Only three Arkansas metro areas post job gains in February

February job numbers were down in five of the eight metro areas within or including parts of Arkansas. The Central Arkansas metro posted the biggest year-over-year job gain, with the Northwest Arkansas and Fort Smith metros the only other areas with job increases.

The April 3 U.S. Bureau of Labor Statistics (BLS) report showed that the number of unemployed increased in seven of the eight metro areas. February metro jobless rates ranged from 2.6% in Northwest Arkansas to 4.6% in the Pine Bluff metro. The February report is preliminary and subject to revisions.

Arkansas’ four largest metro regions – areas with most of the workforce in the state – had a combined 10,390 year-over-year job gains in February, well above Arkansas’ 6,481 job gains in February. The metro tally above the state number shows job growth primarily in the state’s larger urban areas.

Central Arkansas – Little Rock, North Little Rock and Conway – had 357,886 employed in February, up 8,688 jobs, or 2.5%, from the 349,198 in February 2023. The metro posted record employment of 364,739 in July 2023.

Northwest Arkansas, the state’s second-largest metro area, had an estimated 306,100 jobs in February, up 2,003 jobs, or 0.65%, from the 304,097 in February 2023. The metro first topped 300,000 jobs in July 2022 with 300,925 jobs and posted an employment record of 312,744 in July 2023.

The Fort Smith metro, Arkansas’ third largest metro, had an estimated 116,165 jobs in February, up 1,307 jobs, or 1.14%, from 114,858 in February 2023. Regional employment remains well below the peak of 124,098 in June 2006. The Jonesboro metro had an estimated 64,753 jobs in February, down 1,608 jobs from 66,361 in February 2023.

NATIONAL NUMBERS
Unemployment rates were higher in February than a year earlier in 247 of the 389 metropolitan areas, lower in 109 areas, and unchanged in 33 areas, according to the BLS report. The U.S. unemployment rate in February was 4.2%, not seasonally adjusted, up from 3.9% a year earlier.

A total of 54 areas had jobless rates of less than 3% and 13 areas had rates of at least 8%. Nonfarm payroll employment increased over the year in 42 metropolitan areas, decreased in 3 areas, and remained essentially unchanged in 344 areas.

In February, Ames, Iowa, had the lowest unemployment rate at 1.9%, and the next lowest rate was in Burlington-South Burlington, Vt., at 2%. El Centro, Calif., had the highest rate at 17.2%. A total of 216 areas had February jobless rates below the U.S. rate of 4.2%, 165 areas had rates above it, and 8 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
February 2024: 314,284
February 2023: 310,566

Employment
February 2024: 306,100
February 2023: 304,097

Unemployed
February 2024: 8,184
February 2023: 6,469

Jobless rate
February 2024: 2.6%
February 2023: 2.1%

• Fort Smith metro (Arkansas-Oklahoma)
Labor force
February 2024: 120,928
February 2023: 118,381

Employment
February 2024: 116,165
February 2023: 114,858

Unemployed
February 2024: 4,763
February 2023: 2,523

Jobless rate
February 2024: 3.9%
February 2023: 3%

• Hot Springs
Labor force
February 2024: 41,189
February 2023: 42,081

Employment
February 2024: 39,618
February 2023: 40,670

Unemployed
February 2024: 1,571
February 2023: 1,411

Jobless rate
February 2024: 3.8%
February 2023: 3.4%

• Jonesboro
Labor force
February 2024: 66,838
February 2023: 68,002

Employment
February 2024: 64,753
February 2023: 66,361

Unemployed
February 2024: 2,085
February 2023: 1,641

Jobless rate
February 2024: 3.1%
February 2023: 2.4%

• Central Arkansas
Labor force
February 2024: 369,912
February 2023: 359,027

Employment
February 2024: 357,886
February 2023: 349,198

Unemployed
February 2024: 12,026
February 2023: 9,829

Jobless rate
February 2024: 3.3%
February 2023: 2.7%

• Memphis/West Memphis
Labor force
February 2024: 619,653
February 2023: 631,175

Employment
February 2024: 598,182
February 2023: 604,890

Unemployed
February 2024: 21,471
February 2023: 26,285

Jobless rate
February 2024: 3.5%
February 2023: 4.2%

• Pine Bluff
Labor force
February 2024: 31,593
February 2023: 32,205

Employment
February 2024: 30,126
February 2023: 30,894

Unemployed
February 2024: 1,467
February 2023: 1,311

Jobless rate
February 2024: 4.6%
February 2023: 4.1%

• Texarkana (Arkansas-Texas)
Labor force
February 2024: 62,540
February 2023: 62,778

Employment
February 2024: 59,785
February 2023: 60,035

Unemployed
February 2024: 2,755
February 2023: 2,743

Jobless rate
February 2024: 4.4%
February 2023: 4.4%