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 March jobs reports for the Fort Smith metro shows a year-over-year gain in employment, but the regional employment has struggled to gain and maintain momentum in the previous five years. The number of jobs during March was almost 12,000 fewer than a pre-recession peak.
Fort Smith’s metro jobless rate was 5.8% in March, down from 6% in February, and lower than the 6.7% in March 2014, according to figures from the U.S. Bureau of Labor Statistics. March’s data is subject to revision, and a massive revision of historical employment data for all U.S. metro areas was posted April 22.
The number of employed in the Fort Smith region totaled 113,464 in March, down slightly from 113,523 in February, but better than the 110,353 employed in March 2014. The number of employed in the metro area is down 9.5% compared to the revised high of 125,426 in June 2006 – or 11,962 fewer jobs than the peak metro employment.
Following are the revised Fort Smith metro annual employment averages and jobless rate during the previous five years. (A lengthier jobless rate history is at the end of this report.)
2014: 111,588, 6.2%
2013: 111,277, 8%
2012: 113,821, 8.1%
2011: 114,160, 8.8%
2010: 115,923, 8.5%
The Fort Smith annual employment average in 2006, the year before the recession, was 122,993.
The size of the Fort Smith regional workforce during March was 120,392, down from 120,797 during February, but better than the 118,287 during March 2014. The labor force reached a revised high of 132,004 in June 2007, meaning the March workforce size is down 10.5% from the peak number.
All of the eight metro areas in or connected to Arkansas had jobless rate declines in March compared to March 2014, and all had jobless rate declines compared to February. During March, the lowest metro jobless rate in the state was 4.2% in Northwest Arkansas and the highest rate was 7.6% in the Pine Bluff area.
FORT SMITH METRO NUMBERS
Unemployed persons in the region totaled an estimated 6,928 during March, down from the 7,274 during February, and below the 7,934 during March 2014.
Jobs in the Trade, Transportation and Utilities sector — the region’s largest job sector — totaled 22,800 in March, unchanged compared to February, and below the 23,100 during March 2014. Employment in the sector reached a high of 24,700 in December 2007.
The Fort Smith area manufacturing sector employed an estimated 18,100 in March, unchanged from February, and above the 17,900 in March 2014. Sector employment is down 34.6% from a decade ago when March 2005 manufacturing employment in the metro area stood at 27,700. Annual average monthly employment in manufacturing has fallen from 27,900 in 2005, 20,700 in 2010, and to 18,100 in 2014.
Employment in the region’s tourism industry was 8,700 during March, unchanged from February and below the 9,000 in March 2014. The sector reached an employment high of 9,300 in May and June of 2014. Annual average employment of 9,100 in 2014 was a new record for the metro sector.
In Education & Health Services, employment was 16,100 during March, up from 16,000 in February and below the 16,400 during March 2014. Employment in the sector reached a record 16,700 in October and December of 2012.
In the Government sector, employment was 18,100 during March, unchanged from February and down compared to 18,300 in March 2014.
NATIONAL NUMBERS
Unemployment rates were lower in March than a year earlier in 358 of the 372 metropolitan areas, higher in 28 areas, and unchanged in one area, noted the broad BLS report.
The U.S. unemployment rate in March was 5.5%, unchanged compared to February and down from 6.6% from a year earlier. Arkansas’ jobless rate was 5.6% in March, unchanged from February and down from 6.4% in March 2014.
Oklahoma’s jobless rate during March was 3.9%, unchanged from February, and down compared to 4.8% in March 2014. The Missouri jobless rate during March was 5.6%, up from 5.5% in February and below the 6.4% in March 2014.
ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
March 2015: 4.2%
Feb. 2015: 4.4%
March 2014: 5%
Fort Smith
March 2015: 5.8%
Feb. 2015: 6%
March 2014: 6.7%
Hot Springs
March 2015: 6%
Feb. 2015: 6.2%
March 2014: 6.8%
Jonesboro
March 2015: 5.2%
Feb. 2015: 5.4%
March 2014: 6.3%
Little Rock-North Little Rock-Conway
March 2015: 5.1%
Feb. 2015: 5.3%
March 2014: 5.8%
Memphis-West Memphis
March 2015: 6.5%
Feb. 2015: 7%
March 2014: 7.9%
Pine Bluff
March 2015: 7.6%
Feb. 2015: 7.9%
March 2014: 9.2%
Texarkana
March 2015: 5.2%
Feb. 2015: 5.5%
March 2014: 6.77%
FORT SMITH METRO AREA HISTORY
Past annual average unemployment rates
2014: 6.2
2013: 8%
2012: 8.1%
2011: 8.8%
2010: 8.5%
2009: 8.3%
2008: 5.1%
2007: 5.2%
2006: 4.8%
2005: 4.6%
2004: 5.2%
2003: 5.6%
2002: 5%
2001: 4.4%
2000: 3.7%