NWA's unemployment rate lower than most
Add Axios as your preferred source to
see more of our stories on Google.
Northwest Arkansas' unemployment rate edged lower in June in tandem with the national rate, dropping the metro area's jobless rate to a seasonally adjusted 3.2%, new federal data shows.
Why it matters: While nearly half of the cities and metro areas tracked in the U.S. Bureau of Labor Statistics jobs report posted higher unemployment rates, Northwest Arkansas' low, declining figure suggests its labor market remains solid.
By the numbers: Northwest Arkansas' unemployment rate is 1 percentage point below the national average and is lower than 84% of the areas surveyed by the Bureau of Labor Statistics.
The big picture: The lowest rate was Rapid City, South Dakota, which ticked just below 2%
- The highest was Southern California's El Centro at just under 19%, while Visalia, California, also topped 10%.
Stunning stat: Our area added 8,600 jobs since last June. The state added 10,000 jobs during the same period.
What we're watching: The Fed's policymaking committee appears to be more focused on inflation than the job market. They left their key interest rate unchanged last week, leaving interest rates on credit cards and car loans elevated.
The bottom line: A stable local employment picture can be welcome news, but it doesn't necessarily translate into relief for household budgets.