Arkansas’ unemployment rate falls to 3%

LITTLE ROCK, Ark. (KAIT/Edited News Release) -The Arkansas Division of Workforce Services, in conjunction with the Bureau of Labor Statistics, announced Arkansas’ seasonally adjusted unemployment rate declined two-tenths of a percentage point, from 3.2% in February to 3.0% in March.

According to Friday’s report, the United States jobless rate decreased one-tenth of a percentage point, from 3.6% in February to 3.5% in March.

In March, Arkansas’ civilian labor force increased by 1,828. There were 4,661 more employed and 2,833 fewer unemployed Arkansans, leading to a drop in the unemployment rate.

Employment in the State has increased for six consecutive months. Arkansas’ labor force participation rate remained stable at 57.4% between February and March.

Compared to March 2022, there are 10,118 additional employed in Arkansas.

The unemployment rate is one-tenth of a percentage point lower, with 2,225 fewer unemployed Arkansans. The labor force participation rate is down two-tenths of a percentage point over the year.

Nonfarm payroll jobs in Arkansas rose 4,700 to total 1,350,900 in March. Leisure and Hospitality added 2,500 jobs, largely in accommodation and food services (+2,000). Jobs in Construction increased by 1,000, related to seasonal hiring.

Compared to March 2022, nonfarm payroll jobs are up 31,300. The largest gains were posted in Trade, Transportation, and Utilities (+7,800), Private Education and Health Services (+6,800), Leisure and Hospitality (+5,200), Construction (+3,600), and Manufacturing (+2,900).