Arkansas unemployment down to 3.1 percent in February
Labor force data, produced by the U.S. Department of Labor, Bureau of Labor Statistics and released by the Arkansas Division of Workforce Services, shows Arkansas’ seasonally adjusted unemployment rate decreased one-tenth of a percentage point, from 3.2 percent in January to 3.1 percent in February.
Arkansas’ civilian labor force rose 4,569, a result of 5,028 more employed and 459 fewer unemployed Arkansans. At 3.8 percent, the United States’ jobless rate declined two-tenths of a percentage point between January and February.
“Arkansas’ unemployment rate declined to a record low of 3.1 percent in February, as employment rose 5,028 and the labor force participation rate increased. There are now 28,287 more employed Arkansans than in February 2021,” said
BLS Program Operations Manager Susan Price.
Arkansas’ nonfarm payroll jobs increased 7,700 in February to total 1,300,700. Gains were posted in eight major industry sectors. Leisure and hospitality added 2,700 jobs, with hiring across all subsectors. Jobs in government rose 1,900. All gains were in state government-educational services (+2,200), reflecting the re-opening of colleges and universities from winter break. Educational and health services increased 1,800. Hiring occurred in both educational services (+1,000) and health care and social assistance (+800). Manufacturing added 1,000 jobs, mostly in nondurable goods manufacturing (+800).
Compared to February 2021, nonfarm payroll jobs in Arkansas are up 44,300. Nine major industry sectors reported growth, with four sectors adding 6,200 or more jobs each. Trade, transportation, and utilities posted the largest increase, up 15,300 jobs. Hiring occurred in all sub sectors, with transportation warehousing-utilities adding 7,200 jobs. Employment in leisure and hospitality rose 10,900, mostly in food services (+7,200). Jobs in professional and business services increased 6,500. Most of the gains were in management of companies (+3,900) and professional-scientific technical services (+2,500). Manufacturing added 6,200 jobs, with expansions in both durable goods (+3,600) and nondurable goods (+2,600) manufacturing. Notable increases were also seen in government (+2,500) and construction (+1,600).
"The best news is that we have over 5,000 more Arkansans employed with over 4,500 net increase in the labor force," said
Gov. Asa Hutchinson in response to the numbers. "This means that we are seeing more return to the workforce, and that is critical to meet the needs of our growing economy. We have seen growth in employment in almost all sectors, and with a record low 3.1 percent unemployment rate, we continue to be lower than the national unemployment rate."