Editor’s note: This story is a component of The Compass Report. The quarterly Compass Report is managed by The City Wire, and sponsored by Arvest Bank. Supporting sponsors of The Compass Report are Cox Communications and the Fort Smith Regional Chamber of Commerce.
The Northwest Arkansas jobless rate in October dipped below 4% for the first time since October 2008. The region’s rate also was the lowest metro rate in Arkansas, but declines continued in the size of the regional labor force.
The October rate of 3.9% was down from 4.4% in September and below the 5.4% in October 2013, according to figures from the U.S. Bureau of Labor Statistics.
Metro employment during October of 224,698 was above the 223,532 in September, and also above the 222,492 in October 2013. The October numbers are subject to revision.
The size of the Northwest Arkansas regional workforce during October was estimated at 233,835, relatively unchanged compared to the 233,827 in September, but 0.52% below the 235,079 during October 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 declines in October compared to September, and all had jobless rate declines compared to October 2013. During October, the lowest metro jobless rate in the state was 3.9% in Northwest Arkansas and the highest rate was 7.5% in the Memphis-West Memphis area.
NWAMETRO NUMBERS
Following are other key figures from the BLS metro report.
Unemployed persons in the region totaled 9,137 during October, down from the 10,295 during September and well below the 12,587 during October 2013.
The Northwest Arkansas manufacturing sector employed an estimated 26,200 in October, up from 26,100 in September, but down from the 26,400 during October 2013. Sector employment is down more than 21% from more than a decade ago when October 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 October, below the 47,000 during September, and down from the 48,200 in October 2013. The sector reached record employment of 50,500 in December 2006.
Employment in the region’s tourism industry was 22,600 during October, down from a record of 22,800 in September but ahead of the 21,600 in October 2013. Employment in the regional sector is up almost 49% compared to the 15,200 employed in October 2004.
In Education & Health Services, employment was 25,400 during October, up from 25,200 in September and up from 24,700 during October 2013. The October employment, if it stands, set a new record for the sector.
In the Government sector, employment was 33,600 during October, up from 32,700 in September and up compared to 32,700 during October 2013.
NATIONAL NUMBERS
Unemployment rates were lower in October than a year earlier in 354 of the 372 metropolitan areas, higher in 14 areas, and unchanged in four areas, noted the broad BLS report.
The U.S. unemployment rate in October was 5.8%, down from 7% from a year earlier. Arkansas’ jobless rate was 6% in October, down from 6.2% in September and down from 7.6% in October 2013.
Oklahoma’s jobless rate during October was 4.5%, down from 4.7% in September, and down compared to 5.6% in October 2013. The Missouri jobless rate during October was 5.9%, down from 6.3% in September and below the 6.3% in October 2013.
ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
Oct. 2014: 3.9%
Sept. 2014: 4.4%
Oct. 2013: 5.4%
Fort Smith
Oct. 2014: 5.4%
Sept. 2014: 5.7%
Oct. 2013: 7.5%
Hot Springs
Oct. 2014: 5.6%
Sept. 2014: 6.1%
Oct. 2013: 7.8%
Jonesboro
Oct. 2014: 4.8%
Sept. 2014: 5.2%
Oct. 2013: 6.6%
Little Rock-North Little Rock-Conway
Oct. 2014: 4.8%
Sept. 2014: 5.3%
Oct. 2013: 6.5%
Memphis-West Memphis
Oct. 2014: 7.5%
Sept. 2014: 7.9%
Oct. 2013: 9.2%
Pine Bluff
Oct. 2014: 6.8%
Sept. 2014: 7.5%
Oct. 2013: 9.7%
Texarkana
Oct. 2014: 5.5%
Sept. 2014: 5.8%
Oct. 2013: 7.2%
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%