Arkansas Economic Development Institute

Posts tagged: Arkansas Metro Areas (MSAs)

Metro Area Employment and Unemployment – June 2017

By , August 2, 2017 5:21 PM

The Bureau of Labor Statistics reported this morning that unemployment rates were lower in June than a year earlier in 336 of the 388 metropolitan areas in the U.S.   All of Arkansas metro areas, except Texarkana, fell into that category.  With an unemployment rate that is up 0.3 percentage points since June 2016, Texarkana was one of 45 metro areas with a higher unemployment rate than a year ago.

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

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

From May to June, seasonally adjusted estimates indicated that unemployment rates were unchanged or up slightly in most of Arkansas metro areas.  Texarkana was the outlier in this comparison as well, with an unemployment rate decline of 0.1 percentage points.

Bureau of Labor Statistics: Seasonally Adjusted Metropolitan Area Estimates

Bureau of Labor Statistics: Seasonally Adjusted Metropolitan Area Estimates

Payroll Employment
From May to June, nonfarm payroll employment increased in Little Rock, Memphis and Fort Smith.  Payroll employment was down in Hot Springs, Pine Bluff, Texarkana and Fayetteville.  Compared to a year earlier, Fayetteville remains the fastest-growing metro area, up 3.8%.  Jonesboro, Memphis and Hot Springs had employment totals that were also significantly higher than a year earlier.

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

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

The figure below illustrates the wide range of employment growth patterns over the past decade.  Only four of Arkansas metro areas have higher employment totals than at the start of the 2008-09 recession and only Fayetteville and Jonesboro have experienced significant growth.   Since the employment trough of 2010, most of Arkansas metro areas have experienced at least some positive growth, with the exception of Texarkana and Fort Smith (both essentially unchanged) and Pine Bluff (down nearly 11%).

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

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

Metro Area Employment and Unemployment – May 2017

By , June 28, 2017 4:05 PM

In its latest news release on metro area employment and unemployment, the Bureau of Labor Statistics noted that unemployment rates “were lower in May than a year earlier in 298 of the 388 metropolitan areas.”  Seven of the eight metro areas including parts of Arkansas fell into this category, with Texarkana being one of the nation’s 66 metro areas to have higher unemployment than a year earlier.

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

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

Seasonally adjusted estimates showed unemployment rates were generally unchanged or ticked downward in May, with the exceptions being Fort Smith and Memphis.  In Fort Smith, the rate ticked upward by 0.1 percentage point, while in Memphis the unemployment rate plummeted by 0.6 percentage points.

Source Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

Source Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

The sharp decline in Memphis’ unemployment rate wasn’t associated with a commensurate increase in employment.  Rather, the data show a 13.5% decline in the number of unemployed, along with a decline in the number employed.  The reason for this sudden drop in labor force participation is not clear.

Source: Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

Source: Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

Payroll Employment
Nonfarm payroll employment increased in five metro areas in May, declining in the other three.  Pine Bluff saw a one-month increase in employment of 1.2%, bringing the total back up to the same level as a year ago.  Little Rock’s employment ticked down 0.1% in May, and is little changed from a year ago.  The fastest-growing employment markets in the state continue to in the Northwest and Northeast corners of the state.  Employment in the Fayetteville MSA was up 0.8% in May, and is 4.3% higher than a year ago.  In Jonesboro the one-month increase was 0.2%, corresponding to a 2% increase from May 2016.  These two metro areas remain the only parts of Arkansas in which employment is significantly higher today than before the 2008-09 recession.

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

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

Metro Area Employment and Unemployment – April 2017

By , June 1, 2017 4:57 PM

Unemployment rates in Arkansas metro area continued their downward trend in April.  The Bureau of Labor Statistics reported yesterday that unemployment rates were lower than a year earlier in 322 of the nation’s 388 metropolitan areas.  Seven of Arkansas’ eight metro areas were included in this number.  In Texarkana, where the rate has been drifting upward  over the past twelve months, the unemployment rate was up 0.5% compared to last April.

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

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

On a seasonally adjusted basis, unemployment rates ticked downward in all Arkansas metro areas except Fort Smith, where it was unchanged.

