Fort Smith area jobless rate falls to 8.3%

Fort Smith’s metro area unemployment rate declined in March to 8.3%, but remains as one of the highest rates among Arkansas’ metro areas and has topped 8% for four consecutive months.

The Fort Smith metro jobless rate in March 2009 was 7.7%. Also, all Arkansas metro areas saw a decline in their respective unemployment rates. The numbers, released Wednesday (April 28) by the U.S. Bureau of Labor Statistics, are preliminary and are subject to revisions.

The good news again is that manufacturing jobs in the region have held steady. The March report shows 21,500 metro manufacturing jobs, the third straight month of job increases in the sector. The January report listed 21,300 jobs and the February report listed 21,400 jobs.

John Taylor, senior vice president of John Taylor Financial-Sterne Agee and a member of the board of directors at Fort Smith-based Benefit Bank, said it’s too early to suggest the area manufacturing sector is stabilizing or is on the upswing. He said several national factors like freight traffic reports indicate more activity in the U.S. manufacturing sector, but is not sure that can translate to the Fort Smith area.

“To extrapolate what’s happening nationally to a local level when the (local job) gains are that small, I think it’s too soon to call. I’m hopeful, but I don’t see how you can call that a trend,” Taylor said.

Fort Smith metro manufacturing employment has taken a big hit in the past decade. Employment in the sector is down 29.9% from a decade ago when January 2001 manufacturing employment stood at 30,700.

According to the BLS report, the preliminary report shows the unemployed in the Fort Smith metro area at 11,066 in March, up 5.9% compared March 2009 and up 84.1% over the 6,009 unemployed in March 2008. However, the March 2010 unemployed count is 7% lower than February 2010.

The number of employed totaled 122,820 in March 2010, down 0.2% from the 123,072 in February 2010, but down 1.5% from the 124,810 employed in March 2009.

Arkansas’ unemployment rate moved slightly higher to 7.8% in March. Arkansas’ February rate was 7.7%, and the March 2009 rate was 7%. The U.S. jobless rate was 9.7% in March, the third consecutive month for that rate. The U.S. jobless rate in March 2009 was 8.6%.

The Oklahoma unemployment rate in March was 6.6%, down from 6.8% in February. The Oklahoma jobless rate in February 2009 was 5.8%.

• ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
March 2010: 6.6%
March 2009: 5.9%
February 2010: 7%

Fort Smith
March 2010: 8.3%
March 2009: 7.7%
February 2010: 8.8%

Hot Springs
March 2010: 8.3%
March 2009: 6.9%
February 2010: 8.9%

Jonesboro
March 2010: 7.6%
March 2009: 6.8%
February 2010: 8.2%

Little Rock-North Little Rock-Conway
March 2010: 7.2%
March 2009: 5.8%
February 2010: 7.6%

Memphis-West Memphis
March 2010: 10.6%
March 2009: 9.6%
February 2010: 10.9%

Pine Bluff
March 2010: 9.9%
March 2009: 8.6%
February 2010: 10.3%

Texarkana
March 2010: 7.5%
March 2009: 5.6%
February 2010: 7.9%

• FORT SMITH METRO AREA HISTORY
Past annual average unemployment rates
2009: 7.9%
2008: 4.8%
2007: 5.3%
2006: 4.9%
2005: 4.5%
2004: 5.2%
2003: 5.5%
2002: 5%
2001: 4.2%
2000: 3.7%