Northwest Arkansas’ economy continued in November a trend toward growth in the number of employed and the size of the regional workforce, with the November jobless rate at 3.9%, unchanged compared to October and well below the 5% in November 2013.
Metro employment during November of 225,530 was above the 224,442 in October, and also above the 224,006 in November 2013, according to figures released Tuesday (Dec. 30) from the U.S. Bureau of Labor Statistics. The November numbers are subject to revision.
The size of the Northwest Arkansas regional workforce during November was estimated at 234,759, above the 233,570 in October, but below the 235,853 during November 2013. The average annual monthly labor size was 234,412 in 2013, 232,208 during 2012, 228,918 during 2011 and 225,974 during 2010.
All of the eight metro areas in or connected to Arkansas had jobless rate declines in November compared to November 2013. Four metro areas (Fort Smith, Hot Springs, Jonesboro and Memphis-West Memphis) had jobless rate increases compared to October, and three metro areas (Northwest Arkansas, central Arkansas and Pine Bluff) were unchanged compared to October. Only the Texarkana metro area had a jobless rate decline compared to October and November 2013.
During November, the lowest metro jobless rate in the state was 3.9% in Northwest Arkansas and the highest rate was 7.6% in the Memphis-West Memphis area.
NWAMETRO NUMBERS
Following are other key figures from the BLS metro report.
Unemployed persons in the region totaled 9,229 during November, up slightly from the 9,128 during October and well below the 11,847 during November 2013.
Jobs in the Trade, Transportation and Utilities sector — the region’s largest job sector — totaled 47,500 in November, above the 46,200 during October, and down from the 49,300 in November 2013. The sector reached record employment of 50,500 in December 2006.
The Northwest Arkansas manufacturing sector employed an estimated 26,200 in November, unchanged compared to October, but down from the 26,400 during November 2013. Sector employment is down more than 21% from more than a decade ago when November 2004 manufacturing employment in the metro area stood at 33,300.
Employment in the region’s tourism industry was 22,400 during November, down from 22,600 in October but ahead of the 21,400 in November 2013. Sector employment reached a record of 22,800 in September. Employment in the regional sector is up 49.3% compared to the 15,000 employed in November 2004.
In Education & Health Services, employment was 25,500 during November, up from 25,400 in October and up from 24,800 during November 2013. The November employment, if it stands, set a new record for the sector.
In the Government sector, employment was 33,800 during November, up from 33,600 in October and up compared to 32,900 during November 2013.
NATIONAL NUMBERS
Unemployment rates were lower in November than a year earlier in 341 of the 372 metropolitan areas, higher in 27 areas, and unchanged in four areas, noted the broad BLS report.
The U.S. unemployment rate in November was 5.8%, unchanged from October and down from 7% from a year earlier. Arkansas’ jobless rate was 5.8% in November, down from 6.1% in October and down from 7.5% in November 2013.
Oklahoma’s jobless rate during November was 4.4%, down from 4.5% in October, and down compared to 5.5% in November 2013. The Missouri jobless rate during November was 5.6%, down from 5.9% in October and below the 6.1% in November 2013.
ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
Nov. 2014: 3.9%
Oct. 2014: 3.9%
Nov. 2013: 5%
Fort Smith
Nov. 2014: 5.5%
Oct. 2014: 5.4%
Nov. 2013: 7.1%
Hot Springs
Nov. 2014: 5.8%
Oct. 2014: 5.6%
Nov. 2013: 7.4%
Jonesboro
Nov. 2014: 4.8%
Oct. 2014: 4.7%
Nov. 2013: 6.4%
Little Rock-North Little Rock-Conway
Nov. 2014: 4.8%
Oct. 2014: 4.8%
Nov. 2013: 6.4%
Memphis-West Memphis
Nov. 2014: 7.6%
Oct. 2014: 7.5%
Nov. 2013: 8.7%
Pine Bluff
Nov. 2014: 6.8%
Oct. 2014: 6.8%
Nov. 2013: 9.5%
Texarkana
Nov. 2014: 5.3%
Oct. 2014: 5.5%
Nov. 2013: 6.9%
NORTHWEST ARKANSAS METRO AREA HISTORY
Past annual average unemployment rates
2013: 5.7%
2012: 5.6%
2011: 6.2%
2010: 6.4%
2009: 6.2%
2008: 4.1%
2007: 3.8%
2006: 3.6%
2005: 3.3%
2004: 3.8%
2003: 3.7%
2002: 3.3%
2001: 3%
2000: 2.9%