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Last week, a plant in Nashville, AR announced it would close down. The plant provided about 700 jobs.
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A year-over-year gain of more than 21,000 jobs and an almost 20% drop in the number of unemployed pushed Arkansas’ June jobless rate to a new record low of 2.6%.
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Despite the large surplus, recent federal data suggests Arkansas’ economy may not be as robust in the back half of 2023.
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Arkansas’ revised budget indicates the state will end the fiscal year in June with a $1.03 billion surplus.
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An almost 10% decline in the number of unemployed and a 1% gain in jobs year-over-year helped push Arkansas’ April jobless rate to 2.8%.
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Republican lawmakers have told the White House, the debt ceiling will be raised if the Biden Administration agrees to spending cuts.
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In a meeting with the state's Board of Finance, officials from the Arkansas Treasurer's office said $71.9 million in interest payments was paid to the state.
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Arkansas and the U.S. are experiencing record low unemployment rates in the midst of a debt ceiling debate and interest rate hikes to tame inflation.
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With just two months remaining in Arkansas’ fiscal year, tax revenue is on track to beat the record collections in the previous fiscal year.
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Growers had planted 33% of their 1.2 million planned rice acres as of mid-April, about two-thirds better than the five-year average of 20% for this point in the season.