4Q Nonfarm Figures Decline for Arkansas
by June 7, 2004 12:00 am 74 views
Arkansas was down slightly for total nonagricultural jobs for the fourth quarter of 2003 compared to the fourth quarter of 2002.
Statewide, nonfarm employment was down three-tenths of a percent for the quarter, compared to a drop of two-tenths for the country and four-tenths for the Eighth District of the U.S. Federal Reserve Bank in St. Louis, which takes in portions of seven states.
The Fed published the fourth quarter numbers in the April issue of The Regional Economist quarterly banking magazine.
Arkansas showed significant growth in the fourth quarter, in the education and health services sector and the leisure and hospitality sector with positive 2.2 percent change and 1.7 percent change, respectively. That compares to the regional Eighth District, at 1.2 percent and 0.1 percent for the same sectors.
Only Tennessee outpaced Arkansas for the health services sector with 3 percent positive change, not indicated on the chart.
Both the U.S. and the Eighth District outperformed the “Natural State” in construction job growth. The national number is 1.1 percent growth while Arkansas fell by 1.9 percent.
Nonfarm Jobs
The following compares year-over-year percent changes in nonfarm employment growth for the fourth quarter of 2003 for Arkansas compared with the seven-state district of the U.S. Federal Reserve Bank in St. Louis and the entire United States.
Job Sector — Arkansas — Eighth District — United States
Total Nonagriculture — -0.3% — -0.4% — -0.2%
Natural Resources/Mining — -0.5% — -1.2% — -0.8%
Construction — -1.9% — 0.6% — 1.1%
Manufacturing — -3.4% — -2.5% — -4.3%
Trade/Transportation/Utilities — 0.5% — -0.4% — -0.7%
Information — -3.3% — -2.4% — -4.5%
Financial Activities — 0.9% — -0.1% — 1.2%
Professional & Business Services — -1.0% — -0.2% — 1.4%
Educational & Health Services — 2.2% — 1.2% — 2.0%
Leisure & Hospitality — 1.7% — 0.1% — 0.8%
Other Services — -0.4% — -1.7% — -0.2%
Government — 0.4% — 0.1% — -0.2%
Source: U.S. Federal Reserve Bank’s Eighth District in St. Louis.