LITTLE ROCK, Ark. – The Arkansas unemployment rate for July 2022 is better than the national average and among its lowest ever.
July numbers from the U.S. Department of Labor, Bureau of Labor Statistics put Arkansas at a 3.3% unemployment rate for the month, up from June’s 3.2%. In hard numbers, this translates to 1,084 more unemployed in the Natural State.
A year ago, in July 2021, the Arkansas unemployment rate was 4%.
“Arkansas’ unemployment rate rose to 3.3% in July, pushed up by the slight increase in the number of unemployed Arkansans,” BLS Program Operations Manager Susan Price said. “While employment stalled this month, there are 33,357 more employed Arkansans compared to July 2021 and the labor force participation rate has increased by half a percentage point.”
The 3.3% for July is only slightly higher than March’s 3.1% number, the state’s lowest-ever in statistics dating back to 1976. The recent high was a 10% unemployment rate in March 2020, only topped in February 1983, 39 years ago, when a 10.1% rate occurred.
A WalletHub study put Arkansas at number 51, the lowest, change in unemployment rate out of the 50 states and the District of Columbia.
In the U.S., the jobless rate dropped to 3.5%, down from June’s 3.6%. The 3.5% is the lowest national unemployment rate in the past 50 years. The national all-time lowest since tracking began was July 1953, 69 years ago, when the national unemployment rate was 2.6%.
Nationally, the 3.3% July figure puts Arkansas in a four-way tie at number 24 out of the 50 states and the District of Columbia. It shares the 3.3% figure with Arizona, Colorado and Tennessee. The lowest unemployment rate in the country is Minnesota at 1.8%. Highest goes to District of Columbia at a 5.2% rate.
The unemployment rate remained stable in 33 states and the District of Columbia, lower in 14 of the 51 and higher in 3, according to BLS data.