Source: Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

Source: Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

The time series of seasonally adjusted unemployment rates shows convergence to three different levels cross the state.  Texarkana, Memphis and Pine Bluff are clustered around 5%, Fort Smith and Hot Springs are at or near 4.0%, and Little Rock, Jonesboro and Fayetteville are at 3% or lower.

Source: Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

Source: Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

Payroll Employment
Changes in nonfarm payroll employment were mixed around the state.  Only Jonesboro and Hot Springs showed increases from March to April, while Fayetteville, Fort Smith, Little Rock, Pine Bluff and Texarkana experienced employment declines.  Memphis was unchanged.  Compared to a year earlier, employment has declined in Fort Smith, Pine Bluff and Texarkana.  Fayetteville Jonesboro, Hot Springs and Memphis are up significantly, while Little Rock employment is essentially unchanged.

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

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

Compared to employment levels before the 2008-09 recession, employment statewide has expanded by 3.0%.  But that aggregate masks some huge differences among metro areas and regions.  Employment levels in Fayetteville and Jonesboro are up 21.1% and 15.9%, respectively, while payrolls in Pine Bluff are down 13.8%.

Metro Area Employment and Unemployment – March 2017

By , May 3, 2017 5:06 PM

New data on unemployment in Arkansas metro areas shows rates generally continuing to trend downward in March.  The exceptions were Pine Bluff and Texarkana, each of which had unemployment rates that were unchanged from February.  Elsewhere in the state, unemployment rates ticked downward by 0.1 or 0.2 percentage points.

Source: Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

Source: Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

Compared to twelve months earlier, rates are down approximately one-half of a percentage point in most of the state’s metro areas.  Unemployment in Memphis is the same as it was a year ago.  In Texarkana, the unemployment rate was on the decline through early 2016, but has edged up by one-half of a percentage point since March of 2016.  The figure below shows current rates and recent trends for unemployment rates in metro areas around the state.

Source: Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

Source: Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

Payroll Employment
Statewide nonfarm payroll employment was essentially unchanged in March.  Monthly changes in the state’s metro areas were mixed.  Fort Smith and Jonesboro both saw declines of over 1 percent.  Employment in other metro areas was up slightly.  Over the past year, Pine Bluff, Texarkana and Fort Smith have seen zero or negative employment growth, while the other MSAs have seen employment expand.  The Fayetteville metro area continues to exhibit the strongest growth in the state.

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

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

Over the longer run, employment growth trends have diverged significantly during the current economic expansion.  Fayetteville and Jonesboro have grown steadily since the end of the great recession, but other metro areas have experienced slower growth.  Among the state’s other metro areas, only Little Rock and (as of this month) Memphis have surpassed pre-recession employment levels.

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

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

Metro Area Employment and Unemployment – February 2017

By , April 5, 2017 4:58 PM

Data on unemployment rates for metropolitan areas are still in flux after recent revisions.  Today’s news release featured new information for February and revised figures for January, but the databases at the Bureau of Labor Statistics have not yet been updated with revised historical data.  We do know that the not-seasonally adjusted data shows unemployment rates lower than a year ago in six of Arkansas’ eight metro areas.  In Memphis and Texarkana unemployment rates are up slightly from February 2016 to February 2017.

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

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

Although the statewide unemployment rate ticked downward in February (to a new record low), seasonally adjusted estimates for Arkansas metro areas indicate slight increases in unemployment from January to February.  The unemployment rate in Memphis dropped by 0.4 percentage point and unemployment in Jonesboro was unchanged, but the other metro areas saw increases.  The seemingly anomalous juxtaposition might just be noise in the data or reflect idiosyncrasies of the seasonal adjustment process — stay tuned for future revisions.

Source: Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

Source: Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

Payroll Employment
Nonfarm payroll employment was unchanged or higher in all of Arkansas’ metro areas.  The two metro areas that have been growing the fastest during the current economic expansion saw significant gains:  Jonesboro was up 0.9% from January to February and Fayetteville rose 0.8%.  Texarkana, where job growth has been rather weak in recent years, saw a full percentage point increase in employment.

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

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

Only three metro areas — Fayetteville, Jonesboro, and Little Rock — have seen net increases in payroll employment since the pre-recession peak of December 2007.

