Workforce, number of employed continue decline in Fort Smith metro

December’s jobless rate was unchanged in the Fort Smith metro area, but the region continued the trend of decline in the size of the workforce and the number of employed. The one bright spot was that the number of unemployed fell more than 46% compared to December 2013.

Fort Smith’s metro jobless rate was 5.5% in December, unchanged compared to November, but lower than the 7.7% in December 2013, according to figures from the U.S. Bureau of Labor Statistics. December’s data is subject to revision.

The size of the Fort Smith regional workforce during December was 125,500, down from 126,646 during November, but 3.47% below the 130,024 during December 2013. The labor force reached a revised high of 140,253 in June 2007, meaning the December workforce size is down 10.5% from the peak number.

The number of employed in the Fort Smith region totaled 118,635 in December, down from 119,723 in November, and below the 119,964 employed in December 2013. The number of employed in the metro area is down 10.8% compared to the high of 133,061 in June 2006 – or 14,426 fewer jobs than the peak metro employment.

All of the eight metro areas in or connected to Arkansas had jobless rate declines in December compared to December 2013. Five metro areas (Northwest Arkansas, Hot Springs, Jonesboro, Little Rock and Pine Bluff) had jobless rate increases compared to November, and two metro areas (Fort Smith and Memphis-West Memphis) were unchanged compared to November. For the second consecutive month, only the Texarkana metro area had a jobless rate decline compared to November and December 2013.

During December, the lowest metro jobless rate in the state was 4.1% in Northwest Arkansas and the highest rate was 7.6% in the Memphis-West Memphis area.

FORT SMITH METRO NUMBERS
Unemployed persons in the region totaled an estimated 6,865 during December, down from the 6,923 during November, and well below the 10,060 during December 2013.

Jobs in the Trade, Transportation and Utilities sector — the region’s largest job sector —  totaled 25,100 in December, up from 25,000 in November, and above the 24,800 during December 2013. Employment in the sector reached a high of 25,700 in December 2007.

The Fort Smith area manufacturing sector employed an estimated 17,900 in December, up from 17,800 in November, and below the 18,400 in December 2013. Sector employment is down almost 37% from a decade ago when December 2004 manufacturing employment in the metro area stood at 28,400. Annual average monthly employment in manufacturing has fallen from 28,900 in 2005, 19,200 in 2012, and to 18,300 in 2013.

Employment in the region’s tourism industry was 9,500 during December, down from 9,900 in November and above the 9,200 in December 2013. The sector reached an employment high of 9,900 in August, September and November.

In Education & Health Services, employment was 16,300 during December, down from 16,500 in November and below the 16,600 during December 2013. Annual average monthly employment in the sector has steadily grown since 2005 when it reached 14,000. In 2012 the average was 17,000, but fell slightly to 16,800 in 2013. Employment in the sector reached a record 17,300 in October 2012.

In the Government sector, employment was 19,600 during December, down from 19,700 in November and up compared to 19,400 in December 2013.

NATIONAL NUMBERS
Unemployment rates were lower in December than a year earlier in 341 of the 372 metropolitan areas, higher in 25 areas, and unchanged in six areas, noted the broad BLS report.

The U.S. unemployment rate in December was 5.6%, down from 5.8% in November and down from 6.7% from a year earlier. Arkansas’ jobless rate was 5.7% in December, down from 5.9% in November and down from 7.4% in December 2013.

Oklahoma’s jobless rate during December was 4.2%, down from 4.4% in November, and down compared to 5.4% in December 2013. The Missouri jobless rate during December was 5.4%, down from 5.6% in November and below the 6% in December 2013.

ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
Dec. 2014: 4.1%
Nov. 2014: 3.9%
Dec. 2013: 5.1%

Fort Smith
Dec. 2014: 5.5%
Nov. 2014: 5.5%
Dec. 2013: 7.7%

Hot Springs
Dec. 2014: 6%
Nov. 2014: 5.8%
Dec. 2013: 7.5%

Jonesboro
Dec. 2014: 5.1%
Nov. 2014: 4.8%
Dec. 2013: 6.6%

Little Rock-North Little Rock-Conway
Dec. 2014: 5%
Nov. 2014: 4.8%
Dec. 2013: 6.3%

Memphis-West Memphis
Dec. 2014: 7.6%
Nov. 2014: 7.6%
Dec. 2013: 8.5%

Pine Bluff
Dec. 2014: 7.2%
Nov. 2014: 6.8%
Dec. 2013: 9.7%

Texarkana
Dec. 2014: 5%
Nov. 2014: 5.2%
Dec. 2013: 7%

FORT SMITH METRO AREA HISTORY
Past annual average unemployment rates
2013: 8%
2012: 7.7%
2011: 8.3%
2010: 8.2%
2009: 7.9%
2008: 4.8%
2007: 5.3%
2006: 4.9%
2005: 4.5%
2004: 5.2%
2003: 5.5%
2002: 5%
2001: 4.2%
2000: 3.7%