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

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

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…

  • Your daily dose of Jason Rapert

    Sen. Jason Rapert really, really didn't like it when a KATV reporter asked him about the hypocrisy of his political arguments.
    • Feb 4, 2017
  • French Hill votes against disaster aid to Puerto Rico

    Republican U.S. Rep. French Hill alone among Arkansas's House delegation voted last week against a measure that provided $36.5 billion in disaster aid, a portion  for hurricane-ravaged Puerto Rico as well as money for wildfire response and to support the flood insurance program.
    • Oct 14, 2017
  • Tom Cotton's influence on Trump's new security chief

    U.S. Sen. Tom Cotton is getting credit for pushing President Donald Trump to select Lt. Gen. H.R. McMaster as his national security adviser, Politico reports.
    • Feb 21, 2017

Most Viewed

Most Recent Comments

Slideshows

 

© 2018 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation