Arkansas' unemployment rate holds at 3.7%
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Arkansas' seasonally adjusted jobless rate held at 3.7% in July, compared to the national rate of 4.2%, according to recent Bureau of Labor Statistics data. The statewide rate has been below 4% since July 2021.
Why it matters: "That's pretty healthy. It's staying stable, which is good … the workforce in the state of Arkansas increased, so that's cool, because when you increase the workforce, that means that more people are out there, either working or looking for work," Jeff Cooperstein, senior research associate at the University of Arkansas' Center for Business and Economic Research, told Axios.
- "So if your workforce increases and your unemployment does not go up … that's a sign that it's level … that's definitely a sign of a healthy economy."
Yes, but: U.S. job growth slowed this summer, and there's still some uncertainty about how President Trump's tariffs will impact the overall economy.
- "There's certainly no reason to think that tariffs are going to bring prices down," Cooperstein said. Higher prices can translate to fewer purchases, and that can impact hiring by some businesses.
- Another issue is the administration's deportation plans, he said. It remains to be seen how many workers the agriculture, construction and manufacturing sectors will lose.
The big picture: Americans are feeling almost as gloomy about the job market as they did during the Great Recession — and entry-level workers are having an especially hard time getting their foot in the door.
What we're watching: In D.C., meanwhile, the Trump administration's purge of federal workers triggered predictions of skyrocketing unemployment — though some agencies, like NOAA, are trying to staff back up following Elon Musk-driven DOGE cuts.
Editor's note: This story has been corrected to show Jeff Cooperstein is a senior research associate (not assistant).