Monday, August 18, 2014

Arkansas unemployment rate fell by 1.5 percentage points over the past year

Posted By on Mon, Aug 18, 2014 at 10:59 AM

The Arkansas Department of Workforce Services released labor figures this morning that show the state's unemployment rate now stands at 6.2 percent. In July 2013, the Arkansas unemployment rate was 7.7 percent. The current national figure is also 6.2 percent, whereas a year ago the US unemployment rate was 7.3 percent. All figures are seasonally-adjusted.

Another way to put it: the rates for both the US and Arkansas have both declined over the past year, but unemployment in Arkansas has declined more steeply than the country as a whole. Arkansas is now on par with the national rate. We're also close to the middle of the pack, statewise. Here's the summary from DWS, which also shows changes over the past month.

click to enlarge ark_july2014_unemployment.jpg


These numbers should be taken with the usual caveats The unemployment rate doesn't tell the whole story. Crucially, it doesn't account for people who have left the labor force — those who have stopped actively seeking work, for whatever reason. DWS says that the Arkansas labor force has declined by 26,800 since July 2103. (The scenarios for dropping out of the labor force are numerous: people retire, go back to school, get on disability, start businesses, move into their parents' basement to be depressed and sleep all day, etc.) The agency's report also says, however, that "since July 2013, nonfarm payroll jobs in Arkansas are up 17,000." 

More jobs + a smaller pool of slack labor = lower unemployment.

Whether you emphasize the former or the latter factor depends on whether you're looking to paint the Obama administration's economic policy as good or bad. It should be clear, though, that the Obamacare-fueled jobs apocalypse has yet to materialize either in Arkansas or the country at large.


Tags: , ,

Favorite

Speaking of Unemployment Rate, Economy

Comments

Showing 1-1 of 1

Add a comment

 
Subscribe to this thread:
Showing 1-1 of 1

Add a comment

More by Benjamin Hardy

Readers also liked…

  • Nate Bell's wife now full-time lobbyist for governor UPDATE

    I just learned today that Phyllis Bell, Republican state Rep. Nate Bell's wife, is working during the legislative session as a 
    • Mar 5, 2015
  • SWEPCO drops power line project across Ozarks

    Southwestern Electric Power Company announced in a news release today that it is dropping plans for a $116 million power line across Northwest Arkansas because the project is no longer needed. It would have covered 60 miles between Benton and Carroll Counties.
    • Dec 30, 2014
  • Casino gambling continues to grow in Arkansas

    Casino gambling continues to grow at Southland and Oaklawn racinos in West Memphis and Hot Springs, but the dog racing situation is another story.
    • Jan 19, 2015

Most Viewed

Most Recent Comments

  • Re: Ready for your closeup open line

    • "Rachel Maddow raised some serious issues with Bill Clinton's early remarks, but liked the ending."…

    • on July 27, 2016
  • Re: Ready for your closeup open line

    • Rachel Maddow raised some serious issues with Bill Clinton's early remarks, but liked the ending.

    • on July 27, 2016
  • Re: Ready for your closeup open line

    • “In the spring of 1971, I met a girl ...” According to that logic -…

    • on July 27, 2016

Blogroll

 

© 2016 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation