Arkansas Employment Data Called ‘Remarkable’

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The data underlying Arkansas’ record low unemployment rate of 2.7% in May “are remarkable,” economist Michael Pakko noted last month on his Arkansas Economist blog.

“The number of unemployed declined by 1,926, setting a new record-low for that series,” he said. “The number employed rose 4,257 and the labor force expanded by 2,331. Both figures represent series highs (all series date back to 1976). In the past four months, the number unemployed has fallen by 9,509, while the number employed is up 16,738.”

Pakko is chief economist and state economic forecaster at the Arkansas Economic Development Institute at the University of Arkansas at Little Rock.