July job numbers dip compared with June, but jobless rate falls to 4.3%

Jobs in Arkansas during July were up 3.8% compared with July 2020, the number of unemployed fell 38% year over year, and the state’s jobless rate fell from 4.4% in June to 4.3% in July, according to Friday’s (Aug. 20) report from the U.S. Bureau of Labor Statistics (BLS).

The number of employed in Arkansas during July was an estimated 1,296,670, up 47,475 jobs compared with July 2020, but just below the 1,298,261 in June. The July numbers are preliminary and subject to revision.

The state’s labor force – the number of people eligible to work – was 1,355,630 in July, up compared with the 1,344,406 in July 2020, and below the 1,358,172 in June. Arkansans without jobs in July totaled 58,960, down from 59,911 in June, and down 38% from the 95,211 in July 2020.

The biggest year-over-year sector gains were in Professional and Business Services (11,000 more jobs), Manufacturing (up 9,800 jobs) and Education and Health Services (up 5,500 jobs). Of the large employment sectors, the only decline was in Government which had 1,800 fewer jobs year over year.

Unemployment rates were lower in July in 17 states and stable in 33 states, the BLS reported. All 50 states had jobless rate decreases from a year earlier. Nevada had the highest rate in July at 7.7%, followed by California, New Mexico, and New York at 7.6% each. Nebraska and Utah had the lowest jobless rates at 2.3% and 2.6%, respectively. In total, 23 states had rates lower than the U.S. rate of 5.4%, 13 states had higher rates, and 14 states had rates that were not appreciably different from that of the nation.

JOB SECTOR NUMBERS
Jobs in the Trade, Transportation, and Utilities sector – the state’s largest job category – was 251,100 in July, down from 251,200 in June and above the 246,500 in July 2020. The sector reached record employment of 253,700 in January 2020.

The Government sector employed 204,600 in July, up from the 203,200 in June and below the 206,400 in July 2020. Sector employment hit a peak of 224,100 in June 2010.

The Education and Health Services sector employed 190,500 in July, up from 189,600 in June and above the 185,000 in July 2020. February 2020 set a record for sector employment at 195,300.

Arkansas’ manufacturing sector had 161,600 jobs, above the 160,900 in June and up from the 151,800 jobs in July 2020. Manufacturing, once the state’s largest jobs sector, posted record employment of 247,600 in July 1995.

Professional and Business Services employed 147,200 in July, up from 146,800 in June and well above the 136,200 July 2020. The July employment marks a new high for the sector.

The state’s Leisure and Hospitality (tourism) sector had 110,700 jobs in July, down from 110,800 in June and above the 105,500 in July 2020. The sector first reached an employment record of 122,900 in December 2019.

The Financial Activities sector had 66,300 jobs in July, up from 65,900 in June and up from the 63,600 in July 2020. The July jobs number marks a new record employment for the sector.

The Construction sector had 52,400 jobs in July, down from 53,400 in June and up from the 52,300 in July 2020. The sector reached record employment of 55,200 in January.