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Published on April 19, 2024
Tennessee's Unemployment Rate Falls to 3.2% in March, Approaching Historic Low Source: Unsplash/ Benjamin Disinger

Tennessee's joblessness Marches on, but this time, towards a brighter horizon, as the state's unemployment rate nudged down another notch. According to the latest figures from the Tennessee Department of Labor and Workforce Development, the Volunteer State's jobless figure dropped to 3.2% in March, edging closer to its historic low of 3.1% - a record it hit several times last year.

In the wake of this good news, there's a particular group feeling the rays of prosperity stronger than others. The leisure and hospitality industry topped the job creation charts, enjoying most of the 10,600 new positions filled between February and March. Education and health services, and the manufacturing sector followed suit, providing ample evidence of a job market in optimistic expansion.

The labor landscape isn't just holding firm year-over-year; it's showing steady improvement. The 3.2% unemployment rate reflects not just a month-to-month uptick but also mirrors the percentage from this time last year. Within these 12 months, Tennessee employers have fattened up their staff rosters with 16,700 new roles, the education and health services sector leading the charge in growth.

With school doors set to close for the summer break, Tennessee's youth are in the spotlight. The Tennessee Youth Employment Program (YEP) serves up opportunities for youngsters aged 14 to 24 to dip their toes into the workforce pool. Participating in the program, employers get the short end of the stick in a good way - they're offered the chance to expand their team while sparing the expense of wages or admin costs as the state foots the bill.

National unemployment figures are shadowing Tennessee's positive trend, with a slight dip from 3.9% to 3.8% in March, indicating a broader economic upturn. Come April 25, 2024, at 1:30 p.m. CDT, eyes will be on Tennessee again, as county-level unemployment statistics are set to drop, offering a more granular glimpse at the state's economic heartbeat.