All 8 Metro Labor Markets See Jobless Rate Declines

All of the eight metro areas in or connected to Arkansas had jobless rate decreases in August compared to July, and jobless rate declines compared to August 2013.

During August, the lowest metro jobless rate in the state was 4.9% in Northwest Arkansas and the highest rate was 8.5% in the large Memphis-West Memphis metro, according to figures released last week by the U.S. Bureau of Labor Statistics.

In a ongoing trend, the size of the labor force in different regions of the state continues to contract.

CENTRAL ARKANSAS
Central Arkansas metro employment of 316,545 was below the 320,111 in July, and below the 317,789 in August 2013.

The size of the central Arkansas workforce during August was estimated at 335,854, down from the 340,649 in July, and 1.49% below the 340,947 during August 2013. The average annual monthly labor size was 340,819 in 2013, 343,355 during 2012, 342,085 during 2011 and 341,285 during 2010.

Unemployed persons in the region totaled 19,304 during August, down from the 20,538 during July and below the 23,158 during August 2013.

NORTHWEST ARKANSAS
The size of Northwest Arkansas’ regional workforce saw a small decline in August, but year-over-year the regional economy posted a gain in the number of employed and a more than 16% decline in the number of unemployed. In other words, the Northwest Arkansas economy continues to do well.

The August jobless rate of 4.9% was below the July rate of 5.3%, and below the 5.8% in August 2013. August marked the 13th consecutive month the NWA metro jobless rate has been below 6%.

Metro employment of 220,847 was below the 221,086 in July, but just ahead of the 220,556 in August 2013, the BLS said. The August numbers are subject to revision.

The size of the Northwest Arkansas regional workforce during August was estimated at 232,136, down from the 233,372 in July, and 0.82% below the 234,076 during August 2013. The average annual monthly labor size was 234,412 in 2013, 232,208 during 2012, 228,918 during 2011 and 225,974 during 2010.

FORT SMITH
The Fort Smith regional workforce declined 3.26% in August compared to August 2013, and the number of employed declined 1.5% in August compared to August 2013.

Despite the tough topline numbers, the Fort Smith metro jobless rate fell to 6.1% in August compared to 6.4% in July. It was also lower than the 7.8% in August 2013, according to BLS numbers.

The size of the Fort Smith regional workforce during August was 125,055, down from 127,049 during July, and well below the 130,458 during August 2013s. The labor force reached a revised high of 140,253 in July 2007, meaning the August workforce size is down 10.83% from the peak number.

The number of employed in the Fort Smith region totaled 116,936 in August, down from 118,964 in July, and an estimated 2,820 jobs below the 119,756 employed in August 2013.

Unemployed persons in the region totaled an estimated 7,684 during August, below the 7,996 during July, but well below the 10,123 during August 2013.

JONESBORO
Jonesboro metro employment of 56,003 in August was below the 56,080 in July, and ahead of the 55,169 in August 2013.

The size of the Jonesboro regional workforce during August was estimated at 59,404 down from the 59,753 in July, and just ahead of the 59,365 during August 2013. The average annual monthly labor size was 59,324 in 2013, 59,080 during 2012, 58,972 during 2011 and 57,715 during 2010.

Unemployed persons in the region totaled 3,401 during August, down from the 3,673 during July and below the 4,196 during August 2013.

NATIONAL NUMBERS
Unemployment rates were lower in August than a year earlier in 322 of the 372 metropolitan areas, higher in 44 areas, and unchanged in six areas, noted the broad BLS report.

The U.S. unemployment rate in August was 6.1%, down from 7.2% from a year earlier. Arkansas’ jobless rate was 6.3% in August, up from 6.2% in July and down from 7.7% in August 2013.

Oklahoma’s jobless rate during August was 4.7%, up from 4.6% in July, and down compared to 5.6% in August 2013. The Missouri jobless rate during August was 6.3%, down from 6.5% in July and below the 6.6% in August 2013.

ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
August 2014: 4.9%
July 2014: 5.3%
August 2013: 5.8%

Fort Smith
August 2014: 6.1%
July 2014: 6.4%
August 2013: 7.8%

Hot Springs
August 2014: 6.5%
July 2014: 6.8%
August 2013: 7.6%

Jonesboro
August 2014: 5.7%
July 2014: 6.1%
August 2013: 7.1%

Little Rock-North Little Rock-Conway
August 2014: 5.7%
July 2014: 6%
August 2013: 6.8%

Memphis-West Memphis
August 2014: 8.5%
July 2014: 8.8%
August 2013: 9.5%

Pine Bluff
August 2014: 8.4%
July 2014: 9.2%
August 2013: 10.2%

Texarkana
August 2014: 6.4%
July 2014: 6.5%
August 2013: 7.7%