Despite Monthly Bump, Year-over-year Unemployment Down In All Metro Areas

In November only one of Arkansas’ metro regions saw a decline in month-over-month unemployment rates, while three were unchanged and the remaining four all saw small increases. On a year-over-year comparison, all eight metro areas reported big declines from the previous November.

During November, the lowest metro jobless rate in the state was 3.9% in Northwest Arkansas and the highest rate was 7.6% in the Memphis-West Memphis area.

ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
Nov. 2014: 3.9%
Oct. 2014: 3.9%
Nov. 2013: 5%

Fort Smith
Nov. 2014: 5.5%
Oct. 2014: 5.4%
Nov. 2013: 7.1%

Hot Springs
Nov. 2014: 5.8%
Oct. 2014: 5.6%
Nov. 2013: 7.4%

Jonesboro
Nov. 2014: 4.8%
Oct. 2014: 4.7%
Nov. 2013: 6.4%

Little Rock-North Little Rock-Conway
Nov. 2014: 4.8%
Oct. 2014: 4.8%
Nov. 2013: 6.4%

Memphis-West Memphis
Nov. 2014: 7.6%
Oct. 2014: 7.5%
Nov. 2013: 8.7%

Pine Bluff
Nov. 2014: 6.8%
Oct. 2014: 6.8%
Nov. 2013: 9.5%

Texarkana
Nov. 2014: 5.3%
Oct. 2014: 5.5%
Nov. 2013: 6.9%

NATIONAL NUMBERS
Unemployment rates were lower in November than a year earlier in 341 of the 372 metropolitan areas, higher in 27 areas, and unchanged in four areas, noted the broad Bureau of Labor Statistics (BLS) report.

The U.S. unemployment rate in November was 5.8%, unchanged from October and down from 7% from a year earlier. Arkansas’ jobless rate was 5.8% in November, down from 6.1% in October and down from 7.5% in November 2013.

Oklahoma’s jobless rate during November was 4.4%, down from 4.5% in October, and down compared to 5.5% in November 2013. The Missouri jobless rate during November was 5.6%, down from 5.9% in October and below the 6.1% in November 2013.

Here is a deeper analysis of the four largest metro areas in Arkansas.

NORTHWEST ARKANSAS
Northwest Arkansas’ economy continued in November a trend toward growth in the number of employed and the size of the regional workforce, with the November jobless rate at 3.9%, unchanged compared to October and well below the 5% in November 2013.

Metro employment during November of 225,530 was above the 224,442 in October, and also above the 224,006 in November 2013, according to figures released Tuesday (Dec. 30). The November numbers are subject to revision.

The size of the Northwest Arkansas regional workforce during November was estimated at 234,759, above the 233,570 in October, but below the 235,853 during November 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.

CENTRAL ARKANSAS
The central Arkansas metro area jobless rate was 4.8% in November, unchanged compared to October and below the 6.2% in November 2013.

The size of the central Arkansas regional workforce during November was estimated at 335,933, above the 334,406 in October, but below the 341,572 in November 2013.

Central Arkansas metro employment of 319,735 in November was above the 318,258 in October, but below the 320,424 during November 2013. The average annual monthly employment was 317,790 in 2013, 320,336 during 2012, 317,981 during 2011 and 317,383 during 2010.

The number of unemployed in the central Arkansas metro during November was an estimated 16,198, up slightly from 16,148 in October, but below the 21,148 in November 2013.

FORT SMITH
The number of employed during November in the Fort Smith metro area reached a new high for 2014, but the number is still below the 2013 monthly average and the size of the regional workforce is also well below historic trends.

Fort Smith’s metro jobless rate ticked up to 5.5% in November compared to 5.4% in October. The rate was lower than the 7.1% in November 2013, according to BLS figures.

November’s data is subject to revision in future reports from the U.S. Bureau of Labor Statistics.

The size of the Fort Smith regional workforce during November was 126,795, up from 125,938 during October, but below the 129,806 during November 2013. The labor force reached a revised high of 140,253 in June 2007, meaning the November workforce size is down 9.6% from the peak number.

The number of employed in the Fort Smith region totaled 119,870 in November, up from 119,169 in October, and just slightly below the 120,536 employed in November 2013. The number of employed in the metro area is down 9.91% compared to the high of 133,061 in June 2006 – or 13,191 fewer jobs than the peak metro employment.

JONESBORO
The Jonesboro metro area jobless rate was 4.8% in November, up from 4.7% in October and below the 6.4% in November 2013. October marked the first time the rate dipped below 5% since November 2008.

The size of the Jonesboro regional workforce during November was estimated at 60,441, above the 60,007 in October, and above the 59,978 in November 2013.

Jonesboro metro employment during November of 57,546 was slightly above the 57,161 in October, and up compared to the 56,148 during November 2013. The average annual monthly employment was 55,105 in 2013, 54,873 during 2012, 54,537 during 2011 and 53,345 during 2010.

The number of unemployed in the Jonesboro metro during November was an estimated 2,895, up slightly from 2,846 in October, but below the 3,830 in November 2013.