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, according to figures released Wednesday (Oct. 1) by the U.S. Bureau of Labor Statistics. 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.
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.
NWA METRO NUMBERS
Following are other key figures from the BLS metro report.
Unemployed persons in the region totaled 11,289 during August, down from the 12,286 during July and well below the 13,250 during August 2013.
The Northwest Arkansas manufacturing sector employed an estimated 26,200 in August, down from 26,300 July, and down from the 26,500 during August 2013. Sector employment is down 21.3% from more than a decade ago when August 2004 manufacturing employment in the metro area stood at 33,300.
Jobs in the Trade, Transportation and Utilities sector — the region’s largest job sector — totaled 46,600 in August, below the 46,700 during July, and down from the 48,200 in August 2013. The sector reached record employment of 50,500 in December 2006.
Employment in the region’s tourism industry set a new record of 22,800 during August, up from 22,600 in July and up from 21,900 during August 2013. The previous record was 22,700 set in June.
In Education & Health Services, employment was 24,700 during August, up from 24,400 in July and up from 23,700 during August 2013. May employment of 24,900 set a record for the sector.
In the Government sector, employment was 29,500 during August, up from 28,700 in July and up compared to 28.500 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%
NORTHWEST ARKANSAS METRO AREA HISTORY
Past annual average unemployment rates
2013: 5.7%
2012: 5.6%
2011: 6.2%
2010: 6.4%
2009: 6.2%
2008: 4.1%
2007: 3.8%
2006: 3.6%
2005: 3.3%
2004: 3.8%
2003: 3.7%
2002: 3.3%
2001: 3%
2000: 2.9%