Job Losses Affect Northwest Arkansas and the River Valley

Press Release

Job losses affect Northwest Arkansas and the River Valley

Rising unemployment threatens to bring more damage to an already suffering economy, but the recession suggests: more job losses are in the future. Reports show 355,000 people lost their jobs in November; job losses haven't been that high, in thirty four years.

So several experts in the area sat down with 5News to talk about the local economy, and to see if those unemployment hikes are also showing up, locally.

With over half-a-million Americans facing lay-offs last month, the biggest job cut in over three decades has many worried. U.S. Congressman John Boozman says when he speaks with people, he senses fear. "We're seeing these job cuts-that breeds fear, so it's a difficult time."

But some experts say in Northwest Arkansas and the River Valley, the unemployment rate has gone down slightly, over the last year. U of A financial analyst Tim Yaeger shared some unexpected statistics: "surprisingly, this part of the national economy is doing better than the nation as a whole, and in fact, the rates are falling."

But local unemployment officials like Fayetteville Unemployment Office Manager Terry Jaggears says the numbers of people they see each day disagrees with that stat. "I noticed in the paper the other day, it said NWA unemployment decreased over last year, but I'm not sure where those numbers came from."

Some experts say Walmart is helping hold Northwest Arkansas' job rate steady, but say the River Valley won't fare as well. Yaeger says, "The unemployment rate there is going to rise further than it will here, because of that reliance on manufacturing."

But even as times get more tough, Boozman says that's when determination, and hope, are most needed. "The U.S. is a great country. We're a people that are very resourceful. We're a special people, and we're gonna do fine. But we are going to have to suck it up, and work through this."

Right now, experts suggest locals make live within their means, and build a fund to live off of for a few months, if you do lose your job.

During the holidays, local unemployment officials expect 1,400 more applicants, from two area plants alone, will flood in to file for unemployment over the holidays; and that's on top of regular filers.

Reports show the jobless rate is up two tenths of a percent from October.

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