Institute for Economic Advancement

Arkansas House Prices – 2015:Q1

By , May 26, 2015 4:51 PM

The Federal Housing Finance Agency released new data on home prices this morning.  According to the FHFA’s “Expanded Data Indexes,” house prices in Arkansas declined slightly in the first quarter of 2015, falling by 0.4% from the fourth quarter of 2014.  Compared to a year ago, house prices in Arkansas were up 1.7%.  Nationwide, house prices were up 1.4% for the quarter, and were 5.8% higher than a year before.  Since hitting a trough in the second quarter of 2011, prices have increased by 11.5% in Arkansas and 22.2% nationwide.  The slower rate of appreciation in Arkansas reflects the fact that house prices declined be less then the rest of the nation during the price collapse of 2007-2011.

Source:  Federal Housing Finance Agency

Source: Federal Housing Finance Agency

The Expanded data indexes are compiled using data from actual sales prices gathered from FannieMae, FreddieMac, FHA and County Property Recorder sources.  For metropolitan areas, FHFA publishes a set of “All-Transactions Indexes” that are based on actual sales prices along with appraisal values from refinancing.  As shown in the chart and table below, home prices in the various metro areas of Arkansas have displayed widely differing patterns.  Fayetteville and Memphis experienced price declines from 2007 to 2011 that were consistent with nationwide averages, but prices in both of those metro areas have shown significant recovery since then.  At the other extreme, prices in Texarkana, Jonesboro, Fort Smith and Little Rock showed little downward movement during the nationwide decline, and have experienced net positive appreciation since 2007.

Source:  Federal Housing Finance Agency.  Seasonal adjustment by the Institute for Economic Advancement.

Source: Federal Housing Finance Agency. Seasonal adjustment by the Institute for Economic Advancement.

In the first quarter of 2015, home prices were higher in 5 of 8 metro areas, with declines in Fayetteville, Pine Bluff, and Texarkana.  Pine Bluff was the only metro area to have experienced a decline compared to the first quarter of 2014.  Over the 5 years since 2010:Q1, house prices have fallen 6.4% in Pine Bluff and 0.7% in Hot Springs, but are up in the state’s other metro areas.  The highest rate of appreciation has been in Jonesboro, where prices are 8.2% higher than they were five 5 years go.

Source:  Federal Housing Finance Agency.  Seasonal adjustment by the Institute for Economic Advancement.

Source: Federal Housing Finance Agency. Seasonal adjustment by the Institute for Economic Advancement.

Arkansas Home Sales – March 2015

By , May 20, 2015 3:28 PM

New data from the Arkansas Realtors® Association show another strong month for Arkansas real estate markets, with home sales up 15.8% in March compared to the previous year.  Sales of 2,526 homes represented the highest March sales total since 2007.

Source:  Arkansas Realtors® Association

Source: Arkansas Realtors® Association

Following year-over-year gains in both January and February, total home sales for the first quarter of the year were up by 10.2% compared to the first quarter of 2014.  As shown in the figure below, seasonally adjusted home sales are continuing to follow a steadily rising trend.  The pace of sales has now recovered to well-above the peaks in 2009 and 2010 that were artificially inflated by federal home-buyers’ tax credits.

Source:  Arkansas Realtors® Association; seasonal adjustment by the Institute for Economic Advancement

Source: Arkansas Realtors® Association; seasonal adjustment by the Institute for Economic Advancement

Home sales were up among all of the largest counties in the state, with year-over-year gains particularly notable in Craighead County and Sebastian County.    The combined year-over-year increases for the Northwest Arkansas counties of Benton and Washington were 13.8% for March and 11.7% for the first quarter.   The combined totals for four Central Arkansas counties (Pulaski, Faulkner, Saline, and Lonoke) showed increases of 20.4% for the month and 8.5% for the quarter.

Source: Arkansas Realtors® Association

Source: Arkansas Realtors® Association

Metro Area Employment and Unemployment – March 2015

By , April 29, 2015 3:56 PM

The latest report on metro area employment and unemployment showed that Arkansas metro areas continue to show dramatic year-over-year declines in unemployment rates.  As shown in the table below, unemployment rates have fallen by more than a full percentage point over the past year in Jonesboro, Memphis, Pine Bluff, and Texarkana.  The smallest decline in unemployment — in the Little Rock-North Little Rock-Conway metropolitan area — was 0.7%.

