The Little Rock Zone’s unemployment rate is at its lowest level since the Great Recession, according to the latest numbers from the Federal Reserve Bank of St. Louis’ Burgundy Books.
But the short-term outlook from business contacts in the area remain cautiously optimistic. The Little Rock Zone, which includes all of Arkansas except the northeast corner, had an unemployment rate of 6.2 percent in the second quarter, which matched the national rate.
More: View the entire report here (PDF).
Unemployment rates in the Fayetteville and Little Rock metropolitan statistical areas were below the national average while the Fort Smith and Texarkana MSAs were above the national rate.
The Jonesboro MSA, a part of the Memphis Zone report, had the lowest unemployment rate (6.1) when compared to other MSAs in its report, Memphis (7.8) and Jackson, Mississippi (6.7).
Manufacturing rebounded in the second quarter after posting a decline in the first quarter. The state’s transportation industry also saw an uptick in jobs in the second quarter.
Other highlights included:
- House prices and single-family building permits declined in the second quarter in the majority of the Little Rock Zone’s MSAs.
- Per-capita income in Arkansas trailed the nation in the second quarter.
- Arkansas banks saw an increase in profitability and a reduction in nonperforming loans in the second quarter.
- Projections from the U.S. Department of Agriculture show Arkansas farmers should reap bumper soybean and rice crops this year.
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