The Northwest Arkansas job market continues its record-setting pace of growth, with the region in June topping the 250,000 mark for the workforce size and topping the 240,000 mark for the number of employed.
The jobless rate in the metro area during June was 4.2%, down from 4.3% in May and below the 4.7% in June 2014, according to figures posted Wednesday (July 29) by the U.S. Bureau of Labor Statistics. June’s data is subject to revision. The area jobless rate has been at or below 6% for 23 consecutive months, and below 5% the previous 16 months.
Metro employment during June of 240,495 was above the 238,186 in May, and up 10,798 jobs, or 4.7%, compared to the 229,699 in June 2014. The size of the Northwest Arkansas regional workforce during June was estimated at 251,128, up from the 248,950 in May, and well above the the 241,028 in June 2014.
The regional economy has more than fully recovered from the Great Recession. The Northwest Arkansas annual employment average in 2006, the year before the recession, was 218,779.
All of the eight metro areas in or connected to Arkansas had jobless rate declines in June compared to June 2014. Only three areas (Northwest Arkansas, Hot Springs and central Arkansas) had jobless rate increases compared to May. During June, the lowest metro jobless rate in the state was 4.2% in Northwest Arkansas and the highest rate was 8% in the Pine Bluff area.
NWA METRO NUMBERS
Following are other key figures from the BLS metro report.
Unemployed persons in the region totaled 10,633 during June, down from the 10,764 during May and below the 11,329 during June 2014.
Jobs in the Trade, Transportation and Utilities sector — the region’s largest job sector — totaled 51,900 in June, up from 51,600 in May, and up from the 49,800 in June 2014. The sector hit record employment of 52,400 in December 2014.
The Northwest Arkansas manufacturing sector employed an estimated 27,600 in June, up from 27,100 in May, and better than the 27,400 during June 2014. Sector employment is down 17.1% from a decade ago when June 2005 manufacturing employment in the metro area stood at 33,300. Average annual employment in the sector hit a high of 35,900 in 2000.
Employment in the region’s tourism industry was 23,100 during June, down from 23,300 in May and better than the 22,700 in June 2014. May employment, if not revised, marks a new high for the category. Employment in the regional sector is up more than 44% compared to the 16,000 employed in June 2005.
In Education & Health Services, employment was 24,900 during June, down from 25,100 in May but up from 23,900 during June 2014. April and May employment are records for the category. The annual average employment of 24,400 during 2014 also was a record for the metro area.
In the Government sector, employment was 31,400 during June, down from 33,500 in May and up compared to 30,800 during June 2014. The sector hit an employment high of 33,600 in November.
NATIONAL NUMBERS
Unemployment rates were lower in June than a year earlier in 351 of the 387 U.S. metro areas, higher in 28 areas, and unchanged in eight, noted the broad BLS report.
The U.S. unemployment rate in June was 5.3%, unchanged from May and down from 6.1% from a year earlier. Arkansas’ jobless rate was 5.7% in June, down from 5.8% in May and down from 6.1% in June 2014.
Oklahoma’s jobless rate during June was 4.5%, up from 4.3% May, and unchanged from June 2014. The Missouri jobless rate during June was 5.8%, the same as in May and below the 6% in June 2014.
ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
June 2015: 4.2%
May 2015: 4.3%
June 2014: 4.7%
Fort Smith
June 2015: 5.9%
May 2015: 5.9%
June 2014: 6.3%
Hot Springs
June 2015: 5.7%
May 2015: 5.9%
June 2014: 6.4%
Jonesboro
June 2015: 5.1%
May 2015: 5%
June 2014: 5.6%
Little Rock-North Little Rock-Conway
June 2015: 4.9%
May 2015: 5.1%
June 2014: 5.6%
Memphis-West Memphis
June 2015: 7%
May 2015: 6.6%
June 2014: 8.1%
Pine Bluff
June 2015: 8%
May 2015: 7.8%
June 2014: 8.8%
Texarkana
June 2015: 5.1%
May 2015: 5%
June 2014: 6.4%
NORTHWEST ARKANSAS METRO AREA HISTORY
Past annual average unemployment rates
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%