New data released by the Tennessee Department of Labor and Workforce Development (TDLWD) revealed unemployment across the state reached a historic low in July of 3.1 percent.
July was a record-breaking month for Tennessee. The unemployment rate dropped to 3.1%, the lowest jobless number ever. And, Tennessee employers continue to add thousands of new jobs.
Find details about the history-making rate and data analysis here: https://t.co/pTPEbT8EGO pic.twitter.com/4Via3ELn5d— TN Dept of Labor & Workforce (@Jobs4_TN) August 17, 2023
The state’s July 2023 unemployment rate is the lowest recorded since the federal government began tracking the statistic in 1976. July’s 3.1 percent rate is 0.1 percentage point lower than the previous record low of 3.1 percent, set in March 2022.
Tennessee unemployment rates have stayed at or below 3.5 percent since January 2022, TDLWD notes.
In addition to the state’s record-low unemployment rate, Tennessee employers continued adding new jobs, according to TDLWD’s July report.
Between June and July, total nonfarm employment increased by 7,300 jobs.
The trade, transportation, and utilities sector contributed the most number of jobs, followed by the professional and business services sector and the leisure and hospitality sector.
Over the last 12 months, nonfarm employment in Tennessee jumped by 72,400 new positions, with the education and health services sector experiencing the most employment growth followed by the leisure and hospitality sector and government sector.
The civilian labor force in Tennessee, which includes all people aged 16 and older who are classified as either employed and unemployed, was recorded at 3,379,416 individuals in July.
Nationally, the seasonally adjusted unemployment rate was 3.5 percent in July, down 0.1 of a percentage point from June’s rate of 3.6 percent, according to most recent data from the U.S. Bureau of Labor Statistics. Last July, the seasonally adjusted unemployment rate for the nation was 3.5 percent.
“Tennessee’s booming economy & job creation have set the standard for success nationwide. Now, we’re making history with record-low unemployment in the Volunteer State,” Governor Bill Lee commented on the state’s record unemployment report.
TDLWD is expected to release county-specific unemployment data at 1:30 p.m. CDT on Thursday, August 24.
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Kaitlin Housler is a reporter at The Tennessee Star and The Star News Network.
