Arkansas’ unemployment rate remains stable at 3.3% in July

08/16/2024

Arkansas’ unemployment rate remains stable at 3.3% in July

LITTLE ROCK, Ark. (Aug. 16, 2024)— Today, the Arkansas Division of Workforce Services, in conjunction with the Bureau of Labor Statistics, announced Arkansas’ seasonally adjusted unemployment rate remained stable at 3.3% between June and July. The United States jobless rate rose two-tenths of a percentage point, increasing from 4.1% in June to 4.3% in July.

Arkansas Civilian Labor Force Summary:

The size of Arkansas’ civilian labor force increased by 5,129 in July, as the number of employed rose by 4,918 over the month. Civilian labor force and employment both remain at record high levels for a fifth consecutive month, as the labor force participation rate rose to 57.9% in July.
Compared to July 2023, there are 18,622 more employed Arkansans. The civilian labor force is up 20,847, with an additional 2,225 unemployed residents actively looking for work. Arkansas’ labor force participation rate is up three-tenths of a percentage point, rising from 57.6% in July 2023 to 57.9% in July 2024.

Arkansas Nonfarm Payroll Job Summary:

Nonfarm payroll jobs decreased by 15,000 in July, attributed in large part to seasonal declines related to summer break at schools. Jobs in Government are down 11,000, all in local (-9,700) and state (-1,500) educational services. Declines were also posted in Other Services (-2,000), Professional and Business Services (-1,700), and Construction (-1,500). Hiring occurred in Financial Activities (+900) and Information (+500).
Compared to July 2023, nonfarm payroll jobs are up 31,400. Private Education and Health Services added 10,900 jobs, mostly in Health Care and Social Assistance (+8,600). Notable growth was also reported in Professional and Business Services (+6,300), Leisure and Hospitality (+3,700), Construction (+3,400), and Trade-Transportation-Utilities (+2,900).