics. November data is subject to revision.

The number of employed in the Fort Smith region totaled 114,352 in November, down from 114,986 in October, but up an estimated 1,037 jobs compared to the 113,315 employed in November 2014. The number of employed in the metro area is down 8.8% compared to the revised high of 125,426 in November 2006 – or 11,074 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 November was 120,428, down from 121,208 during October, and better than the 119,870 during November 2014. The labor force reached a revised high of 132,004 in November 2007, meaning the November workforce size is down 8.76% from the peak number.

Seven of the eight metro areas in or connected to Arkansas had jobless rate declines in November compared to October, and all eight had declines compared to November 2014. The Memphis-West Memphis area jobless rate in November was 6.1%, unchanged compared to October.

During November, the lowest metro jobless rate in the state was 3.1% in Northwest Arkansas and the highest rate was 6.3% in the Pine Bluff area.

FORT SMITH METRO NUMBERS
Unemployed persons in the region totaled an estimated 6,076 during November, down from 6,222 during October, and below the 6,555 during November 2014. The

Jobs in the Trade, Transportation and Utilities sector — the region’s largest job sector —  totaled 23,300 in November, up from 23,200 in October, and below the 24,100 during November 2014. Employment in the sector reached a high of 24,700 in December 2007.

The Fort Smith area manufacturing sector employed an estimated 17,800 in November, down from 18,000 in October, and below the 18,300 in November 2014. Sector employment is down 37.1% from a decade ago when November 2005 manufacturing employment in the metro area stood at 28,300. 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 8,500 during November, down from 8,600 in October and below the 9,200 in November 2014. The sector reached an employment high of 9,300 in May, June and August of 2014. Annual average employment of 9,100 in 2014 was a new record for the metro sector.

In Education & Health Services, employment was 16,800 during November, up from 16,700 in October and better than the 16,400 in November 2014. If it stands, the November employment marks a new high for the sector.

In the Government sector, employment was 18,300 during November, up from 18,200 in October and unchanged compared to November 2014.

NATIONAL NUMBERS
Unemployment rates were lower in November than a year earlier in 322 of the 387 U.S. metro areas, higher in 54 areas, and unchanged in 11, noted the broad BLS report.

The U.S. unemployment rate in November was 5%, unchanged from October and down from 5.8% from a year earlier. Arkansas’ jobless rate was 5% in November, down from 5.1% in October and down from 5.7% in November 2014.

ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
November 2015: 3.1%
October 2015: 3.4%
November 2014: 3.9%

Fort Smith
November 2015: 5%
October 2015: 5.1%
November 2014: 5.5%

Hot Springs
November 2015: 4.9%
October 2015: 5.2%
November 2014: 5.9%

Jonesboro
November 2015: 3.9%
October 2015: 4%
November 2014: 4.9%

Little Rock-North Little Rock-Conway
November 2015: 3.9%
October 2015: 4.2%
November 2014: 4.8%

Memphis-West Memphis
November 2015: 6.1%
October 2015: 6.1%
November 2014: 7.3%

Pine Bluff
November 2015: 6.3%
October 2015: 6.5%
November 2014: 7.1%

Texarkana
November 2015: 4.8%
October 2015: 5%
November 2014: 5.5%

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%