NW Arkansas’s Economy Continues to Improve - Slowly

Slow and steady seem to be the key words to describe improving economic conditions, in Arkansas as well as the country. We all wish the words could be dynamic or thriving – but let’s appreciate every bit of good news we get.

The U.S. Labor Department reported the economy added more than 150,000 jobs in October. That’s good news.

The average number of hours worked increased by 6 minutes. Doesn’t sound like much but it is good news because employers tend to increase employees’ work hours before adding new hires. Let’s face it, these days any increase in hours worked is good because people take home more money.

The number of first-time applicants for unemployment decreased. I don’t even have to tell you that’s good news.

But even better news has been happening all along in Arkansas.

Arkansas’ unemployment rate has consistently been about 2% lower than the national average, although it rose 0.1% in October compared to September to 7.8%. The national unemployment rate continued at 9.6%. The Fayetteville-Springdale-Rogers MSA* leads the state's metros with the lowest 2010 third-quarter jobless rate, at 6.3%.

Arkansas is ranked in the top 10 for states with the LEAST number of foreclosures.

Arkansas’ taxable sales were up 0.9% in the third quarter of 2010.

Projections are that Arkansas will show personal-income growth ahead of the U.S. rate at 6% for 2011.

Positive signs are beginning to appear. Keep your fingers crossed for the trend to continue. Why? Because the more jobs there are, the more people will want to move here and buy houses.

* Fayetteville-Springdale-Rogers MSA (Metropolitan Statistical Area) includes Benton, Madison, and Washington counties in Arkansas as well as McDonald County in extreme southwest Missouri.

For more information:

National Public Radio Report
Arkansas Business Report