The Arkansas Division of Workforce Services reported that the state’s unemployment rate in July held at the record low of 2.6% set the previous month.
The U.S. jobless rate in July declined one-tenth of a percentage point to 3.5%.
The state’s civilian labor force increased by 3,243, while employment rose to 1,351,403. Unemployment dipped by 309 as the state’s labor force participation rate ticked up to 57.7%.
Nonfarm payroll jobs declined by 11,400. Most losses were related to schools being on summer break, the Division of Workforce Services reported. Jobs in government fell by 10,800, mostly in local government-educational services (-9,600). Jobs in all other major industry sectors remained fairly stable.
Compared to July 2022, nonfarm payroll jobs are up 37,000. The greatest annual growth occurred in leisure and hospitality (+11,500), private education and health services (+11,000), construction (+6,300), and trade-transportation-utilities (+3,900).
Other sectors and their changes from July 2022:
- Manufacturing increased by 2,100
- Government increased by 1,400
- Professional and business services fell by 1,100
- Information decreased by 600
- Mining and logging decreased by 300
- Financial activities increased by 400