Editor’s note: This story is a component of The Compass Report. The quarterly Compass Report is managed by The City Wire, and sponsored by Arvest Bank. Supporting sponsors of The Compass Report are Cox Communications and the Fort Smith Regional Chamber of Commerce.
The size of the Fort Smith metro workforce and the number of employed continues to decline year-over-year, but the number of unemployed in October fell more than 30% to 6,774, according to figures from the U.S. Bureau of Labor Statistics.
Fort Smith’s metro jobless rate fell to 5.4% in October compared to 5.7% in September. The rate was lower than the 7.5% in October 2013, but the number of employed in the region dipped slightly to 0.54% in the 12-month period.
October’s data is subject to revision in future reports from the U.S. Bureau of Labor Statistics.
The size of the Fort Smith regional workforce during October was 126,015, up from 125,985 during September, but below the 129,664 during October 2013. The labor force reached a revised high of 140,253 in June 2007, meaning the October workforce size is down 10.15% from the peak number.
The number of employed in the Fort Smith region totaled 119,241 in October, up from 118,771 in September, and just slightly below the 119,892 employed in October 2013. The number of employed in the metro area is down 10.19% compared to the high of 132,779 in November 2007 – or 13,538 fewer jobs in the almost seven-year period.
All of the eight metro areas in or connected to Arkansas had jobless rate declines in October compared to September, and all had jobless rate declines compared to October 2013. During October, the lowest metro jobless rate in the state was 3.9% in Northwest Arkansas and the highest rate was 7.5% in the Memphis-West Memphis area.
FORT SMITH METRO NUMBERS
Unemployed persons in the region totaled an estimated 6,774 during October, down from the 7,214 during September, and well below the 9,772 during October 2013.
The Fort Smith area manufacturing sector employed an estimated 17,800 in October, down from 17,900 in September, and below the 18,400 in October 2013. Sector employment is down 37.5% from a decade ago when October 2004 manufacturing employment in the metro area stood at 28,500. 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 — the region’s largest job sector — totaled 24,300 in October, down from 24,400 in September, and above the 24,000 during October 2013. Employment in the sector reached a high of 25,700 in December 2007.
Employment in the region’s tourism industry was 9,800 during October, down from 9,900 in September and above the 9,400 in October 2013. The sector reached an employment high of 9,900 in August and maintained that level in September.
In Education & Health Services, employment was 16,500 during October, unchanged compared to September and below the 16,600 during October 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 19,500 during October, up from 19,200 in September and above the 19,400 in October 2013.
NATIONAL NUMBERS
Unemployment rates were lower in October than a year earlier in 354 of the 372 metropolitan areas, higher in 14 areas, and unchanged in four areas, noted the broad BLS report.
The U.S. unemployment rate in October was 5.8%, down from 7% from a year earlier. Arkansas’ jobless rate was 6% in October, down from 6.2% in September and down from 7.6% in October 2013.
Oklahoma’s jobless rate during October was 4.5%, down from 4.7% in September, and down compared to 5.6% in October 2013. The Missouri jobless rate during October was 5.9%, down from 6.3% in September and below the 6.3% in October 2013.
ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
Oct. 2014: 3.9%
Sept. 2014: 4.4%
Oct. 2013: 5.4%
Fort Smith
Oct. 2014: 5.4%
Sept. 2014: 5.7%
Oct. 2013: 7.5%
Hot Springs
Oct. 2014: 5.6%
Sept. 2014: 6.1%
Oct. 2013: 7.8%
Jonesboro
Oct. 2014: 4.8%
Sept. 2014: 5.2%
Oct. 2013: 6.6%
Little Rock-North Little Rock-Conway
Oct. 2014: 4.8%
Sept. 2014: 5.3%
Oct. 2013: 6.5%
Memphis-West Memphis
Oct. 2014: 7.5%
Sept. 2014: 7.9%
Oct. 2013: 9.2%
Pine Bluff
Oct. 2014: 6.8%
Sept. 2014: 7.5%
Oct. 2013: 9.7%
Texarkana
Oct. 2014: 5.5%
Sept. 2014: 5.8%
Oct. 2013: 7.2%
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%