REPORT: Arkansas’ unemployment rate declined in February
LITTLE ROCK, Ark. (Edited News Release/KAIT) - On Friday, March 24, the Arkansas Division of Workforce Services, in conjunction with the Bureau of Labor Statistics, announced Arkansas’ seasonally adjusted unemployment rate declined two-tenths of a percentage point, from 3.4% in January to 3.2% in February.
Rising to 3.6% in February, the United States’ jobless rate increased two-tenths of a percentage point over the month.
Arkansas Civilian Labor Force Summary
In February, Arkansas’ civilian labor force rose by 87.
There were 3,051 more employed compared to January and 2,964 fewer unemployed, bringing down the unemployment rate to 3.2%.
The labor force participation rate remained stable at 57.4% between January and February.
Compared to February 2022, there are 9,172 additional employed Arkansans.
The unemployment rate is unchanged over the year, with a slight 274 more unemployed in the State.
Arkansas’ labor force participation rate is down one-tenth of a percentage point, from 57.5% in February 2022.
Arkansas Nonfarm Payroll Job Summary
In February, Arkansas’ nonfarm payroll jobs increased by 3,100 to a total of 1,347,900.
Jobs in Government rose 2,400, due largely to seasonal gains in state government-educational services (+2,200).
Leisure and Hospitality added 1,800 jobs, mostly in food services (+1,300).
Jobs in Financial Services declined by 1,200, due largely to losses in finance and insurance (-900).
Compared to February 2022, nonfarm payroll jobs are up 29,500.
The largest gains were in Trade, Transportation, and Utilities (+7,200), Private Education and Health Services (+6,700), Leisure and Hospitality (+5,200), Construction (+3,400), and Manufacturing (+3,300).
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