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The Arkansas Division of Workforce Services, in conjunction with the Bureau of Labor Statistics, announced on March 24 Arkansas’ seasonally adjusted unemployment rate declined two-tenths of a percentage point, from 3.4% in January to 3.2% in February. Rising to 3.6% in February, the United States’ jobless rate increased two-tenths of a percentage point over the month.
Arkansas Civilian Labor Force Summary:
• In February, Arkansas’ civilian labor force rose by 87. There were 3,051 more employed compared to January and 2,964 fewer unemployed, bringing down the unemployment rate to 3.2%. The labor force participation rate remained stable at 57.4% between January and February.
• Compared to February 2022, there are 9,172 additional employed Arkansans. The unemployment rate is unchanged over the year, with a slight 274 more unemployed in the State. Arkansas’ labor force participation rate is down one-tenth of a percentage point, from 57.5% in February 2022.
Arkansas Nonfarm Payroll Job Summary:
• In February, Arkansas’ nonfarm payroll jobs increased 3,100 to total 1,347,900. Jobs in Government rose 2,400, due largely to seasonal gains state government-educational services (+2,200). Leisure and Hospitality added 1,800 jobs, mostly in food services (+1,300). Jobs in Financial Services declined 1,200, due largely to losses in finance and insurance (-900).
• Compared to February 2022, nonfarm payroll jobs are up 29,500. The largest gains were in Trade, Transportation, and Utilities (+7,200), Private Education and Health Services (+6,700), Leisure and Hospitality (+5,200), Construction (+3,400), and Manufacturing (+3,300).