State unemployment rate sees slight uptick

Arkansas’ unemployment rate increased in March to 6.5% from the February rate of 6.4%, according to a report released Friday (April 17) by the Department of Workforce Services.

The U.S. unemployment rate increased four-tenths of a percentage point to 8.5%.

The civilian labor force in Arkansas declined 17,100 over the month, a result of 700 more unemployed and 17,800 fewer employed.

“Arkansas’ jobless rate increased slightly over the month, as the labor force decreased. For the first time in history, however, our rate is 2 percent lower than the national rate,” DWS Communications Director Kimberly Friedman said in a statement. 

Unemployment data for the metropolitan statistical area will be released April 29. The preliminary February unemployment rate for the Fort Smith region decreased to 7.3% after spiking up to 7.7% in January.

Yearly Employment Data (March 2008 – March 2009)

• Nonfarm payroll employment in Arkansas decreased 28,900 in the period.

• Jobs in manufacturing (-16,800) were heavily impacted by layoffs and closures.

• Trade, transportation and utilities declined 12,000. A majority of the loss occurred in retail trade   (-4,200) and transportation, warehousing and utilities (-6,100), as demand slowed for goods and services.

• Decreases were posted in professional and business services (-3,600). Administrative and support services experienced the largest contraction (-2,900).

• Employment in the financial activities sector fell 3,300. The finance and insurance subsector lost 2,400 jobs, due mainly to economic conditions.

• Four major industry sectors enjoyed annual growth, with educational-health services and government adding 3,800 jobs, each.