Editor’s note: This story is a component of The Compass Report. The quarterly Compass Report is managed by The City Wire, and sponsored by Arvest Bank. Supporting sponsors of The Compass Report are Cox Communications and the Fort Smith Regional Chamber of Commerce.
Employment in the Fort Smith metro was up more than 3,200 jobs in May compared to May 2014, but the number of jobs in the area remains well below pre-recession levels.
Fort Smith’s metro jobless rate was 5.9% in May, up from 5.7% in April, and lower than the 6.2% in May 2014, according to figures from the U.S. Bureau of Labor Statistics. May’s data is subject to revision..
The number of employed in the Fort Smith region totaled 114,596 in May, down from 114,943 in April, but up 3,217 jobs compared to the 111,379 employed in May 2014. The number of employed in the metro area is down 8.6% compared to the revised high of 125,426 in June 2006 – or 10,830 fewer jobs than the peak metro employment.
Metro area employment averaged 111,588, below the average of 122,993 in 2006.
The size of the Fort Smith regional workforce during May was 121,766, down from 121,885 during April, but better than the 118,798 during May 2014. The labor force reached a revised high of 132,004 in June 2007, meaning the May workforce size is down 7.75% from the peak number.
All of the eight metro areas in or connected to Arkansas had jobless rate declines in May compared to May 2014, and all had jobless rate increases compared to April. During May, the lowest metro jobless rate in the state was 4.3% in Northwest Arkansas and the highest rate was 7.7% in the Pine Bluff area.
FORT SMITH METRO NUMBERS
Unemployed persons in the region totaled an estimated 7,170 during May, up from 6,942 during April, and below the 7,419 during May 2014.
Jobs in the Trade, Transportation and Utilities sector — the region’s largest job sector — totaled 23,200 in May, up from 22,700 in April, and below the 23,400 during May 2014. Employment in the sector reached a high of 24,700 in December 2007.
The Fort Smith area manufacturing sector employed an estimated 18,000 in May, down from 18,100 in April, and below the 18,100 in May 2014. Sector employment is down 36% from a decade ago when May 2005 manufacturing employment in the metro area stood at 28,200. Annual average monthly employment in manufacturing has fallen from 27,900 in 2005, 20,700 in 2010, and to 18,100 in 2014.
Employment in the region’s tourism industry was 8,900 during May, down from 9,100 in April and below the 9,300 in May 2014. The sector reached an employment high of 9,300 in May and June of 2014. Annual average employment of 9,100 in 2014 was a new record for the metro sector.
In Education & Health Services, employment was 16,500 during May, unchanged compared to April and May 2014. Employment in the sector reached a record 16,700 in October and December of 2012.
In the Government sector, employment was 18,400 during May, up from 18,300 in April and unchanged compared to May 2014.
NATIONAL NUMBERS
Unemployment rates were lower in May than a year earlier in 346 of the 387 U.S. metro areas, higher in 36 areas, and unchanged in five, noted the broad BLS report.
The U.S. unemployment rate in May was 5.5%, up from 5.4% April and down from 6.3% from a year earlier. Arkansas’ jobless rate was 5.7% in May, unchanged from April and down from 6.2% in May 2014.
Oklahoma’s jobless rate during May was 4.3%, up from 4.1% April, and down compared to 4.6% in May 2014. The Missouri jobless rate during May was 5.8%, up from 5.7% in April and below the 6.2% in May 2014.
ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
May 2015: 4.3%
April 2015: 4%
May 2014: 4.7%
Fort Smith
May 2015: 5.9%
April 2015: 5.7%
May 2014: 6.2%
Hot Springs
May 2015: 5.9%
April 2015: 5.7%
May 2014: 6.3%
Jonesboro
May 2015: 5%
April 2015: 4.8%
May 2014: 5.7%
Little Rock-North Little Rock-Conway
May 2015: 5.1%
April 2015: 4.8%
May 2014: 5.6%
Memphis-West Memphis
May 2015: 6.6%
April 2015: 5.9%
May 2014: 7.3%
Pine Bluff
May 2015: 7.7%
April 2015: 7.4%
May 2014: 8.4%
Texarkana
May 2015: 5%
April 2015: 4.9%
May 2014: 6.2%
FORT SMITH METRO AREA HISTORY
Past annual average unemployment rates
2014: 6.2%
2013: 8%
2012: 8.1%
2011: 8.8%
2010: 8.5%
2009: 8.3%
2008: 5.1%
2007: 5.2%
2006: 4.8%
2005: 4.6%
2004: 5.2%
2003: 5.6%
2002: 5%
2001: 4.4%
2000: 3.7%