Source:  Bureau of Labor Statistics, Local Area Unemployment Statistics

Source: Bureau of Labor Statistics, Local Area Unemployment Statistics (LAUS)

The data are  now fully revised to reflect new estimation methodologies and data sources, as well as changes in the definitions of metropolitan areas.  However, smoothed seasonally adjusted estimates have not yet been updated, so meaningful month-to-month comparisons are not possible.

Payroll Employment
The previously-reported statewide payroll data showed a sharp decline for Arkansas in March.  Although the drop-off appears to be largely weather-related, payroll employment declines were also prevalent across the state’s metro areas.   Employment declined in 6 of the 8 metro areas that include parts of Arkansas, was unchanged in Texarkana, and was up only slightly in Little Rock.  Compared to the previous year, employment has increased in 6 metro areas but is lower in Fort Smith and Pine Bluff.

Source:  Bureau of Labor Statistics, Current Employment Statistics (CES)

Source: Bureau of Labor Statistics, Current Employment Statistics (CES)

The chart below illustrates the divergent patterns of employment growth across the state’s metro areas.  Compared to the fourth quarter of 2007 (before the onset of the 2008-09 recession), employment is up nearly 12% in Jonesboro and 9.5% in Northwest Arkansas.  In the Little Rock metro area, employment has now slightly exceeded it’s pre-recession level.  Hot Springs, Memphis and Fort Smith have shown employment gains over the past three years, but remain below pre-recession peaks.  Employment has continued to follow a downward trend in both Pine Bluff and Texarkana.*  Payroll employment in Pine Bluff is down 13.2% compared to the fourth quarter of 2007.

Source:  Bureau of Labor Statistics, Current Employment Statistics (CES)

Source: Bureau of Labor Statistics, Current Employment Statistics (CES)

—–

*Note:  Payroll data for Texarkana (which now include Little River County) are not presently being published by the BLS on a seasonally adjusted basis.  Payroll employment figures for Texarkana refer to data that have been seasonally adjusted by the Institute for Economic Advancement.

Arkansas Employment and Unemployment – March 2014

By , April 21, 2015 10:43 AM

The latest employment report from the U.S. Bureau of Labor Statistics and Arkansas Department of Workforce services shows a slight weakening of labor market conditions during March.  Nevertheless, the trends remain positive and March appears to be a weather-related anomaly.

The unemployment rate in Arkansas remained at 5.6% after being revised upward from 5.5% to 5.6% for February.  Nationwide, the unemployment rate was unchanged at 5.5%.   The number of unemployed Arkansans increased by 777, the first monthly increase since February 2011.  On the other hand, the number of employed was up by 3,890 and the labor force increased 4,667.  This was the 17th consecutive monthly increase in household employment, and the 11th consecutive month of labor force expansion.

Source:  Bureau of Labor Statistics, Local Area Unemployment Statistics (LAUS)

Source: Bureau of Labor Statistics, Local Area Unemployment Statistics (LAUS)

Payroll Survey
Data from the Nonfarm payroll survey showed a contraction of jobs in March, with employment down 6,700 after a downward revision of 1,400 to the February total.  As shown in the table below, the bulk of the job losses were in construction.  According to the news release from the Arkansas Department of Workforce Services, the decline in construction took place “as many projects were temporarily shut down due to weather conditions.”  Indeed the National Weather service reported that “It was a near record wet March, with a snowstorm to start the month and severe weather picking up toward the end.

In addition to construction, employment in Retail Trade was also down on a seasonally adjusted basis, reflecting a slower-than-usual start to the spring shopping season.  Notable monthly declines also appeared in the employment data for Professional & Business Services and Leisure & Hospitality Services.  Compared to a year ago, however, employment is up in every major sector except mining and logging, with a total employment increase of 22,200 (1.9%).

Source:  Bureau of Labor Statistics, Current Employment Statistics (CES)

Source: Bureau of Labor Statistics, Current Employment Statistics (CES)

With the March decline, Arkansas payroll employment dropped back below it’s pre-recession level, after having slightly exceeded that level in February.

Source:  Bureau of Labor Statistics, Current Employment Statistics (CES)

Source: Bureau of Labor Statistics, Current Employment Statistics (CES)

# # #

*Seasonally adjusted data for Arkansas nonfarm payroll employment, reported in a format compatible with the monthly news release from the Arkansas Department of Workforce Services, can be found hereTable-Seasonally Adjusted NFPE.

Metro Area Unemployment and Employment – February 2015

By , April 8, 2015 3:38 PM

New data on metro area employment and unemployment came out this morning.  As we reported last month, the metro area data are being revised significantly, taking into account new methodology and source information, as well as new definitions for many of the metro areas themselves.  Final revisions will not come out until April 21, so the current data remain “provisional.”

The news release from the Bureau of Labor Statistics reported that “unemployment rates were lower in February than a year earlier in 366 of the 387 metropolitan areas.”  All eight of the metro areas that include parts of Arkansas were included in that total.  As shown in the table below, the unemployment rate has fallen by over a full percentage point in every metro area except Fayetteville-Springdale-Rogers.  The largest decline has taken place in Pine Bluff — down from 9.6 a year ago to 7.9 in February 2015.

Source:  Bureau of Labor Statistics, Local Area Unemployment Statistics (LAUS)

Source: Bureau of Labor Statistics, Local Area Unemployment Statistics (LAUS)

The calculation of smoothed seasonally-adjusted metro area unemployment rates has been discontinued until after the final data revisions are complete, so we have no official information on seasonally-adjusted rates.  Lacking that information, it is not possible to make meaningful month-to-month comparisons.

Payroll Data
Nonfarm payroll employment was up by 0.4% in Arkansas for the month of February, but the gains were not evenly dispersed across the state.  Four metro areas saw increases, while four saw decreases.  Compared to the previous February, however, seven of the state’s eight metro areas have seen increases in payroll employment, with only Pine Bluff continuing to see a downward drift.  Compared to the national employment trough of February 2010, only Pine Bluff and Texarkana have experienced net decreases.  Three metro areas now have higher levels of employment than before the 2008-09 recession, Fayetteville, Jonesboro, and Little Rock.

Source:  Bureau of Labor Statistics, Current Employment Statistics (CES)

Source: Bureau of Labor Statistics, Current Employment Statistics (CES)

(Note:  With the redefinition of the Texarkana MSA, seasonal adjustment factors have been deemed unreliable for now and no seasonally-adjusted data released by the Bureau of Labor Statistics.  The data for Texarkana in the table above have been seasonally adjusted by the Institute for Economic Advancement.)

Arkansas Taxable Sales – 2014:Q4

By , March 30, 2015 2:07 PM

With consumer purchasing power boosted by low gasoline prices, Arkansas Taxable Sales (ATS) surged in the fourth quarter of 2014, increasing by 2.7% from the previous quarter and up 4.5% from a year earlier.  With gasoline prices falling by nearly 18% from the third quarter to the fourth quarter, Arkansans were paying quite a bit less to fill their tanks.  The dollar-value of gasoline sales fell by 9.1 (seasonally adjusted).  Consequently, Arkansas Taxable Sales Including Gasoline (ATSIG) increased more slowly than the ATS, increasing by 1.8% for the quarter and 3.4% from a year earlier.

Sources: Department of Finance and Administration, Oil Price Information Service, Institute for Economic Advancement

Sources: Department of Finance and Administration, Oil Price Information Service, Institute for Economic Advancement

Sources: Department of Finance and Administration, Oil Price Information Service, Institute for Economic Advancement

Sources: Department of Finance and Administration, Oil Price Information Service, Institute for Economic Advancement

Since the official end of the recession (2009:Q2), ATS has increased by 19.4% (a 3.3% annual rate) and ATSIG has increased by 20.4% (3.4% annual rate).  However, inflation–as measured by the price index for Personal Consumption Expenditures–has been associated with an increase in prices of about 9.4% over the same period.  Consequently, real taxable sales  have only been increasing at an annual rate of 1.6% (not including gasoline) and by 1.8% (including gasoline).  After this adjustment for the effects of inflation, real taxable sales are only now recovering to levels comparable to the pre-recession cyclical peak of 2008:Q2.

Sources: Department of Finance and Administration, Oil Price Information Service, Institute for Economic Advancement, U.S. Bureau of Economic Analysis

Sources: Department of Finance and Administration, Oil Price Information Service, Institute for Economic Advancement, U.S. Bureau of Economic Analysis

 # # #

Arkansas Taxable Sales (ATS) is calculated by the Institute for Economic Advancement to serve as a timely proxy for Arkansas retail sales. The series is derived from sales and use tax data, adjusting for the relative timing of tax collections and underlying sales, changes in tax laws, and seasonal patterns in the data.  Arkansas Taxable Sales Including Gasoline (ATSIG) incorporates data on the state motor fuel tax and gasoline prices from the Oil Price Information Service. A spreadsheet of the monthly and quarterly data is available here: Arkansas Taxable Sales 2014:Q4 (Excel file). Note:  With this release, seasonal factors for the monthly data have been revised.

