Arkansas jobless rate rises to 2.9% in September

An almost 7% month-to-month increase in the number of jobless pushed Arkansas’ unemployment rate from 2.7% in August to 2.9% in September. However, the number of jobless in September is 16% below September 2022.

The number of employed in Arkansas during September was an estimated 1,352,437, up 28,978 jobs, or 2.2%, compared with September 2022, and just above the 1,352,200 in August, according to the U.S. Bureau of Labor Statistics report posted Friday (Oct. 20). The September numbers are preliminary and subject to revision.

Arkansas’ labor force, the number of people eligible to work, in September was 1,392,337, up 1.6% from the 1,371,057 in September 2022, and above the 1,389,539 in August.

Arkansans without jobs in September totaled 39,900, 6.9% above the 37,339 in August, and down 16% compared with the 47,598 in September 2022.

“The increase in the unemployment rate was attributable to the second month of increase in the number of unemployed. The number of unemployed was up 2,561 in September after increasing 1,715 (revised) in August,” noted Dr. Michael Pakko, chief economist and state economic forecaster at the University of Arkansas at Little Rock’s Institute for Economic Advancement. “Despite these increases, the number of unemployed remains below 40,000 and the unemployment rate lower than 3% should be considered a sign of ongoing tightness of labor markets.  The number of employed continued its long span of expansion, albeit at a slower pace over the past two months. The labor force continues to grow.”

The biggest year-over-year sector gains were in Leisure and Hospitality (8,600 more jobs), Education and Health Services (8,200 more jobs), and Construction (6,100 more jobs). September saw record employment in the Construction and Education and Health Services sectors.

NATIONAL NUMBERS
Unemployment rates were higher in September in 16 states and stable in 34 states, according to the BLS report.. Twenty-four states had jobless rate decreases from a year earlier, 10 states had increases, and 16 states had little change. The national unemployment rate of 3.8%, was unchanged over the month but was 0.3 percentage point higher than in September 2022.

Maryland had the lowest jobless rate in September at 1.6%. The next lowest rates were in North Dakota, South Dakota, and Vermont at 1.9% each. The rates in Maryland (1.6%), Pennsylvania (3.4%), and Rhode Island (2.6%) set new series lows. (All state series begin in 1976.) Nevada had the highest unemployment rate at 5.4%. In total, 25 states had jobless rates lower than the U.S. figure of 3.8%, 2 states had higher rates, and 23 states had rates that were not appreciably different from that of the nation.

JOB SECTOR NUMBERS
Trade, Transportation, and Utilities
September 2023: 270,700
August 2023: 271,900
September 2022: 271,200
February marked an employment record for the sector with 276,500 jobs.

Government
September 2023: 209,900
August 2023: 209,800
September 2022: 208,200
Sector employment hit a peak of 224,100 in July 2010.

Education and Health Services
September 2023: 209,200
August 2023: 208,900
September 2022: 201,000
September marked a new employment record for the sector.

Manufacturing
September 2023: 161,800
August 2023: 164,000
September 2022: 163,900
Manufacturing, once the state’s largest jobs sector, posted record employment of 247,600 in February 1995.

Professional and Business Services
September 2023: 154,300
August 2023: 153,500
September 2022: 156,300
September 2022 marked an employment record for the sector with 156,300 jobs.

Leisure and Hospitality
September 2023: 132,700
August 2023: 133,400
September 2022: 124,100
August marked a new employment record for the sector.

Financial Activities
September 2023: 70,200
August 2023: 70,700
September 2022: 71,500
The sector had record employment of 71,500 in September 2022.

Construction
September 2023: 64,800
August 2023: 64,100
September 2022: 58,700
September marked a new employment record for the sector.