Metro Area Employment and Unemployment – January 2017

By , March 20, 2017 4:42 PM

The latest release on metro area unemployment rates included only selected data:  Revisions to historical data and seasonal factors are in progress and will be included in next month’s report.  For now, only the not-seasonally adjusted data are available.  As shown in the following figure, unemployment rates vary considerably across Arkansas metro areas.  Fayetteville, Jonesboro, and Little Rock have unemployment rates below the statewide average of 4.2%, while the remaining metro areas have rates that are above the average.

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

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

From January 2016 to January 2017, unemployment rates declined sharply in most of the state’s metro areas, with the statewide rate declining by one-half of a percentage point.  Two exceptions were Memphis and Texarkana, which experienced increases in unemployment rates over the 12-month period.

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

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

Payroll Employment
Changes in nonfarm payroll employment were mixed across metro areas.  One-month changes ranged from Hot Springs (+1.6%) to Fort Smith (-1.4%).  Compared to January 2016, employment was higher in five of the eight metro areas, but was lower in Fort Smith and Texarkana.

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

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

The latest report included annual benchmark revisions to the payroll employment time series.  The underlying not-seasonally adjusted data were revised back to April of 2015, with seasonal factors revised back five years.  The revisions are summarized in the table below and displayed in the accompanying set of charts.

Source: Bureau of Labor Statistics

Source: Bureau of Labor Statistics

Source:  Bureau of Labor Statistics

Source: Bureau of Labor Statistics

Metro Area Employment and Unemployment – December 2016

By , February 1, 2017 3:47 PM

Unemployment rates in Arkansas metro areas were generally lower in December than in November.  Although the raw not-seasonally adjusted figures show increases in all eight metro areas that include parts of Arkansas, the end of year is typically associated with seasonal upticks in unemployment associated with academic breaks.  After seasonal adjustment, unemployment rates declined Fayetteville, Fort Smith, Jonesboro and Pine Bluff.  Seasonally adjusted unemployment rates were unchanged in Hot Springs and Little Rock, while increasing slightly in Memphis and Texarkana.

Source: Bureau of Economic Analysis

Source: Bureau of Economic Analysis

Compared to year earlier, Decembers metro unemployment rates continued to show significant declines.  From December 2015 through December 2016, unemployment rates declined by 0.1% (Texarkana) to 1.2% (Pine Bluff).

Source: Bureau of Labor Statistics

Source: Bureau of Labor Statistics

Payroll Employment
Nonfarm Payroll Employment in December was up 0.7% in Jonesboro and 0.4% in Fort Smith, but was lower in 5 of the state’s metro areas.  Compared to December 2015 employment was higher in most metro areas, with particularly large gains in Jonesboro.  Tow metro areas, Pine Bluff and Texarkana showed year-over-year declines in employment.  Those two metro areas also showed longer-term declines, with employment lower than the post-recession trough point of February 2010.  Five of the state’s eight metro areas have yet to reach pre-recession (December 2007) employment levels.  Eight years after the onset of the 2008-09 recession, only Little Rock, Fayetteville and Jonesboro have shown net gains.

Source: Bureau of Labor Statistics

Source: Bureau of Labor Statistics

Source: Bureau of Labor Statistics

Source: Bureau of Labor Statistics

 

 

Metro Area Employment and Unemployment – October 2016

By , December 1, 2016 12:05 PM

Differences in unemployment rates among Arkansas’ metropolitan areas generally narrowed slightly in October.  In the areas with the unemployment rates below the statewide average of 4.0% (Fayetteville, Jonesboro, and Little Rock), rates were unchanged.  Unemployment rates were down 0.3 percentage points in Pine Bluff and Fort Smith, and down 0.2 percentage points in Texarkana.  In Hot Springs, where the unemployment rate remains slightly above the statewide average, the unemployment rate ticked down by 0.1.  Memphis was the exception to the pattern, where a 0.1 percentage point increase in unemployment increased the rate to the highest among all metro areas that include parts of Arkansas.

Source: Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

Source: Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

Unemployment rates remained lower than a year earlier in all eight of the metro areas.  The largest decline was in Pine Bluff — down 1.6 percentage points (not seasonally adjusted data).  The unemployment rate in Texarkana rose 0.5 percentage points since May, but was 0.1 percentage point lower than in October 2015.

