NWA jobless rate dips below 5%

The unemployment rate in Northwest Arkansas fell in September to 4.9%, the first time the rate has been below 5% since November 2008.

The jobless rate was below the 5.3% in August and below the 6% in September 2011, according to figures released Tuesday (Oct. 30) by the U.S. Bureau of Labor Statistics. With declines in the number of employed and the number of unemployed, the lower rate was primarily a function of an almost 2,000-person reduction in the size of the workforce.

The size of the regional workforce during September was 238,577, down from 240,488 in August, but well ahead of the 233,989 in September 2011. Northwest Arkansas continues to trend upward in that category. The average annual monthly labor size was 231,461 during 2011, 227,938 during 2010 and 225,177 during 2009.

All of the eight metro areas in or connected to Arkansas had jobless rate declines in September compared to August, and were all down compared to September 2011. During September, the lowest metro jobless rate was in Northwest Arkansas with 4.9% and the highest rate was 8.4% in the Memphis/West Memphis metro.

NORTHWEST ARKANSAS METRO NUMBERS
Unemployed persons in the region totaled 11,720 during September, well below the 12,700 during August and well below the 14,123 during September 2011.

The Northwest Arkansas manufacturing sector employed an estimated 28,000 in September, down compared to 27,800 in August, but ahead of the 27,300 during September 2011. Sector employment is down more than 18% from more than a decade ago when January 2002 manufacturing employment in the metro area stood at 34,300.

Jobs in the Trade, Transportation and Utilities sector — the region’s largest job sector —  totaled 46,300 in September, down from 47,000 during August, and up from the 45,700 during September 2011. Employment in the sector is off from the high of 50,500 posted in December 2006.

Employment in the region’s tourism industry was 20,400 during September, down from 20,700 in August and up from 19,200 during September 2011. Employment in the sector set a new record (20,800) in June.

In Education & Health Services, employment was 23,900 during September, up from 23,600 during August and up from 22,700 during September 2011.

NATIONAL NUMBERS
Unemployment rates were lower in September than a year earlier in 345 of the 372 metropolitan areas, higher in 22 areas, and unchanged in 5 areas, noted the broad BLS report. Also, 35 areas recorded jobless rates of at least 10%, while 171 areas registered rates of less than 7%.

The U.S. unemployment rate in September was 7.8%, down from 9% from a year earlier.

Arkansas’ jobless rate was 7.1% in September, down from 7.3% in September and below the 8.1% rate in September 2011.

Oklahoma’s jobless rate during September was 5.2%, up from 5.1% during September, and below the 6.3% during September 2011. The Missouri jobless rate during September was 6.9%, down from 7.2% in September, and below the 8.5% during September 2011.

ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
Sept. 2012: 4.9%
Aug. 2012: 5.3%
Sept. 2011: 6%

Fort Smith
Sept. 2012: 7.6%
Aug. 2012: 7.9%
Sept. 2011: 8.4%

Hot Springs
Sept. 2012: 6.8%
Aug. 2012: 7.3%
Sept. 2011: 7.9%

Jonesboro
Sept. 2012: 6.4%
Aug. 2012: 6.6%
Sept. 2011: 7.3%

Little Rock-North Little Rock-Conway
Sept. 2012: 5.9%
Aug. 2012: 6.3%
Sept. 2011: 6.9%

Memphis-West Memphis
Sept. 2012: 8.4%
Aug. 2012: 8.9%
Sept. 2011: 10%

Pine Bluff
Sept. 2012: 8.2%
Aug. 2012: 8.8%
Sept. 2011: 9.9%

Texarkana
Sept. 2012: 6.1%
Aug. 2012: 6.7%
Sept. 2011: 7.5%

NORTHWEST ARKANSAS METRO AREA HISTORY
Past annual average unemployment rates
2011: 6.2%
2010: 6.5%
2009: 6.1%
2008: 4.1%
2007: 3.8%
2006: 3.6%
2005: 3.3%
2004: 3.8%
2003: 3.7%
2002: 3.3%
2001: 3%
2000: 2.9%