The November employment report showed continued strength in Arkansas labor markets. Although the number unemployed edged higher (+669), the unemployment rate remained steady at 3.3%. The U.S. unemployment rate ticked up from 4.1% to 4.2% for the month.
The number of unemployed rose for the second consecutive month in November, but the two-month increase amounts to only 817 and the number of unemployed remains lower than it was in July and August. The number of employed increased by 1,073 in November–a slightly slower pace than in recent months, but it continues a series of uninterrupted increases for over a year. The labor force expanded by 1,742.
Recent labor force growth has driven an increase in Arkansas’ labor force participation rate, which ticked up to 58.2% in November. Since March, the participation rate has risen by 0.8 percentage points.
Payroll Employment
Nonfarm payroll employment expanded by 1,000 jobs in November (seasonally adjusted). The gains were entirely attributable to growth in Durable Goods Manufacturing and Health Services. Most other sectors, including Leisure & Hospitality and the Trade, Transportation and Utilities sectors saw employment declines for the month.
From November 2023, payroll employment has grown by 24,000 jobs—representing growth of 1.8%. Over the same period, U.S. employment growth has been 1.4%.
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Seasonally adjusted data for Arkansas nonfarm payroll employment, reported in a format consistent with the monthly news release from the Arkansas Division of Workforce Services, can be found here: Table-Seasonally Adjusted NFPE.