The state’s unemployment rates stay below the national rate of 5.8% in May. This comes as an improvement from Arkansas’s rate last year of 8.5% at the beginning of the pandemic.
10 industry sectors have experienced growth since last year with nonfarm payroll jobs going up 70,500.
Though the state is still making progress back to full employment, it is slowing down, says Michael Pakko, state economist with the Arkansas Economic Development Institute.
The number of unemployed Arkansans has gone down 762 between May and April with 59,078 still without jobs.
Last year leisure and hospitality were the hardest hit by the pandemic, now, it is the fastest growing, adding 20,300 jobs this year with manufacturing coming in second with 11,000 new jobs.
The increase in manufacturing jobs is a strong indicator of economic recovery, while the increasing in hospitality serves as a sign that people are beginning to travel and go out to eat again.
See the full article from Northwest Arkansas Democrat Gazette’s website here.