8.19.24 – SDL – LITTLE ROCK, Ark.
Arkansas’ seasonally adjusted unemployment rate remained stable at 3.3 percent between June and July, according to a report released August 16 by the Arkansas Division of Workforce Services, Workforce Policy and Innovation, in conjunction with the Bureau of Labor Statistics.
The United States’ jobless rate rose two-tenths of a percentage point, increasing from 4.1 percent in June to 4.3 percent in July.
According to the report, the size of Arkansas’ civilian labor force increased by 5,129 in July, as the number of employed rose 4,918 over-the-month. Civilian labor force and employment both remain at record high levels for a fifth consecutive month, the report stated, as the labor force participation rate rose to 57.9 percent in July.
The ADWS report stated that compared to July 2023, there are 18,622 more employed Arkansans. The civilian labor force is up 20,847, with an additional 2,225 unemployed residents actively looking for work. Arkansas’ labor force participation rate is up three-tenths of a percentage point, rising from 57.6 percent in July 2023 to 57.9 percent in July 2024.
Non-farm payroll jobs decreased 15,000 in July, the report stated, attributed in large part to seasonal declines related to summer break at schools. Jobs in government are down 11,000, all in local (-9,700) and state (-1,500) educational services. Declines were also posted in other services (-2,000), professional and business services (-1,700), and in construction (-1,500). Hiring occurred in financial activities (+900) and information (+500).
Compared to July 2023, non-farm payroll jobs are up 31,400, according to the report. Private education and health services added 10,900 jobs, mostly in health care and social assistance (+8,600). Notable growth was also reported in professional and business services (+6,300), leisure and hospitality (+3,700), construction (+3,400), and trade-transportation-utilities (+2,900).