Arkansas Unemployment Rate Remains Unchanged at 3.3%
Arkansas bucked the trend as its unemployment rate held steady at 3.3% between June and July, even as the national jobless rate rose by two-tenths of a percentage point to 4.3%. This stability marked a notable divergence from the national average, which climbed to 4.3%.
The labor force in Arkansas expanded by 5,129 individuals in July, with 4,918 new jobs created during the month. This marked the fifth consecutive month of record highs for both the labor force and employment, as the participation rate reached 57.9%. Compared to July 2023, there were 18,622 more employed Arkansans and a growth of 20,847 in the labor force.
While nonfarm payroll jobs saw a decline of 15,000 in July, primarily due to seasonal reductions during the summer break in schools, there were notable sectoral gains. For example, financial activities and information saw job increases. Over the year, nonfarm payroll jobs rose by 31,400, driven by growth in private education and health services, professional and business services, leisure and hospitality, construction, and trade-transportation-utilities.
In terms of overall statistics, the civilian labor force in Arkansas expanded to 1,401,412, with employment reaching 1,354,671. Unemployment stood at 46,741, yielding an unchanged unemployment rate of 3.3%.
- Labor force expanded by 5,129 individuals
- Employment rose by 4,918 jobs
- Unemployment rate remained at 3.3%
- Labor force participation rate reached 57.9%
The stability of Arkansas’ unemployment rate in the face of a rising national average highlights the divergence between local and national economic trends.
