State Unemployment Rate Ticks Up to 2.7%

State Unemployment Rate Ticks Up to 2.7%

The Arkansas Division of Workforce Services reported that the state's unemployment rate in August ticked up to 2.7% from the historic low of 2.6% recorded in the previous two months. 

The U.S. jobless rate in July rose three-tenths of a percentage point to 3.8%.

The state's civilian labor force increased by 2,556, while employment rose by 895 to 1,352,265, which is still a record high. 

Unemployment rose for the first time since October 2022,
with 1,661 more Arkansans actively looking for work in August. Arkansas’ labor force participation rate was unchanged at 57.7% over the month.

Nonfarm payroll jobs increased by 5,100. The Division of Workforce Services said gains were largely seasonal and related to the start of the school year.

The largest growth occurred in government (+4,000), professional and business services (+2,400), leisure and hospitality (+1,300) and private educational and health services (+1,000).

Compared to August 2022, nonfarm payroll jobs increased by 29,700. Notable annual growth was reported in leisure and hospitality (+12,900), private education and health services (+7,000), construction (+5,800) and other services (+2,800).

Other sectors and their changes from August 2022:

  • Manufacturing increased by 1,000
  • Trade, transportation and utilities increased by 1,600
  • Information decreased by 900
  • Mining and logging decreased by 200
  • Financial activities decreased by 1,000

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