All Arkansas metro job numbers up in October report

All eight of the metro areas in or connected to Arkansas had job gains in October, and five of the eight areas had year-over-year jobless rate declines. Northwest Arkansas had the lowest metro rate at 2.1%. The Pine Bluff and Memphis/West Memphis metros had the highest rates at 4.3% each.

The U.S. Bureau of Labor Statistics (BLS) jobs report shows that Arkansas’ four largest metro regions – areas with most of the workforce in the state – had a combined 26,286 year-over-year job gains in October, which was 80.1% of Arkansas’ 32,806 job gains in October. Arkansas’ jobless rate in October was 3.3%. The October numbers are preliminary and subject to revision.

Central Arkansas – Little Rock, North Little Rock and Conway – had 368,321 employed in October, up 12,044 jobs, or 3.4%, compared with October 2023. The metro had 10,351unemployed, down from 10,931 in October 2023. Northwest Arkansas, the state’s second largest metro area, had an estimated 316,172 jobs in October, up 10,274 jobs, or 3.4%, compared with October 2023. The metro had 6,819 unemployed, down from 7,007 in October 2023.

The Fort Smith metro, Arkansas’ third largest metro, had an estimated 118,288 jobs in October, up 2,021 jobs, or 1.7%, compared with October 2023. Regional employment remains well below the peak of 124,098 in July 2006. The metro had 3,696 unemployed, down from 4,583 in October 2023. The Jonesboro metro had an estimated 67,529 jobs in October, up 3% compared with October 2023. The metro had 1,779 unemployed, down from 1,833 in October 2023.

Dr. Michael Pakko, chief economist and state economic forecaster with the Arkansas Economic Development Institute, said October job numbers statewide were “impressive.”

“The state employment report for October continued to indicate a trend of better-than-expected employment growth and low unemployment. The unemployment rate remained at 3.3%, significantly lower than the national average of 4.1%,” Pakko noted in a recent report. “Employment growth continues to be impressive, whether measured in the household survey data or the establishment survey data. By any measure, total Arkansas employment was at record levels in October.”

NATIONAL NUMBERS
Unemployment rates were higher in October than a year earlier in 272 of the 389 metro areas, lower in 98 areas, and unchanged in 19 areas, A total of 80 areas had jobless rates of less than 3% and 5 areas had rates of at least 8%. Nonfarm payroll employment increased over the year in 32 metro areas, decreased in 1 area, and was essentially unchanged in 356 areas. The U.S. unemployment rate in October was 3.9%, not seasonally adjusted, up from 3.6% a year earlier.

In October 2024, nonfarm payroll employment increased over the year in 32 metro areas, decreased in 1, and was essentially unchanged in 356 areas. The largest over-the-year percentage job gains occurred in Rochester, Minn. (+5.5%), and Stockton-Lodi, Calif. (+3.9%), followed by Boise City, Idaho, and Burlington-South Burlington, Vt. (+3.8% each).

METRO JOBS DATA
Following are labor market data for the eight metro areas.
• Northwest Arkansas
Labor force
October 2024: 322,991
October 2023: 312,905

Employment
October 2024: 316,172
October 2023: 305,898

Unemployed
October 2024: 6,819
October 2023: 7,007

Jobless rate
October 2024: 2.1%
October 2023: 2.2%

• Fort Smith metro (Arkansas-Oklahoma)
Labor force
October 2024: 121,984
October 2023: 120,843

Employment
October 2024: 118,288
October 2023: 116,360

Unemployed
October 2024: 3,696
October 2023: 4,583

Jobless rate
October 2024: 3%
October 2023: 3.8%

• Hot Springs
Labor force
October 2024: 41,738
October 2023: 41,290

Employment
October 2024: 40,389
October 2023: 39,849

Unemployed
October 2024: 1,349
October 2023: 1,441

Jobless rate
October 2024: 3.2%
October 2023: 3.5%

• Jonesboro
Labor force
October 2024: 69,308
October 2023: 67,422

Employment
October 2024: 67,529
October 2023: 65,589

Unemployed
October 2024: 1,779
October 2023: 1,813

Jobless rate
October 2024: 2.6%
October 2023: 2.7%

• Central Arkansas (Little Rock-North Little Rock-Conway)
Labor force
October 2024: 378,672
October 2023: 367,208

Employment
October 2024: 368,321
October 2023: 356,277

Unemployed
October 2024: 10,351
October 2023: 10,931

Jobless rate
October 2024: 2.7%
October 2023: 3%

• Memphis/West Memphis (Tennessee-Arkansas)
Labor force
October 2024: 623,874
October 2023: 618,328

Employment
October 2024: 596,894
October 2023: 593,242

Unemployed
October 2024: 26,980
October 2023: 25,086

Jobless rate
October 2024: 4.3%
October 2023: 4.1%

• Pine Bluff
Labor force
October 2024: 32,132
October 2023: 31,867

Employment
October 2024: 30,751
October 2023: 30,501

Unemployed
October 2024: 1,381
October 2023: 1,366

Jobless rate
October 2024: 4.3%
October 2023: 4.3%

• Texarkana (Arkansas-Texas)
Labor force
October 2024: 63,386
October 2023: 62,171

Employment
October 2024: 60,825
October 2023: 59,902

Unemployed
October 2024: 2,561
October 2023: 2,269

Jobless rate
October 2024: 4%
October 2023: 3.6%