Labor market numbers continue to go in the wrong direction for the Fort Smith regional economy. The regional workforce declined 3.26% in August compared to August 2013, and the number of employed declined 1.5% in August compared to August 2013.
Despite the tough topline numbers, the Fort Smith metro jobless rate fell to 6.1% in August compared to 6.4% in July. It was also lower than the 7.8% in August 2013, according to figures released Wednesday (Oct. 1) by the U.S. Bureau of Labor Statistics. The August numbers are subject to revision.
The size of the Fort Smith regional workforce during August was 125,055, down from 127,049 during July, and well below the 130,458 during August 2013s. The labor force reached a revised high of 140,253 in July 2007, meaning the August workforce size is down 10.83% from the peak number.
The number of employed in the Fort Smith region totaled 116,936 in August, down from 118,964 in July, and an estimated 2,820 jobs below the 119,756 employed in August 2013.
All of the eight metro areas in or connected to Arkansas had jobless rate decreases in August compared to July, and jobless rate declines compared to August 2013. During August, the lowest metro jobless rate in the state was 4.9% in Northwest Arkansas and the highest rate was 8.5% in the large Memphis-West Memphis metro.
FORT SMITH METRO NUMBERS
Unemployed persons in the region totaled an estimated 7,684 during August, below the 7,996 during July, but well below the 10,123 during August 2013.
The Fort Smith area manufacturing sector employed an estimated 18,000 in August, down from 18,200 in July, and down from 18,400 August 2013. Sector employment is down almost 37% from a decade ago when August 2004 manufacturing employment in the metro area stood at 28,400. Also, the annual average monthly employment in manufacturing has fallen from 28,900 in 2005, 19,200 in 2012, and to 18,300 in 2013.
Jobs in the Trade, Transportation and Utilities sector totaled 24,300 during August 2013, down from 24,400 in July and above the 23,800 in August 2013. Employment in the sector reached a high of 25,700 in December 2007.
Employment in the region’s tourism industry set a new record of 9,900 during August, up from 9,800 in July and above the 9,600 in August 2013. The previous record of 9,800 was set in August 2008.
In Education & Health Services, employment was 16,300 during August, up from 16,200 in July and below the 16,700 during August 2013. Annual average monthly employment in the sector has steadily grown since 2005 when it reached 14,000. In 2012 the average was 17,000, but fell slightly to 16,800 in 2013. Employment in the sector reached a record 17,300 in October 2012.
In the Government sector, employment was 17,800 during August, up compared to 16,500 in July and up from 17,700 in August 2013.
NATIONAL NUMBERS
Unemployment rates were lower in August than a year earlier in 322 of the 372 metropolitan areas, higher in 44 areas, and unchanged in six areas, noted the broad BLS report.
The U.S. unemployment rate in August was 6.1%, down from 7.2% from a year earlier. Arkansas’ jobless rate was 6.3% in August, up from 6.2% in July and down from 7.7% in August 2013.
Oklahoma’s jobless rate during August was 4.7%, up from 4.6% in July, and down compared to 5.6% in August 2013. The Missouri jobless rate during August was 6.3%, down from 6.5% in July and below the 6.6% in August 2013.
ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
August 2014: 4.9%
July 2014: 5.3%
August 2013: 5.8%
Fort Smith
August 2014: 6.1%
July 2014: 6.4%
August 2013: 7.8%
Hot Springs
August 2014: 6.5%
July 2014: 6.8%
August 2013: 7.6%
Jonesboro
August 2014: 5.7%
July 2014: 6.1%
August 2013: 7.1%
Little Rock-North Little Rock-Conway
August 2014: 5.7%
July 2014: 6%
August 2013: 6.8%
Memphis-West Memphis
August 2014: 8.5%
July 2014: 8.8%
August 2013: 9.5%
Pine Bluff
August 2014: 8.4%
July 2014: 9.2%
August 2013: 10.2%
Texarkana
August 2014: 6.4%
July 2014: 6.5%
August 2013: 7.7%
FORT SMITH METRO AREA HISTORY
Past annual average unemployment rates
2013: 8%
2012: 7.7%
2011: 8.3%
2010: 8.2%
2009: 7.9%
2008: 4.8%
2007: 5.3%
2006: 4.9%
2005: 4.5%
2004: 5.2%
2003: 5.5%
2002: 5%
2001: 4.2%
2000: 3.7%