Tennessee's Unemployment Rate Holds Steady at Record-Low LevelThe Statewide Unemployment Rate Remained Unchanged at 3.1% Between July and August
NASHVILLE – Tennessee’s statewide unemployment rate for August 2023 remained at the state’s all-time low seasonally adjusted rate of 3.1%, according to new data released by the Department of Labor and Workforce Development (TDLWD). The state reached its lowest unemployment rate in July, besting the previous record of 3.2%.
The new jobless number was 0.2 of a percentage point lower than the state’s rate from August 2022. Unemployment numbers for the state have been at or below 3.5% since January 2022.
Data shows nonfarm employment decreased by 3,200 positions between July and August. The mining, logging, and construction sector saw the biggest drop in jobs. The professional and business services sector experienced the next biggest decline, followed by the information sector.
The year-to-year statistics show Tennessee employers added 57,900 new positions to their payrolls. The education and health services sector recorded the largest gains over the last 12 months. The leisure and hospitality sector and government sector had the next largest increases in employment.
An in-depth analysis of Tennessee’s August 2023 unemployment data is available here.
Nationally, unemployment increased in August. The new seasonally adjusted rate is 3.8%, which is an increase of 0.3 of a percentage point from the July unemployment rate.
Tennessee’s virtual American Job Center is available anytime, anywhere. Individuals can access the website’s Service Wizard which can match them with services and programs they may be able to use to remove barriers to employment.
The state of Tennessee will release unemployment data for each county on Thursday, September 21, 2023, at 1:30 p.m. CDT.