Jobless rate declines slow in most Arkansas metros in July, all rates better than July 2015

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 Lowell-based Zero Mountain Logistics, a subsidiary of Fort Smith-based Zero Mountain. Supporting sponsors of The Compass Report are Cox Communications and the Fort Smith Regional Chamber of Commerce.
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Jobless rates for all Arkansas metro areas were lower in July than a year ago, but three of the eight metro areas – central Arkansas, Pine Bluff, and Texarkana – saw jobless rates rise in July compared to June.

Jobless rates ranged from a low of 3.1% in Northwest Arkansas to a high of 6% in the Pine Bluff metro, according to U.S. Bureau of Labor Statistics data posted Wednesday (Aug. 31). (See charts at the end of this report.)

The BLS data – subject to revision for all metro areas – showed there were 27,311 jobs created between July 2015 and July 2016 in the state’s four metro areas that are covered by Talk Business & Politics’ The Compass Report. Northwest Arkansas had the most with 12,535 new jobs (up 5.06% compared to July 2015), followed by central Arkansas with 10,413 (up 3.06%), the Jonesboro metro with 3,022 new jobs (up 5.13%), and the Fort Smith metro with 1,341 new jobs (up 1.15%).

There were an estimated 43,144 new jobs in Arkansas between July 2015-July 2016, according to the federal numbers, which means the four metro areas accounted for 63.3% of new jobs in July.

Following are key jobs data on the four metro areas.

CENTRAL ARKANSAS METRO
The central Arkansas metro area jobless rate was 3.8% in July, up from 3.7% in June and below the 5% in July 2015.

The size of the central Arkansas regional workforce during July was estimated at 363,643, above the 359,131 in June, and 1.77% more than the 357,313 in July 2015.

Central Arkansas’ metro employment of 349,933 in July was above the 345,687 in June, and up compared to the 339,520 during July 2015. The July employment number again set a new record for the state’s capitol city metro.

The number of unemployed in the region totaled an estimated 13,710 during July, up from the 13,444 during June, but well below the 17,793 in July 2015.

NORTHWEST ARKANSAS METRO
The Northwest Arkansas metro jobless rate was 3.1% in July, unchanged compared to June, and below the 4.1% in July 2015. The historic jobless low for the metro is 2.1%, and was last reached in November 1999.

The size of the Northwest Arkansas regional workforce during July was 268,365, above the 265,6039 during June, and 4% higher than the 257,991 in July 2015.

The number of employed in Northwest Arkansas totaled 259,942 in July, above the 257,241 in June, and up from the 247,407 employed in July 2015. The July employment number set a new record for the region, beating the 257,305 in April.

Unemployed persons in the region totaled an estimated 8,423 during July, up from the 8,362 during June, but below the 10,584 during July 2015.

FORT SMITH METRO
Fort Smith’s metro jobless rate was 5% in July, unchanged from June, but lower than the 5.7% in July 2015.

The size of the Fort Smith regional workforce during July was 123,059, up from 122,835 during June, and just above the 122,642 in July 2015. The labor force reached a revised high of 132,004 in July 2007, meaning the July workforce size is down 6.77% from the peak number.

The number of employed in the Fort Smith region totaled 116,962 in July, up slightly from the 116,729 in June, and up 1.15% from the 115,621 employed in July 2015. The number of employed in the area is down 6.7% compared to the high of 125,426 in July 2006.

Unemployed persons in the region totaled an estimated 6,097 during July, down from the 6,106 during June, and below the 7,021 during July 2015.

JONESBORO
The Jonesboro metro area jobless rate was 3.7% in July, unchanged from June and below the 5% in July 2015. April marked the first time the metro posted a rate below 3%, when it hit 2.8%.

The size of the Jonesboro regional workforce during July was estimated at 64,244, above the 63,250 in June, and above the 62,020 in July 2015. The July figure, if not revised, is a new record for the region.

Jonesboro metro employment during July was 61,861, above the 60,921 in June, and up 5.1% compared to the 58,839 during July 2015. July marked a record for employment in the Jonesboro metro, beating the record set in June.

The number of unemployed in the region totaled an estimated 2,383 during July, up from 2,329 during June, and below the 3,181 during July 2015.

NATIONAL NUMBERS
Unemployment rates were lower in July than a year earlier in 279 of the 387 metropolitan areas, higher in 87 areas, and unchanged in 21 areas, noted the broad BLS report. The lowest metro rate was 1.9% in Sioux Falls, S.D., and the highest metro rate was 23.7% in Yuma, Ariz., at 24.3%.

The U.S. unemployment rate in July was 4.9%, unchanged from June and down from 5.3% from a year earlier. Arkansas’ jobless rate was 3.9% in July, unchanged from June and down from 5.2% in July 2015.

ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
July 2016: 3.1%
June 2016: 3.1%
July 2015: 4.1%

Fort Smith
July 2016: 5%
June 2016: 5%
July 2015: 5.7%

Hot Springs
July 2016: 4.5%
June 2016: 4.5%
July 2015: 6%

Jonesboro
July 2016: 3.7%
June 2016: 3.2%
July 2015: 5.1%

Little Rock-North Little Rock-Conway
July 2016: 3.7%
June 2016: 3.7%
July 2015: 5.1%

Memphis-West Memphis
July 2016: 5.5%
June 2016: 5.7%
July 2015: 6.8%

Pine Bluff
July 2016: 6%
June 2016: 5.8%
July 2015: 7.6%

Texarkana
July 2016: 5.1%
June 2016: 4.6%
July 2015: 5.4%

CENTRAL ARKANSAS METRO HISTORY
Past annual average unemployment rates
2015: 4.7%
2014: 5.5%
2013: 6.5%
2012: 6.7%
2011: 7.3%
2010: 7.2%
2009: 6.7%
2008: 4.7%
2007: 4.6%
2006: 4.6%
2005: 4.7%
2004: 5.1%
2003: 5.2%
2002: 4.9%
2001: 4.3%
2000: 3.7%

NORTHWEST ARKANSAS METRO AREA HISTORY
Past annual average unemployment rates
2015: 3.8%
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%

FORT SMITH METRO HISTORY
Past annual average unemployment rates
2015: 5.5%
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%

JONESBORO METRO HISTORY
Past annual average unemployment rates
2015: 4.8%
2014: 5.8%
2013: 7%
2012: 7.2%
2011: 7.8%
2010: 7.8%
2009: 7.4%
2008: 5.2%
2007: 5.4%
2006: 5.2%
2005: 5.1%
2004: 5.7%
2003: 6%
2002: 5.7%
2001: 5.3%
2000: 4.2%