Natural State News

Arkansas has experienced an economic rebound in the wake of last year's recession.

The unemployment rate for Arkansas slightly improved to 4.3% in July after holding steady at 4.4% for the previous three months, Discover Arkansas reported. This is more than a whole point lower than the national average.

The Arkansas Democrat-Gazette reported that the state's general revenue surpassed expectations by 9.4% or an extra $51.6 million. The paper also reported that July's total revenue is 21.7% less than it was in July 2020, but the state shifted the deadlines for individual income tax filing and payment deadline from April 15 to July 15, 2020, to match the federal government's movement of the deadlines.

Not only did general revenue from taxes exceed forecasts, but individual income did as well. July's individual income tax collection was $241.7 million, which was a 45% drop from a year ago. However, the collection beat the forecast by $27.9 million. July's net general revenue was $514.9 million, which exceeded the forecast by $39.2 million, but is a drop of $141.1 million from July 2020, according to the Arkansas Democrat-Gazette. 

"This surplus is early in the year and it could change month to month so it is critical to continue a conservative approach to the state's finances," Gov. Asa Hutchinson said, according to the Arkansas Democrat-Gazette.

The COVID-19 pandemic hit the shores of the United States in February 2020 which Axios reported to mark the beginning of the recession that ended a mere two months later in April 2020. 

Greg Kaza, an economist and executive director of the Arkansas Policy Foundation, wrote about the country's recent economic downturn, calling it "the shortest U.S. recession on record," according to Talk Business.