Oil Trough Arkansas Income Charts

This section shows the Oil Trough Arkansas economy using the most recent economic analysis from the 2020 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Oil Trough shows it has a Median earnings of $59,375 which is the largest of all places in the greater Oil Trough region. Comparing median earnings per worker to the United States average of $49,041, Oil Trough is 21.1% larger. Also, in contrast to the state of Arkansas, median earnings per worker of $40,032, Oil Trough is 48.3% larger.

In Figure 2 a more complete view of income is shown which aggregates income from all members in the household and it has a Median household income of $45,938 which is in the middle range of other places in the greater region. The city with the highest median household income in the area is Moorefield which indicates a median income of $51,250 (11.6% larger). Comparing median household income to the United States average of $62,843, Oil Trough is approximately three-fourths the size. Also, in contrast to the state of Arkansas, median household income of $47,597, Oil Trough is only about 3.6% smaller.

The next section examines a variety of different income statistics for the Oil Trough metropolitan area. In Figure 3 we see that it it has one of the largest proportions of earnings less than $10,000 at 10.5% of the total and is ranked #3. Only #2 Sulphur Rock (12.2%), and #1 Pleasant Plains (14.4%) are larger. Second, it has the smallest proportion of earnings between $15,000 and $19,999 at 21.1% of the total.

Figure 5 has the Average number of hours worked in a typical work week during the year, it has a Avg Hours Worked of 37.5 which is less than most other places in the local area. The city with the highest average hours in the area is Pleasant Plains which shows an average hours of 40.9 (9.1% larger). Dividing median annual worker earnings by the average number of hours worked in a year in Figure 6 shows that it has a Avg Hrly Earnings of $30.45 which is the largest of all places in the greater Oil Trough region. Comparing average hourly earnings to the United States average of $24.31, Oil Trough is 25.3% larger. Also, measured against the state of Arkansas, average hourly earnings of $19.54, Oil Trough is 55.8% larger.

Figure 7 examines the number of self employed people in the Oil Trough metro area based on the number of people who reported any self employment income. Oil Trough shows it has a Self Employed of 3.8% which is the smallest when sorted by percentage of people self employed of all the other places in the greater region. The city with the highest percentage of people self employed in the area is Moorefield which depicts a percentage self employed of 28.6% ( considerably bigger).

Turning our attention to Figure 8, the median household income by age group, it has the largest proportion of median income-25 to 44 years at $63,750 of the total and is ranked #1. Second, it has one of the largest proportions of median income-45 to 64 years at $37,500 of the total and is ranked #2. The only larger city being Moorefield with $40,938.

The next chart (Figure 11) shows the percentage of households that had retirement income over the last 12 months and it has a With Retirement Income of 26.6% which is the second most households with retirement income of all the places in the greater Oil Trough region. The city with the highest households with retirement income in the area is Moorefield which shows a households with retirement income of 27.0% ( only slightly larger).

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and has the percentage of overall family income the second smallest as measured by overall family income of all the other places in the metropolitan area at $46,563 of the total.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Oil Trough depicts it has the hightest cost of 97.5 for the cost of grocery items group.

Oil Trough Arkansas Labor Force Charts

The next two charts look at very recent, monthly trended employment related performance using data estimated by economists at the Bureau of Labor Statistics (BLS). The BLS tracks unemployment statistics for a large number of areas throughout the country on a month to month basis. However, not every location in the U.S. is tracked by the BLS so the chart will only show the closest location available (which may be the same location.) Figure 14 shows the monthly unemployment rate for the area as well as a comparison to the overall national economy measure for the United States. Note that in March to April 2020, the Covid 19 recession or great recession occurred and affects this metric. . It depicts that from February 2010 to before the disasterous COVID-19 Pandemic the monthly unemployment rate went from 9.0% to 3.0% in February 2020. This represents a decrease in the monthly unemployment rate of 66.7%. Since that time, the monthly unemployment rate has gone to 5.2% This represents an increase in the monthly unemployment rate of 73.3%. In Figure 15 the monthly labor force participation which are people actively looking for work are also defined as unemployed but do not include people who have given up looking for work. . It shows that from February 2010 to before the Wuhan Coronavirus/COVID Pandemic the monthly labor force participation went from 32,838 to 39,740 in February 2020. This represents an increase in the monthly labor force participation of 21.0%. Since that time, the monthly labor force participation has gone to 40,014 This represents an increase in the monthly labor force participation of very little. Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Oil Trough depicts it has a Labor Force Participation of 55.7% which is in the center range of other places in the local area.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Oil Trough shows full time employees approximately 2.6 times bigger as the part time employees.

The next employment related data item is shown in Figure 21 which is the percentage of families with only a single earner in the greater Oil Trough area. Oil Trough indicates it has a Single Earner Families of 35.1% which is less than most other places in the greater region. The city with the highest families with a single earner in the area is Magness which shows a single earners rate of 68.8% (about twice as large). The percentage of families with no one working is depicted in Figure 22. Oil Trough depicts it has a Families with No One Working of 18.9% which is the third most families with no one working of all other places in the greater Oil Trough region. The city with the highest families with no one working in the area is Newark which depicts a families with no worker of 27.6% (45.8% larger).

