"True unemployment" is about 21% in NW Arkansas
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Northwest Arkansas' "true rate of unemployment" paints a different picture than its standard jobless rate.
Why it matters: About 21% of the labor force in NWA are seeking but unable to find a full-time job, are unemployed or are earning less than $25,000 a year, according to a study by the Ludwig Institute for Shared Economic Prosperity.
Yes but: NWA's official unemployment rate was 2.5% in March compared to 3.8% nationally, according to the Bureau of Labor Statistics.
Context: The living wage in NWA for an adult with no children is $20.27 per hour — or about $42,000 a year if working 40 hours a week — according to MIT's living wage calculator. For two working adults with two children, it's about $48,000.
- That means the 21% statistic doesn't account for those working full time making more than $25,000 but less than a living wage.
The big picture: At 23%, the "true rate" of unemployment for the U.S. is a bit higher than the NWA rate.