Arkansas Employment and Unemployment – February 2015

By , March 27, 2015 10:24 AM

Today’s report on state level employment and unemployment was another in a recent series of upbeat reports.  The headline was another downtick in the unemployment rate, from 5.6% to 5.5%.  Over the past 12 months, the unemployment rate in Arkansas has fallen by one full percentage point.  The national unemployment rate in February was also 5.5%.

Source:  Bureau of Labor Statistics

Source: Bureau of Labor Statistics

The underlying components of the unemployment rate–derived from the household survey–continue to trend in positive directions.  The number of unemployed Arkansans was estimated to have declined by 858 from January to February, and has fallen by more than 10,000 over the past 12 months.  Meanwhile, the number of employed increased by 5,750 for the month and is up by nearly 43,000 since February of 2014.  The strong gains in employment have also driven labor force participation higher.  The labor force was up by 4,900 for the month.

Source:  Bureau of Labor Statistics, Local Area Unemployment Statistics (LAUS)

Source: Bureau of Labor Statistics, Local Area Unemployment Statistics (LAUS)

Payroll Employment:
Total nonfarm payroll employment was up by 5,200 for the month (seasonally adjusted).  The gains were largely attributable to increases in two service sector categories:  Professional & Business Services (+2,100) and Leisure & Hospitality Services (+3,100).  Changes in other sectors were mixed.  Manufacturing employment showed a disappointing loss of jobs (-1,800), but construction employment was up for the fourth consecutive month.   From February 2014 to February 2015, total payroll employment has increased by 29,400 — a growth rate of 2.5%.

Source:  Bureau of Labor Statistics, Current Employment Statistics (CES)

Source: Bureau of Labor Statistics, Current Employment Statistics (CES)

Since the employment trough of February 2010, total payroll employment has increased by 61,100 and is now above the pre-recession employment level by 3,700 jobs (0.3%).  By comparison, total employment for the U.S. in February was 2.0% above pre-recession levels.

Source:  Bureau of Labor Statistics

Source: Bureau of Labor Statistics

 # # #

*Seasonally adjusted data for Arkansas nonfarm payroll employment, reported in a format compatible with the monthly news release from the Arkansas Department of Workforce Services, can be found hereTable-Seasonally Adjusted NFPE.

Arkansas Personal Income – 2014:Q4

By , March 25, 2015 2:44 PM

This morning, the Bureau of Labor Statistics issued its report on State Personal Income for the fourth quarter of 2014 and for calendar-year 2014.  The headline statistic was an national average growth rate of 3.9% from 2013 to 2014.  In Arkansas, the annual growth rate was 3.1%.  Per capita income in Arkansas rose by 2.9% to $37,751, while national per capita income rose 3.0% to $46,129.  Accordingly, Arkansas per capita income remained at 82% of the national average, with a ranking of 44th among the 50 states plus D.C.

Source:  Bureau of Economic Analysis

Source: Bureau of Economic Analysis

Total earnings — which includes wages and salaries, employer supplements to wages and salaries, and proprietors income — rose by 1.9% in 2014, compared to a 4.1% increase nationally.  The table below shows the growth rates of total earnings broken down by industry.  Growth rates in Arkansas were below the national average in most sectors.

Source:  Bureau of Economic Analysis

Source: Bureau of Economic Analysis

Quarterly Data
For the fourth quarter of 2014, Arkansas personal income increased 1.2% from the previous quarter, and was up 4.5% from the fourth quarter of 2013.  For the U.S., the comparable growth rates were 1.0% quarterly and 4.5% year-over-year. Since the recession of 2008-09, Personal income in Arkansas has been tracking fairly close to the national average.  Compared to the previous cyclical peak (2008:Q2), total income in Arkansas is up 20.6% (an average annual rate of 2.9%).  Since the trough of the recession (2010:Q1), Arkansas income has increased by 24.7% (a 3.5% annual rate).

Source:   Bureau of Economic Analysis

Source: Bureau of Economic Analysis

The table below shows some of the key components of personal income growth in the fourth quarter.  Two components are notable.  First, growth of Proprietors’ incomes in Arkansas significantly exceeded the national average in both the quarterly and year-over-year data.  Second, another area of strong income growth in Arkansas — particularly in the year-over-year figures — was personal current transfer receipts.  This component was boosted by payments associated with Medicaid expansion (a.k.a. the “Private Option”).  Today’s report from the BEA noted that “Medicaid transfer receipts increased 13.6 percent in the states where coverage expanded in 2014 under the Affordable Care Act and 7.3 percent in the states where coverage did not expand.”   In Arkansas Medicaid transfers increased by 29.2% from 2013:Q4 to 2014:Q4.  That was ore than twice the national average rate of 13.3%.

Source:  Bureau of Economic Analysis

Source: Bureau of Economic Analysis

 

 

Metro Area Unemployment and Employment – January 2015

By , March 20, 2015 4:41 PM

New data on metro area employment and unemployment came out today.  The metro data were subject to the same data revisions that we’ve seen for the state-level data already.   The household employment and unemployment data were estimated using the “new generation of time-series models,”  and updated to incorporate updated estimation inputs and population controls, and the payroll data were revised to reflect the annual benchmarking process.  Just to make it more complicated, today’s report incorporated new geographic delineations for metropolitan statistical areas.   Three metro areas in Arkansas were affected by the new definitions:  Fort Smith, Memphis, and Texarkana  (see endnote*).  Moreover, the revision process is not over:  The not seasonally adjusted data from 2010 forward will be comprehensively revised again on April 21, and smoothed seasonally-adjusted metropolitan area estimates will not be available until after that revision.

Today’s report began with the summary statement that unemployment rates in January were lower than a year earlier in 339 of the nation’s 387 metro areas.  All eight of the metro areas that cover parts of Arkansas were included in this total.  As shown in the table below, unemployment rates in Arkansas have fallen by varying magnitudes, ranging from -0.2 percentage points in Memphis to 1.4 percentage points in Pine Bluff.  As of January 2015. five metro areas had unemployment rates lower than the statewide average of 6.5% (not seasonally adjusted).

Source:  Bureau of Labor Statistics, Local Area Unemployment Statistics (LAUS)

Source: Bureau of Labor Statistics, Local Area Unemployment Statistics (LAUS)

The revisions to metro area unemployment rates were generally not substantial.  As shown in the next table, revisions to the most recent month previously reported (December 2014) were quite minor, even for the metro areas with new geographic delineations.  The revisions had somewhat larger impacts on previous months’ observations, affecting the December 2013-December 2014 year-over-year changes.  Generally speaking, unemployment rates at the end of 2013 were revised downward, reducing the magnitude of unemployment declines measured over the course of 2014.

Source:  Bureau of Labor Statistics, Local Area Unemployment Statistics (LAUS)

Source: Bureau of Labor Statistics, Local Area Unemployment Statistics (LAUS)

 

Payroll Employment
The data for nonfarm payroll employment incorporate new metro area delineations, as well as the annual comprehensive benchmark revisions.  The latest data and growth rates are summarized in the following table:

Source:  Bureau of Labor Statistics, Current Employment Statistics (CES)

Source: Bureau of Labor Statistics, Current Employment Statistics (CES).   Note:  Data for Texarkana are not presently available on a seasonally adjusted basis and have been seasonally adjusted by the Institute for Economic Advancement.

From December 2014 to January 2015, employment dropped by 1.5% in Pine Bluff, and by 0.1% in Fayetteville and Fort Smith.  Other metro areas around the state saw month-over-month gains.  Compared to the previous January, employment in all metro areas except Pine Bluff have seen increases, with the largest gains in Jonesboro and Fayetteville.  Three metro areas are now showing higher levels of payroll employment than before the recession.

To get a sense of how the payroll data revisions affected recent employment growth, the following set of figures compares the revised data to previously published statistics.  In several metro areas, we see the same pattern as in the statewide data revisions; namely, a downward revision to employment growth in late 2013 and a stronger pick-up of growth in 2014.  The data for Northwest Arkansas show a substantial upward revision over the course of 2014 with the cumulative impact measuring nearly 8,000 additional jobs (+3.6%) counted by December 2014.  At the other extreme, the data for Pine Bluff were revised downward, with the cumulative impact amounting to nearly 1,000 fewer jobs (-2.6%) than previously estimated at the end of last year.  Data for Fort Smith, Memphis and Pine Bluff show level shifts associated with the revised metro area delineations.*

Source:  Bureau of Labor Statistics

Source: Bureau of Labor Statistics

*Note:  Fort Smith, Memphis, and Texarkana were subject to revised geographic boundaries (OMB Bulletin No. 13-01).  Fort Smith was redefined to exclude Franklin County, AR;  Memphis was revised to include Benton County, MS; and Texarkana’s delineation was expanded to include Little River County, AR.

