Arkansas’s unemployment rate holds at 3.3% while national rate rises

FAYETTEVILLE, Ark. (KNWA/KFTA) — Arkansas’ unemployment rate stayed at 3.3% from June to July, according to a report from the Arkansas Department of Commerce.

The national unemployment rate increased by 0.2%, rising from 4.1% in June to 4.3% in July.

In July, Arkansas’ civilian labor force grew by 5,129, with 4,918 more people employed, according to the report. Both the labor force and employment hit record highs for the fifth month in a row, and the participation rate rose to 57.9%.

July 2024 June 2024 July 2023 Change from

June 2024 Change from

July 2023

Civilian Labor Force 1,401,4121,396,2831,380,565+ 5,129+ 20,847

Employment 1,354,6711,349,7531,336,049+ 4,918+ 18,622

Unemployment 46,74146,53044,516+ 211+ 2,225

Unemployment Rate 3.3%3.3%3.2%0.0%+ 0.1%

Labor Force Participation Rate 57.9%57.7%57.6%+ 0.2%+ 0.3%

Courtesy of the Arkansas Department of Commerce.

Since July 2023, Arkansas has seen an increase of 18,622 more employed residents, with the labor force growing by 20,847. The workforce participation rate has also risen from 57.6% to 57.9% over the past year.

Nonfarm payroll jobs decreased by 15,000 in July, primarily due to seasonal declines during the summer break at schools, according to the report. Government jobs dropped by 11,000, with reductions seen in local (-9,700) and state (-1,500) educational services.

Other sectors with declines included Other Services (-2,000), Professional and Business Services (-1,700), and Construction (-1,500), while increases were observed in Financial Activities (+900) and Information (+500).

Compared to July 2023, nonfarm payroll jobs increased by 31,400. Private Education and Health Services added 10,900 jobs, including 8,600 in Health Care and Social Assistance.

Growth also occurred in Professional and Business Services (+6,300), Leisure and Hospitality (+3,700), Construction (+3,400), and Trade-Transportation-Utilities (+2,900).