Amidst fluctuating economic vicissitudes across the nation, Tennessee boasts record low unemployment figures, with May setting a historic low as the statewide seasonally adjusted rate dipped to a mere 3%. This benchmark is revealed in the latest county unemployment data, released by the Tennessee Department of Labor and Workforce Development, demonstrating persistently low county unemployment across the Volunteer State.
All 95 counties in Tennessee reported unemployment rates at or below 4.4% in May, and a scant five counties reported jobless rates at or above 4%. In a subtle shift, eighty-six counties observed a slight uptick in unemployment, while rates in three counties decreased and six remained steadfast since April, according to the state's latest release.
The counties with the most favorable employment landscapes included Sevier and Williamson, each posting a low unemployment rate of 2.1%. Sevier County's figures held firm from April, whereas Williamson saw a marginal increase of 0.1 percentage points. Moore County followed closely with an unemployment rate of 2.2%, matching its previous month’s numbers.
On the other end of the spectrum, Bledsoe County recorded the highest unemployment in the state with a rate of 4.4%,, reflecting an increase of 0.5 percentage points between April and May. McNairy County's unemployment rate rose similarly by 0.5 percentage points, reaching 4.2%. Lauderdale and Scott counties weren't far behind, each marking slight increases to stand at rates of 4.1%.
Comparative to the seasonally adjusted national unemployment rate of 4%, most Tennessee counties stand on solid ground with lower rates. It's important to note that unlike the state and national figures, county unemployment rates are not seasonally adjusted to account for time-sensitive economic impacts such as school holidays and inclement weather periods. Further insight into Tennessee’s unemployment outlook will be unveiled on July 18, 2024, with the state's analysis of the June unemployment data, scheduled for publication at 1:30 p.m. CDT.
