May jobless rates rise in all Arkansas metro areas, but remain lower than May 2015

Editor’s note: This story is a component of The Compass Report. The quarterly Compass Report is managed by Talk Business & Politics, and sponsored by Lowell-based Zero Mountain Logistics, a subsidiary of Fort Smith-based Zero Mountain. Supporting sponsors of The Compass Report are Cox Communications and the Fort Smith Regional Chamber of Commerce.
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All eight metro areas in or connected to Arkansas posted jobless rate increases in May compared to April, but the state’s three largest metro areas posted year-over-year job gains and the jobless rates were well below those posted in May 2015.

Jobless rates ranged from a low of 2.8% in Northwest Arkansas to a high of 5.2% in the Pine Bluff metro, according to U.S. Bureau of Labor Statistics data posted Wednesday (June 29). (See charts at the end of this report.)

The BLS data – which is subject to revision – showed there were 31,625 jobs created between May 2015 and May 2016 in the state’s four metro areas that are covered by Talk Business & Politics’ The Compass Report. Northwest Arkansas had the most with 13,972 new jobs (up 5.76% compared to May 2015), followed by central Arkansas with 13,768 (up 4.17%),the Jonesboro metro with 2,613 new jobs (up 4.5%), and the Fort Smith metro with 1,272 new jobs (up 1.1%).

There were an estimated 54,726 new jobs in Arkansas between May 2015-May 2016, according to the federal numbers, which means the four metro areas accounted for almost 58% of new jobs in May.

Following are key jobs data on the four large metro areas.

CENTRAL ARKANSAS METRO
The central Arkansas metro area jobless rate was 3.4% in May, up from 3% in April and below the 4.9% in May 2015.

The size of the central Arkansas regional workforce during May was estimated at 355,380, below the 353,147 in April, and 2.56% more than the 346,483 in May 2015.

Central Arkansas’ metro employment of 343,340 in May was above the 342,448 in April, and up 4.17% compared to the 329,572 during May 2015. The May employment numbers again sets a new record for the state’s capitol city metro.

The number of unemployed in the region totaled an estimated 12,040 during May, up from the 10,699 during April, but well below the 16,911 during May 2015.

NORTHWEST ARKANSAS METRO
The Northwest Arkansas metro jobless rate was 2.8% in May, up from 2.4% in April, but well below the 4.1% in May 2015. The historic jobless low for the metro is 2.1%, and was last reached in November 1999.

The size of the Northwest Arkansas regional workforce during May was 263,834, slightly higher than the 263,738 during April, and well above the 252,914 in May 2015.

The number of employed in Northwest Arkansas totaled 256,471 in May, below the 257,305 in April, but up 5.76% from the 242,499 employed in May 2015. The April employment number set a new record for the region.

Unemployed persons in the region totaled an estimated 7,363 during May, up from the 6,433 during April, but below the 10,415 during May 2015.

FORT SMITH METRO
Fort Smith’s metro jobless rate was 4.6% in May, up from 4.1% in April, but lower than the 5.7% in May 2015.

The size of the Fort Smith regional workforce during May was 122,097, up from 121,703 during April, but just below the 122,228 in May 2015. The labor force reached a revised high of 132,004 in June 2007, meaning the May workforce size is down 7.5% from the peak number.

The number of employed in the Fort Smith region totaled 116,511 in May, down from the 116,660 in April, and up 1.1% from the 115,239 employed in May 2015. The number of employed in the area is down 7.1% compared to the high of 125,426 in June 2006.

Unemployed persons in the region totaled an estimated 5,586 during May, up from the 5,043 during April, and below the 6,989 during May 2015.

JONESBORO METRO
The Jonesboro metro area jobless rate was 3.2% in May, up from 2.8% in April and below the 4.9% in May 2015. April marked the first time the metro posted a rate below 3%.

The size of the Jonesboro regional workforce during May was estimated at 62,560, just below the 62,674 in April, but above the 60,926 in May 2015.

Jonesboro metro employment during May was 60,556, just below the 60,893 in April, but up 4.5% compared to the 57,943 during May 2015. April marked a record for employment in the Jonesboro metro.

The number of unemployed in the region totaled an estimated 2,004 during May, up from 1,781 during April, and below the 2,983 during May 2015.

NATIONAL NUMBERS
Unemployment rates were lower in May than a year earlier in 333 of the 387 metropolitan areas, higher in 49 areas, and unchanged in 5 areas, noted the broad BLS report.

The U.S. unemployment rate in May was 4.7%, unchanged compared to April and down from 5.5% from a year earlier. Arkansas’ jobless rate was 3.8% in May, down from 3.9% in April and down from 5.4% in May 2015.

ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
May 2016: 2.8%
April 2016: 2.4%
May 2015: 4.1%

Fort Smith
May 2016: 4.6%
April 2016: 4.1%
May 2015: 5.7%

Hot Springs
May 2016: 4.1%
April 2016: 3.6%
May 2015: 5.8%

Jonesboro
May 2016: 3.2%
April 2016: 2.8%
May 2015: 4.9%

Little Rock-North Little Rock-Conway
May 2016: 3.4%
April 2016: 3%
May 2015: 4.9%

Memphis-West Memphis
May 2016: 4.5%
April 2016: 4.4%
May 2015: 6.6%

Pine Bluff
May 2016: 5.2%
April 2016: 4.6%
May 2015: 7.1%

Texarkana
May 2016: 3.9%
April 2016: 3.8%
May 2015: 4.9%

CENTRAL ARKANSAS METRO HISTORY
Past annual average unemployment rates
2015: 4.7%
2014: 5.5%
2013: 6.5%
2012: 6.7%
2011: 7.3%
2010: 7.2%
2009: 6.7%
2008: 4.7%
2007: 4.6%
2006: 4.6%
2005: 4.7%
2004: 5.1%
2003: 5.2%
2002: 4.9%
2001: 4.3%
2000: 3.7%

NORTHWEST ARKANSAS METRO AREA HISTORY
Past annual average unemployment rates
2015: 3.8%
2014: 4.6%
2013: 5.6%
2012: 5.9%
2011: 6.5%
2010: 6.7%
2009: 6.4%
2008: 4.2%
2007: 3.8%
2006: 3.5%
2005: 3.4%
2004: 3.8%
2003: 3.8%
2002: 3.4%
2001: 3.1%
2000: 3.4%

FORT SMITH METRO HISTORY
Past annual average unemployment rates
2015: 5.5%
2014: 6.2%
2013: 8%
2012: 8.1%
2011: 8.8%
2010: 8.5%
2009: 8.3%
2008: 5.1%
2007: 5.2%
2006: 4.8%
2005: 4.6%
2004: 5.2%
2003: 5.6%
2002: 5%
2001: 4.4%
2000: 3.7%

JONESBORO METRO HISTORY
Past annual average unemployment rates
2015: 4.8%
2014: 5.8%
2013: 7%
2012: 7.2%
2011: 7.8%
2010: 7.8%
2009: 7.4%
2008: 5.2%
2007: 5.4%
2006: 5.2%
2005: 5.1%
2004: 5.7%
2003: 6%
2002: 5.7%
2001: 5.3%
2000: 4.2%