Arkansas’ October jobless rate at 3.3%, below the 3.7% in October 2023

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by Talk Business & Politics staff ([email protected]) ago 0 views 

An almost 6% gain in Education and Health Services sector jobs helped push Arkansas’ net new jobs in October up 2.5%. The state’s jobless rate was 3.3% in October, unchanged from September and below 3.7% in October 2023.

The number of employed in Arkansas during October was an estimated 1,366,073, up 32,806 jobs, or 2.5%, compared with October 2023, and above the 1,362,981 in September, according to the U.S. Bureau of Labor Statistics (BLS) report posted Tuesday (Nov. 19). The October numbers are preliminary and subject to revision.

Arkansas’ labor force, the number of people eligible to work, in October was 1,412,007, up from the 1,384,386 in October 2023, and above the 1,408,729 in September. The state’s labor force participation rate in October was 58.1%, up from 57.6% in October 2023.

Arkansans without jobs in October totaled 45,934, up from the 45,811 in September, and down 10.14% compared with the 51,119 in October 2023.

The biggest year-over-year sector gains were in Education and Health Services (11,900 more jobs, up 5.7%), Professional and Business services (2,900 more jobs), and Construction (2,100 more jobs).

NATIONAL NUMBERS
Unemployment rates were lower in October in 3 states, higher in 1 state, and stable in 46 states and the District of Columbia. Twenty-four states and the District had jobless rate increases from a year earlier, 6 states had decreases, and 20 states had little change.

South Dakota had the lowest jobless rate in October at 1.9%. The District of Columbia and Nevada had the highest jobless rates at 5.7% each. In total, 24 states had unemployment rates lower than the U.S. figure of 4.1%, 3 states and the District had higher rates, and 23 states had rates that were not appreciably different from that of the nation.

Over the year, nonfarm payroll employment increased in 27 states and was essentially unchanged in 23 states and the District of Columbia. The largest job gains occurred in Texas (+274,600), California (+212,100), and New York (+133,600). The largest percentage increase occurred in Idaho (+3.1%), followed by Missouri and South Carolina (+2.7% each).

JOB SECTOR NUMBERS
Trade, Transportation, and Utilities
October 2024: 269,800
September 2024: 270,800
October 2023: 268,300
September marked a new employment record for the sector.

Government
October 2024: 213,200
September 2024: 213,100
October 2023: 212,000
Sector employment hit a peak of 224,100 in May 2010.

Education and Health Services
October 2024: 221,000
September 2024: 218,600
October 2023: 209,100
October marked an employment record for the sector.

Manufacturing
October 2024: 163,000
September 2024: 163,200
October 2023: 161,700
Manufacturing, once the state’s largest jobs sector, posted record employment of 247,600 in February 1995.

Professional and Business Services
October 2024: 159,300
September 2024: 158,800
October 2023: 156,400
June marked an employment record for the sector with 160,900 jobs.

Leisure and Hospitality
October 2024: 128,400
September 2024: 128,300
October 2023: 127,100
April marked an employment record for the sector with 130,200 jobs.

Financial Activities
October 2024: 70,800
September 2024: 69,800
October 2023: 69,800
July first marked an employment record for the sector at 71,900.

Construction
October 2024: 66,800
September 2024: 66,400
October 2023: 64,700
February first marked an employment record for the sector with 68,000 jobs.