The Arkansas Division of Workforce Services announced last week the state’s seasonally adjusted unemployment rate decreased one-tenth of a percentage point from 2.8% in April to 2.7% in May.
According to the Arkansas Division of Workforce Services, May marks the eighth consecutive month for employment gains in Arkansas. Civilian labor forces increased along with the number of employed Arkansans, setting new record highs in the state. Arkansas’ unemployment rate dropped to the lowest it has ever been as unemployment declined to a new record low of 37,095.
Compared to May 2022, there are 16,675 more employed in the state. The number of unemployed is down 6,248, while the unemployment rate is down five-tenths of a percentage point over the year. Arkansas’ labor force participation rate remains slightly lower than the 57.7% reported in May 2022.
Nonfarm payroll jobs rose in May setting a new record high number of jobs to 1,368,900. Leisure and hospitality added the most jobs with over 3,100. Other notable increases include construction adding over 1,300 jobs, private education and health services adding over 1,300, manufacturing adding over 1,200 and other services adding over 1,100.
Compared to May 2022, nonfarm payroll jobs are up 36,700. The largest industry gains were leisure and hospitality with over 11,000 jobs added, private education and health services seeing over 6,100 jobs added, construction adding over 5,600 jobs, trade-transportation-utilities adding 5,400 jobs, manufacturing adding over 3,100 jobs and other services adding over 3,100 jobs.
For more labor market data, visit discover.arkansas.gov.
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