The number of employed during November in the Fort Smith metro area reached a new high for 2014, but the number is still below the 2013 monthly average and the size of the regional workforce is also well below historic trends.
Fort Smith’s metro jobless rate ticked up to 5.5% in November compared to 5.4% in October. The rate was lower than the 7.1% in November 2013, according to figures released Tuesday (Dec. 30) from the U.S. Bureau of Labor Statistics.
November’s data is subject to revision in future reports from the U.S. Bureau of Labor Statistics.
The size of the Fort Smith regional workforce during November was 126,795, up from 125,938 during October, but below the 129,806 during November 2013. The labor force reached a revised high of 140,253 in June 2007, meaning the November workforce size is down 9.6% from the peak number.
The number of employed in the Fort Smith region totaled 119,870 in November, up from 119,169 in October, and just slightly below the 120,536 employed in November 2013. The number of employed in the metro area is down 9.91% compared to the high of 133,061 in June 2006 – or 13,191 fewer jobs than the peak metro employment.
All of the eight metro areas in or connected to Arkansas had jobless rate declines in November compared to November 2013. Four metro areas (Fort Smith, Hot Springs, Jonesboro and Memphis-West Memphis) had jobless rate increases compared to October, and three metro areas (Northwest Arkansas, central Arkansas and Pine Bluff) were unchanged compared to October. Only the Texarkana metro area had a jobless rate decline compared to October and November 2013.
During November, the lowest metro jobless rate in the state was 3.9% in Northwest Arkansas and the highest rate was 7.6% in the Memphis-West Memphis area.
FORT SMITH METRO NUMBERS
Unemployed persons in the region totaled an estimated 6,925 during November, down from the 6,769 during October, and well below the 9,270 during November 2013.
Jobs in the Trade, Transportation and Utilities sector — the region’s largest job sector — totaled 25,100 in November, up from 24,300 in October, and above the 24,600 during November 2013. Employment in the sector reached a high of 25,700 in December 2007.
The Fort Smith area manufacturing sector employed an estimated 17,800 in November, unchanged compared to October, and below the 18,400 in November 2013. Sector employment is down more than 37% from a decade ago when November 2004 manufacturing employment in the metro area stood at 28,600. Annual average monthly employment in manufacturing has fallen from 28,900 in 2005, 19,200 in 2012, and to 18,300 in 2013.
Employment in the region’s tourism industry was 9,800 during November, down from unchanged from October and above the 9,400 in November 2013. The sector reached an employment high of 9,900 in August and September.
In Education & Health Services, employment was 16,500 during November, up from 16,400 in October and below the 16,700 during November 2013. Annual average monthly employment in the sector has steadily grown since 2005 when it reached 14,000. In 2012 the average was 17,000, but fell slightly to 16,800 in 2013. Employment in the sector reached a record 17,300 in November 2012.
In the Government sector, employment was 19,600 during November, up from 19,500 in October and unchanged compared to November 2013.
NATIONAL NUMBERS
Unemployment rates were lower in November than a year earlier in 341 of the 372 metropolitan areas, higher in 27 areas, and unchanged in four areas, noted the broad BLS report.
The U.S. unemployment rate in November was 5.8%, unchanged from October and down from 7% from a year earlier. Arkansas’ jobless rate was 5.8% in November, down from 6.1% in October and down from 7.5% in November 2013.
Oklahoma’s jobless rate during November was 4.4%, down from 4.5% in October, and down compared to 5.5% in November 2013. The Missouri jobless rate during November was 5.6%, down from 5.9% in October and below the 6.1% in November 2013.
ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
Nov. 2014: 3.9%
Oct. 2014: 3.9%
Nov. 2013: 5%
Fort Smith
Nov. 2014: 5.5%
Oct. 2014: 5.4%
Nov. 2013: 7.1%
Hot Springs
Nov. 2014: 5.8%
Oct. 2014: 5.6%
Nov. 2013: 7.4%
Jonesboro
Nov. 2014: 4.8%
Oct. 2014: 4.7%
Nov. 2013: 6.4%
Little Rock-North Little Rock-Conway
Nov. 2014: 4.8%
Oct. 2014: 4.8%
Nov. 2013: 6.4%
Memphis-West Memphis
Nov. 2014: 7.6%
Oct. 2014: 7.5%
Nov. 2013: 8.7%
Pine Bluff
Nov. 2014: 6.8%
Oct. 2014: 6.8%
Nov. 2013: 9.5%
Texarkana
Nov. 2014: 5.3%
Oct. 2014: 5.5%
Nov. 2013: 6.9%
FORT SMITH METRO AREA HISTORY
Past annual average unemployment rates
2013: 8%
2012: 7.7%
2011: 8.3%
2010: 8.2%
2009: 7.9%
2008: 4.8%
2007: 5.3%
2006: 4.9%
2005: 4.5%
2004: 5.2%
2003: 5.5%
2002: 5%
2001: 4.2%
2000: 3.7%