Arkansas Employment and Unemployment – January 2015

By , March 17, 2015 1:28 PM

With the data revisions for 2014 complete, the Bureau of Labor Statistics published the first state-level employment data for 2015.  From the household survey, the unemployment rate ticked down one-tenth of a percent to 5.6%.  As described in a previous post, some of the recent sharp swings in the household employment data were recently muted by data revisions.  But the January data showed an uncharacteristically large surge in employment, similar to those that were showing up in the recent data before revision:  From December to January, the number of employed was up by more than 9,000.   The number of unemployed was essentially unchanged, so the labor force figures also showed a sharp increase.

Source:  Bureau of Labor Statistics, Local Area Unemployment Statistics (LAUS)

Source: Bureau of Labor Statistics, Local Area Unemployment Statistics (LAUS)

At 5.6%, January’s unemployment rate in Arkansas was one-tenth of a percent lower than the national average for January, and one-tenth higher than the national average for February.  Arkansas’ unemployment rate continues to closely track that of the U.S. as a whole.

Source:  Bureau of Labor Statistics

Source: Bureau of Labor Statistics

Payroll Survey
The payroll data are similarly showing generally positive trends.  The not-seasonally adjusted data reported by the Arkansas Department of Workforce Services showed a sharp decline for the month, but that is typical of the change from December to January as the demand for holiday-related workers wanes.  After taking account of typical seasonal fluctuations, the seasonally-adjusted data showed an increase in Arkansas Nonfarm Payroll Employment of 2,000 jobs.  In the goods producing sectors, Manufacturing employment was down 1,800 but Construction employment was up 2,300.  Changes were mixed across service sectors:  Employment in Professional and business services was up for the month; Leisure and Hospitality employment was down slightly.

Source:  Bureau of Labor Statistics, Current Employment Statistics (CES)

Source: Bureau of Labor Statistics, Current Employment Statistics (CES)

Today’s release of Nonfarm Payroll Employment Data incorporated the annual benchmark revisions (more on that below).  In the context of the revised data, the year-over-year growth of Arkansas employment amounts to 26,800.  Gains were widespread, with only slight declines in Mining, Information Services and Government employment.  Since the employment trough of February 2010, the Arkansas economy has recovered 56,400 of the jobs that were lost during the recession.  The composition of employment in Arkansas has changed considerably over the past seven years:  Manufacturing employment has contracted by over 32,000 jobs, while job growth has been concentrated in service sectors.

As of January, total nonfarm payroll employment was 1,000 jobs (0.1%) lower than the pre-recession levels (December 2007).  For the U.S. as a whole, employment surpassed its pre-recession level in April 2014.

Source:  Bureau of Labor Statistics

Source: Bureau of Labor Statistics

Benchmark Revisions
The revisions to payroll employment data were about as expected:  The job growth in the latter part of 2013 that had been previously reported was largely revised away.  However, the new data show stronger growth in the first part of 2014 than the previously-published data.  As a result, revisions to recent statistics were relatively minor.  As of December, the revised data show only 3,100 fewer jobs than the pre-revision statistics.

Source:  Bureau of Labor Statistics

Source: Bureau of Labor Statistics

The table below summarizes the impact of the revision on various sectors.  Because the data for late 2013 were revised downward far more than the data for end of 2014, year-over-year growth in total employment is considerably stronger in the revised data.  This basically reflects the re-estimation of the timing of job growth:  More of the recent growth is now estimated to have taken place in 2014 instead of earlier.  The revisions to various sectors are mixed.  Levels of employment were revised downward for Construction, Wholesale Trade, Education and Health Services, Leisure and Hospitality Services and Government.  But again, the change in the estimated timing of job growth matters for the growth rates of the sectors.  The revised data generally show slower growth over the past year for goods-producing sectors, as well as for Education and Health Services.  The higher growth rate in total job growth is reflected in most of the other service sectors.

Source:  Bureau of Labor Statistics

Source: Bureau of Labor Statistics

 # # #

*Seasonally adjusted data for Arkansas nonfarm payroll employment, reported in a format compatible with the monthly news release from the Arkansas Department of Workforce Services, can be found hereTable-Seasonally Adjusted NFPE.

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