12.16.22 – Talk Business
After reaching a recent low of 3.1% in February, Arkansas’ jobless rate moved higher during the year and reached 3.7% in November, which was higher than the 3.3% in November 2021. The rising rate reflects a decline in job growth relative to labor force growth.
The number of employed in Arkansas during November was an estimated 1,302,339, up 14,347 jobs, or 1.1%, compared with November 2021, but below the 1,304,631 in October, according to the U.S. Bureau of Labor Statistics (BLS) report posted Friday (Dec. 16). The November numbers are preliminary and subject to revision.
Arkansas’ labor force, the number of people eligible to work, in November was 1,351,744, up 1.5% from the 1,331,333 in November 2021, but below the 1,353,161 in October. The state’s labor force participation rate was 56.6% in November, above the 56.3% in November 2021, and below the 56.7% in October.
Arkansans without jobs in November totaled 49,405, up from the 48,530 in October, and 12.4% above the 43,941 in November 2021.
The biggest year-over-year sector gains were in manufacturing (4,900 more jobs), and Education and Health Services (4,300 more jobs).
NATIONAL NUMBERS
Unemployment rates were higher in November in 12 states, lower in 3 states and the District of Columbia, and stable in 35 states. Thirty-six states and the District had jobless rate decreases from a year earlier, 3 states had increases, and 11 states had little change. The U.S. jobless rate in November was 3.7%, down from 4.2% in November 2021.
Utah had the lowest jobless rate in November at 2.2%. The next lowest rates were in Minnesota and North Dakota at 2.3% each. Nevada had the highest unemployment rate at 4.9%, followed by Illinois at 4.7%. In total, 17 states had unemployment rates lower than the U.S. figure of 3.7%, 6 states and the District had higher rates, and 27 states had rates that were not appreciably different from that of the nation.
JOB SECTOR NUMBERS
Trade, Transportation, and Utilities
November 2022: 265,600
October 2022: 267,000
November 2021: 262,100
Sector employment set a record of 268,000 in July 2022.
Government
November 2022: 209,500
October 2022: 209,500
November 2021: 208,400
Sector employment hit a peak of 224,100 in May 2010.
Education and Health Services
November 2022: 199,700
October 2022: 198,800
November 2021: 195,400
Sector employment marked a new record of 202,000 in August 2022.
Manufacturing
November 2022: 163,800
October 2022: 165,000
November 2021: 158,900
Manufacturing, once the state’s largest jobs sector, posted record employment of 247,600 in February 1995.
Professional and Business Services
November 2022: 149,100
October 2022: 149,600
November 2021: 150,200
Sector employment set a record of 152,600 in January 2022.
Leisure and Hospitality
November 2022: 123,900
October 2022: 124,000
November 2021: 120,200
Sector employment marked a new record of 124,700 in August 2022.
Financial Activities
November 2022: 68,700
October 2022: 69,300
November 2021: 66,300
October employment marked a new record for the sector.
Construction
November 2022: 54,500
October 2022: 54,500
November 2021: 56,000
The sector reached record employment of 57,700 in February 2006.