Arkansas’ unemployment rate fell one-tenth of a percentage point in June to 2.6%, setting a new record low for the third straight month.
The U.S. jobless rate stood at 3.6% in June, down from 3.7% the previous month.
It was the ninth consecutive month of employment gains in Arkansas. The civilian labor force increased by 2,903, breaking the previous month’s record high. Employment rose by 4,221 to a new high of 1,347,866, while unemployment decreased to a new low of 35,815.
The state’s labor force participation rate inched up to 57.6%.
Nonfarm payroll jobs declined by 1,800. Most losses were seasonal and related to the end of the 2022-2023 school year, the state Division of Workforce Services reported.
Compared to June 2022, nonfarm payroll jobs are up 42,000. The largest annual growth has been in leisure and hospitality (+11,900), private education and health services (+11,100), trade transportation-utilities (+7,500), construction (+6,700), and manufacturing (+3,100).
Other sectors and their changes from June 2022:
- Government increased by 1,600
- Professional and business services fell by 2,700
- Information decreased by 500
- Mining and logging decreased by 300
- Financial activities increased by 1,00