Northwest Arkansas jobless rate falls to 3.1%, annual job growth up 3.74%

Northwest Arkansas’ jobless rate fell to 3.1% in November thanks to an almost 4% gain in year-over-year jobs and a more than 17% drop in the number of unemployed compared to November 2014.

The jobless rate of 3.1% was down from 3.4% in October and below the 3.9% in November 2014, according to figures from the U.S. Bureau of Labor Statistics. November data is subject to revision. The jobless rate has been below 4% for four consecutive months, and has been below 5% since August 2014.

Metro employment during November of 242,065 was just below the 242,066 in October, and up 8,739 jobs, or 3.74%, compared to the 233,326 in November 2014. The size of the Northwest Arkansas regional workforce during November was estimated at 249,883, down from the 250,552 in October, and above the the 243,795 in November 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.

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.

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

Unemployed persons in the region totaled 7,818 during November, down from the 8,486 during October and below the 9,469 during November 2014.

Jobs in the Trade, Transportation and Utilities sector — the region’s largest job sector —  totaled 52,200 in November, up from 51,400 in October, and up from the 52,000 in November 2014. The sector hit record employment of 52,400 in December 2014.

The Northwest Arkansas manufacturing sector employed an estimated 26,700 in November, down from 26,800 in October, and below the 27,500 during November 2014. Sector employment is down 21.4% from a decade ago when November 2005 manufacturing employment in the metro area stood at 34,000. Average annual employment in the sector hit a high of 35,900 in 2000.

Employment in the region’s tourism industry was 24,100 during November, up from 23,300 in October and better than the 21,800 in November 2014. November employment, if not revised, marks a new high for the category. Employment in the regional sector is up more than 48% compared to the 16,200 employed in November 2005.

In Education & Health Services, employment was 25,900 during November, up from 25,800 in October and up from 25,000 during November 2014. The November employment sets another record 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 34,500 during November, up from 34,100 in October and up compared to 33,600 during November 2014. The November number also is a new record high for the sector.

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%

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%