The unemployment rate in the United States is measured by the Bureau of Labor Statistics. Also known as the jobless rate, this number is calculated as a percentage and is measured by two separate labor force surveys. The unemployment rate is the total amount of individuals who are unemployed versus the entire labor force as a whole.
The importance of the unemployment rate calculation on a state level as well as the entire country is so certain effects can be monitored. For example, a high jobless rate can have a negative effect on economic growth and become a waste of resources for each state. Understanding the unemployment rate can allow economists and government officials the ability to figure out, redistribute budgets and factor in economic standings on a state level.
What is the unemployment rate in Arkansas?
The answer to “What is the unemployment rate in Arkansas” is 3.5 percent as of April 2017. This unemployment rate in Arkansas is actually a record low, especially in comparison to the percentage of unemployed workers in rest of the country, which comes in at 4.4 percent. In fact, the unemployment rate in Arkansas has not been this low since the mid-1970s. Arkansas has seen a significant increase in the number of jobs created within the state, with an especially large rise in the professional and business services sector. The single largest job growth generator for the state of Arkansas continues to be the education and health services sector.
Individuals who are having difficulty with unemployment in Arkansas may be eligible to apply for unemployment insurance benefits. Each state provides unemployment benefits to those who need help if the individual meets the eligibility requirements. For example, within Arkansas in order to receive unemployment insurance benefits, applicants must have earned a minimum in wages, must be unemployed through no fault of their own, must be available to work and actively looking for employment. Once these three minimum requirements are met, an individual will be able to apply for unemployment insurance benefits in Arkansas.