The Arkansas unemployment rate dropped one-tenth of a percent in October, to 5.1%. The number of unemployed declined by nearly 1,300, while the number of employed increased by 1,200. After a brief rise in unemployment in the Spring, we’ve seen employment increase by 9,000 from May to October, while unemployment has fallen by 8,400 over the same period.
Payroll employment declined slightly (-200) from September to October (seasonally adjusted). Sectors gaining jobs for the month included Manufacturing, Retail Trade, Professional & Business Services, and Other Services. Leisure & Hospitality Services and Government declined.
Compared to one year ago, Arkansas payroll employment is up 19,400. A surge in Construction employment (+8,200) accounts for much of that total increase, but other contributors include the rapidly growing service-providing sectors of Professional & Business Services, Education & Health Services, and Leisure & Hospitality Services. Compared to it’s pre-recession level (December 2007), total payroll employment in Arkansas is up by 7,200 jobs (+0.6%).
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*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 here: Table-Seasonally Adjusted NFPE.