Oil Trough Arkansas Poverty Charts

The next section details economy analysis about poverty for residents of the Oil Trough community. This performance can be enhanced by government programs such as economic opportunity zone to influence manufacturing, job growth, economic opportunity an hopefully lead to economic recovery after the recent Covid 19 recession. In Figure 23 the total number of people earning less than the poverty level are shown. Oil Trough depicts it has a Total In Poverty of 48 which is the third most total people earning less than the poverty level of all other places in the greater Oil Trough region. The city with the highest total people earning less than the poverty level in the area is Newark which shows a total people earning less than the poverty level of 251 ( very much bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Oil Trough depicts it has a Percent of Population In Poverty of 26.1% which is the highest of all places in the metropolitan area.

In Figure 25 people who are in poverty are broken out by age group. Oil Trough has the percentage of person in poverty under 12 years less than most other places in the local area at 4% of the total.

The next chart, Figure 26, shows the percentage of people in poverty by racial group. Oil Trough has the largest proportion of black poverty rate at 100% of the total and is ranked #1.

Figure 27 shows key poverty statistics for groups based on marriage status. Oil Trough has the largest proportion of married with children and in poverty at 50% of the total and is ranked #1. Second, it has the largest proportion of unmarried with children and in poverty at 67% of the total and is ranked #1.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. Oil Trough has one of the largest proportions of less than highschool in poverty at 26% of the total and is ranked #2. The only larger city being Sulphur Rock with 27%. Second, it has the largest proportion of has some college and in poverty at 21% of the total and is ranked #1. Additionally, Figure 30 looks at the percentage of people who receive some form of public assistance including general assistance, temporary assistance or food stamps (i.e. SNAP.) Oil Trough depicts it has a Public Assistance Percent of 16.5% which is the third most of all other places in the metro area. The city with the highest households with public assistance in the area is Newark which shows a households with public assistance of 23.9% (45.1% larger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Oil Trough depicts it has a Gini Index of 41.9% which is in the middle range of other places in the local area.

Oil Trough Arkansas Work Commute Charts

The following set of charts detail a variety of metrics that have economic impact, economic grow factors and economic development metrics in the Oil Trough community and has an impact on other factors such as economic growth, population growth, economic recovery, job growth, etc.. Figure 32 shows a high level view of how the population commutes to work (including the percent of people who work from home.) Oil Trough has the largest proportion of people who take public transportation to work at 10% of the total and is ranked #1. Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown Oil Trough or elsewhere.) Oil Trough has the smallest proportion of people who drove alone at 62% of the total. Second, it has the largest proportion of people who walked at 10% of the total and is ranked #1. Third, it has the largest proportion of people who took a taxicab, motorcycle or other at 8% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Oil Trough has one of the largest proportions of people who leave for work between 12am to 5am at 6% of the total and is ranked #3. Only #2 Pleasant Plains (15%), and #1 Magness (48%) are larger. Second, it has the largest proportion of people who leave for work between 6am to 630am at 19% of the total and is ranked #1. Third, it has the largest proportion of people who leave for work between 11am to 12noon at 20% of the total and is ranked #1.

The next graph in Figure 36 shows the average number of minutes that it takes for people to commute to work. Oil Trough has the smallest proportion of people with commute time between 10 to 14 minutes at 5% of the total. Second, it has the largest proportion of people with commute time between 25 to 29 minutes at 31% of the total and is ranked #1. Third, it has one of the largest proportions of people with commute time between 45 to 59 minutes at 12% of the total and is ranked #2. The only larger city being Pleasant Plains with 14%.

The average commute time is shown in Figure 37. Oil Trough shows it has a Avg Commute Time of 23 which is the second most average commute time of all the places in the greater Oil Trough region. Figure 38 shows the difference between male versus female commuting time. Oil Trough depicts average commute time in minutes for men 41.0% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Oil Trough has the percentage of no vehicle available the second smallest in order of no vehicle available of all the other places in the greater region at 9% of the total. Second, it has the largest proportion of 1 vehicle available at 47% of the total and is ranked #1. Third, it has the second smallest when sorted by no vehicle available of all the other places in the greater region as measured by 2 vehicles available at 10% of the total. Also, it has in the center range of other places in the local area when sorted by 3 vehicles available at 16% of the total. In addition, it has the largest proportion of 4 vehicles available at 9% of the total and is ranked #1. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Oil Trough depicts it has a Work in city or place where live of 31% which is more than all other places in the greater Oil Trough region. Comparing people who both work and live in the same city to the United States average of 42%, Oil Trough is approximately three-fourths the size. Also, benchmarked against the state of Arkansas, people who both work and live in the same city of 51%, Oil Trough is approximately three-fourths the size.

Oil Trough Arkansas Jobs Charts

The next to charts break out the median earnings for major job categories for men and women. Figure 46 shows the median earnings of men for the job categories. Oil Trough shows it has the hightest median earnings of $73,000 for the earnings-natural resources, construction, maintenance occupations category. The table in Figure 48, shows Oil Trough employment data in terms of job categories and salary data.

Oil Trough Arkansas Self Employment Charts

Figure 49 shows economic activity in terms of the number of people who are self employed in incorporated local business by industry. Oil Trough depicts it has the hightest entrepreneurs of 50% for the self employed management, business, science, and arts businesses group.

Similar to the last chart is Figure 50 which shows the number of people who are self employed but in more detailed industry categories such as manufacturing, retail sales, residential real estate, commercial real estate, health care, exports/imports, and advanced industries, etc. Oil Trough depicts it has the hightest entrepreneurs of 50% for the self employed in agriculture, forestry, fishing and hunting, and mining aggregate.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Oil Trough depicts total number of self-employed men 3 times bigger as the total number of self-employed women.