State Unemployment Rate Falls to New Low of 2.7%

State Unemployment Rate Falls to New Low of 2.7%

Arkansas' unemployment rate declined to a record low of 2.7% in May, beating the previous record of 2.8% set in April, according to a report Friday from the state Division of Workforce Services.

It was the eighth consecutive month of employment gains in the state. The labor force rose by 2,331 from April to May, while the labor force participation rate was unchanged at 57.5%.

The U.S. jobless rate stood at 3.7% in May, up from 3.4% the previous month.

Nonfarm payroll jobs in Arkansas rose to 1,368,900 last month, a new record high. 

Compared to May 2022, nonfarm payroll jobs were up 36,700.

On an annual basis, leisure and hospitality added the most jobs (+11,000), while other big gains have come in private education and health services (+6,100), construction (+5,600), trade-transportation-utilities (+5,400), manufacturing (+3,100), and other Services (+3,100).

Other sectors and their changes from May 2022:

  • Government increased by 1,300
  • Professional and business services rose by 900
  • Information decreased by 200
  • Mining and logging decreased by 200
  • Financial activities increased by 600