Tennessee Continues Low Unemployment Rate in OctoberThe Statewide Unemployment Rate Has Been at or Below 3.5% for the Last Ten Months
NASHVILLE – Tennessee continues to experience low unemployment, despite a slight uptick in October’s monthly rate, according to the Department of Labor and Workforce Development. The seasonally adjusted number for the month increased by just 0.1 of a percentage point to 3.5%. The state has had unemployment rates at or below 3.5% since January 2022.
In a year-to-year comparison, the statewide unemployment rate is down 0.2 of a percentage point from 3.7% to 3.5%.
Tennessee employers continue to create new jobs. In October, businesses reported 5,800 new nonfarm jobs across the state. The largest increases came in the accommodation and food services sector, the construction sector, and the professional, scientific, and technical services sector.
Between October 2021 and October 2022, Tennessee employers added 123,200 jobs in every corner of the state. The leisure and hospitality sector accounted for the largest number of new jobs during the year. The trade, transportation, and utilities sector, followed by the education and health services sector, had the next largest increase of new jobs.
You can find a complete analysis of Tennessee’s October 2022 unemployment data here.
Across the nation, the seasonally adjusted unemployment rate grew by 0.2 of a percentage point in October to 3.7%. Compared to October 2021, the national rate is down 0.9 of a percentage point.
November 14 through 18, 2022, is Apprenticeship Week in Tennessee. Apprentices earn a living while they learn a skilled trade. The state currently has more apprentices than at any other time in its history. Job seekers can learn how to become an apprentice and employers find out how to start a Registered Apprenticeship Program by visiting ApprenticeshipTN.com.
Employers across the state continue to look for skilled and qualified workers to help their businesses and the state’s economy thrive. Job seekers in Tennessee can search through hundreds of thousands of job openings, sign up for Adult Education or college prep classes, or find the American Job Center closest to them at TNWorkReady.com.
The state of Tennessee will release unemployment data for each of its 95 counties on Wednesday, November 23, 2022, at 1:30 p.m. CST.