Updates to the data on employment and unemployment for metropolitan areas were released earlier this week. For Arkansas’ MSAs, there was little to take note of—except for the fact that softening labor market conditions in the rest of the nation does not seem to be taking hold here in Arkansas.
For example, the U.S. unemployment rate rose by 0.2 percent in July to 4.3% and Arkansas’ rate was unchanged at 3.3%. As shown in the table below, unemployment rates were unchanged in most of Arkansas’ metro areas, with the exception of small upticks in Memphis and Pine Bluff.
After rising through the second half of 2023, unemployment rates in most of Arkansas metro areas have been coming back down over the first half of 2024. As a result, unemployment rates across the state are little changed compared to a year ago, while the national unemployment rate has risen 0.8 percent. The exception to the general pattern has been Texarkana, which has followed the contrary pattern of lower unemployment in the second half of 2023 and a return to higher rates in 2024.
Payroll Employment
Nonfarm payroll employment showed mixed changes, with monthly declines in Jonesboro and Texarkana and relatively large increases in Pine Bluff and Hot Springs. Other metro areas were unchanged or up slightly.
Relative to a year earlier, payroll employment has increased in all metro areas except Memphis. Compared to February 2020, before the disruption of the Covid contraction, employment remains lower in Memphis, Pine Bluff and Texarkana. All other metro areas have shown positive growth, particularly in Northwest Arkansas, but also with solid increases in Jonesboro and Central Arkansas.
