Arkansas experienced a steady state of joblessness in February, with its unemployment rate remaining at 3.2%, the same figure as in February of 2022.
The state’s Labor Force Participation Rate (LFPR) also stayed constant, coming in at 60.2%. This figure indicates the proportion of the population which is employed or actively looking for employment.
The employment rate of Arkansas residents aged 16 and older was 2.9 percentage points lower than the national rate of 62.1%.
The majority of the state’s jobless population resides in the metropolitan areas of Little Rock, Fort Smith, and Fayetteville, accounting for 62.4% of the unemployed population.
Meanwhile, nonmetropolitan counties reported a jobless rate of 3.6%, 0.4 percentage points higher than their metropolitan counterparts.
The state’s labor department noted that the number of employed individuals in the state remained roughly the same at 1,287,000 people.
The number of unemployed Arkansans has been decreasing over the past few months, a trend that could be attributed to the continuing recovery from the economic downturn of the past year.
Moreover, the state’s seasonally adjusted nonfarm payroll employment also stayed steady at 1,254,100, an increase of 0.3% from the previous month.
The sectors with the biggest gains were educational services, professional and business services, and leisure and hospitality.
Construction and government, on the other hand, reported a decrease in their respective employment numbers.
The state of Arkansas’s jobless rate of 3.2% in February remained unchanged from the previous month, indicating a steady state of employment with no significant changes. The Labor Force Participation Rate and the employment rate of the state’s 16 and older population both stayed constant, while the number of employed Arkansans has been decreasing over the past few months. Nonfarm payroll employment also stayed steady, with the educational services, professional and business services, and leisure and hospitality sectors reporting the biggest gains. Conversely, there were decreases in employment numbers for the construction and government sectors.
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