Source: Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

Source: Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

Payroll Employment
Data on nonfarm payroll employment was mixed.  Employment was higher in Memphis, Fort Smith and Little Rock, but declined in Jonesboro, Hot Springs and Pine Bluff.  There was no change in Fayetteville and Texarkana.

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

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

Over the most recent 12 months, employment has increase in all metro areas except Pine Bluff and Texarkana.  Those are also the only two metro areas where employment has declined, on net, since the nationwide and statewide employment trough-date of February 2010.

Metro Area Employment and Unemployment – August 2016

By , September 30, 2016 3:53 PM

New data on employment and unemployment in metro areas came out earlier this week.  The data continue to show substantially lower unemployment rates in most Arkansas metro areas than a year earlier, although most of the decline took place in the latter part of 2015 with monthly data showing rates leveling off more recently.  In Texarkana, the unemployment rate has been drifting higher in recent months, leaving a net change of zero compared to August 2016.

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

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

From July to August, seasonally adjusted estimates show no change in unemployment rates in most metro areas.  Unemployment rates in Fayetteville and Texarkana crept upward by one-tenth of a percentage point, while Hot Springs saw its unemployment rate decline by one-tenth.  The unemployment rate in Pine Bluff increased by two-tenths of a percent.

Source: Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

Source: Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

As shown in the figure below, unemployment rates in Arkansas have leveled off since spring, and in some cases have increased through the summer.  Considerable variation remains among metro area rates, with unemployment under 3% in Fayetteville and over 5% in Memphis and Pine Bluff.

Source: Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

Source: Bureau of Labor Statistics, Seasonally Adjusted Metropolitan Area Estimates

Payroll Employment
Estimates of nonfarm payroll employment in August were mixed.  From July to August, employment declined in Fayetteville and Pine Bluff, while increasing in Fort Smith, Little Rock, and Memphis.  Compared to a year earlier, only Pine Bluff shows a net decline in employment.  Since the employment trough of February 2010, the data show strong job growth in the Northwest and Northeast regions of the state, with more modest growth in other metro areas.  The exception is Pine Bluff, where employment has continued to decline.

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

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

Metro Area GDP – 2015

By , September 27, 2016 4:55 PM

New data on metropolitan area GDP were published by the Bureau of Economic Analysis last week.  For the metro areas in Arkansas, the news was decidedly mixed.  Only one of Arkansas’ metro areas — Fayetteville-Springdale-Rogers — had GDP growth in excess of the national average for metro areas:  Growth in Northwest Arkansas was reported at 4.4%, compared to 2.5% for the aggregate of all U.S. metro areas.  At 2.4%, Jonesboro’s growth rate was near the national average.  At the other end of the scale, GDP was reported to have contracted in three metro areas, with losses in Hot Springs and Pine Bluff reported at -3.0%.

Source: Bureau of Economic Analysis

Source: Bureau of Economic Analysis

The data for a single year do not always reveal the underlying growth trend.  As shown in the figure below, for example, the contraction in Hot Springs interrupted a series of years with relatively robust growth.  Even after declining 3% in 2015, GDP in Hot Springs was up 12.7% from it’s pre-recession level in 2007.  Over the same period, Fayetteville was the fastest-growing metro, with cumulative growth of 28.5%.  At the other end of the scale, GDP in Pine Bluff was down nearly 14% from its 2007 level.

Source: Bureau of Economic Analysis

Source: Bureau of Economic Analysis

Another caveat to the interpretation of the latest data:  The figures for 2015 are considered to be “advance estimates,” subject to considerable future revision.  The data release last week included revisions to the data for 2014, which were sizable in some cases.  In fact, for four metro areas (Hot Springs, Little Rock, Memphis, and Texarkana) even the direction of GDP change in 2014 has now been revised.  The update to Texarkana data is particularly large: having been originally estimated at -1.0%, GDP in 2014 is now reported to have increased at a 1.6% rate.

Source: Bureau of Economic Analysis

Source: Bureau of Economic Analysis

The revisions to 2014 data show that the new data for 2015 should be interpreted with caution.  The multi-year trends in the data are revealing, but the latest reading on annual growth rates may look quite a bit different when the data are revised a year from now.

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