Metro jobs report shows biggest gains in central Arkansas, Northwest Arkansas areas

The May jobless rate report on all of the eight metro areas within or including parts of Arkansas shows that the Northwest Arkansas and central Arkansas areas had most of the state’s job gains in May.

The U.S. Bureau of Labor Statistics (BLS) report posted Wednesday (June 28) showed that seven of the eight metro areas had jobless rate declines compared with May 2022, with the Memphis-West Memphis metro unchanged at 3.8%. May jobless rates ranged from 1.9% in Northwest Arkansas to 3.8% each in the Memphis-West Memphis metro and the Texarkana metro. The May report is preliminary and subject to revisions.

Arkansas’ four largest metro regions – areas with most of the workforce in the state – had a combined 21,332 year-over-year job gains in May, well above Arkansas’ 16,675 job gains in May. The metro tally above the state number is a clear indicator of job growth primarily happening in the state’s urban areas. The only two metro areas to show year-over-year job losses were Hot Springs and Memphis-West Memphis.

Central Arkansas – Little Rock, North Little Rock and Conway – had 356,209 employed in May, up 6,688 jobs, or 1.9%, from the 349,521 in May 2022.

Northwest Arkansas, the state’s second largest metro area, had an estimated 308,955 jobs in May, up 11,689 jobs, or 4%, from the 297,266 in May 2022. The May report was the fourth consecutive month that employment in the metro was above 300,000 and the 16th consecutive month that the labor force was above 300,000.

The Fort Smith metro, Arkansas’ third largest metro, had an estimated 116,348 jobs in May, up 1,528 jobs, or 1.3%, from 114,820 in May 2022. Regional employment remains well below the peak of 124,098 in June 2006. The Jonesboro metro had an estimated 66,980 jobs in May, up 1,428 jobs, or 2.2%, from 65,552 in May 2022.

NATIONAL NUMBERS
Unemployment rates were lower in May than a year earlier in 177 of the 389 metropolitan areas, higher in 158 areas, and unchanged in 54 areas, according to the BLS report. A total of 12 areas had jobless rates of less than 2%, and 6 areas had rates of at least 8% percent.

Nonfarm payroll employment increased over the year in 84 metro areas, decreased in 1 area, and was essentially unchanged in 304 areas. The national unemployment rate in May was 3.4%, the same as a year earlier.

In May, Burlington-South Burlington, Vt., had the lowest unemployment rate at 1.3%. The next
lowest rate was in Manchester, N.H., at 1.4%. El Centro, Calif., had the highest rate at 16%. A total of 215 areas had May jobless rates below the U.S. rate of 3.4%, 153 areas had rates above it, and 21 areas had rates equal to that of the nation.

METRO JOBS DATA
Following are labor market data for the eight metro areas.
• Northwest Arkansas
Labor force
May 2023: 314,859
May 2022: 304,247

Employment
May 2023: 308,955
May 2022: 297,266

Unemployed
May 2023: 5,904
May 2022: 6,981

Jobless rate
May 2023: 1.9%
May 2022: 2.3%

• Fort Smith metro (Arkansas-Oklahoma)
Labor force
May 2023: 119,549
May 2022: 118,580

Employment
May 2023: 116,348
May 2022: 114,820

Unemployed
May 2023: 3,201
May 2022: 3,760

Jobless rate
May 2023: 2.7%
May 2022: 3.2%

• Hot Springs
Labor force
May 2023: 41,916
May 2022: 42,583

Employment
May 2023: 40,721
May 2022: 41,091

Unemployed
May 2023: 1,195
May 2022: 1,492

Jobless rate
May 2023: 2.9%
May 2022: 3.5%

• Jonesboro
Labor force
May 2023: 68,458
May 2022: 67,409

Employment
May 2023: 66,980
May 2022: 65,552

Unemployed
May 2023: 1,478
May 2022: 1,857

Jobless rate
May 2023: 2.2%
May 2022: 2.8%

• Central Arkansas
Labor force
May 2023: 364,689
May 2022: 360,577

Employment
May 2023: 356,209
May 2022: 349,521

Unemployed
May 2023: 8,478
May 2022: 11,056

Jobless rate
May 2023: 2.3%
May 2022: 3.1%

• Memphis/West Memphis (Arkansas-Tennessee-Mississippi)
Labor force
May 2023: 624,485
May 2022: 635,439

Employment
May 2023: 600,753
May 2022: 611,147

Unemployed
May 2023: 23,732
May 2022: 24,292

Jobless rate
May 2023: 3.8%
May 2022: 3.8%

• Pine Bluff
Labor force
May 2023: 32,300
May 2022: 32,576

Employment
May 2023: 31,187
May 2022: 31,053

Unemployed
May 2023: 1,113
May 2022: 1,523

Jobless rate
May 2023: 3.4%
May 2022: 4.7%

• Texarkana (Arkansas-Texas)
Labor force
May 2023: 62,753
May 2022: 62,802

Employment
May 2023: 60,348
May 2022: 60,234

Unemployed
May 2023: 2,405
May 2022: 2,568

Jobless rate
May 2023: 3.8%
May 2022: 4.1%