Tennessee's job market has hit a plateau of success, with unemployment rates at a historic low. The Department of Labor and Workforce Development released data indicating the persistent 3% unemployment rate for June, matching the previous month's record low. With a negligible drop from last year's figure, this marks a consistent trend in the region's employment landscape.
Nudging the needle forward, employers in Tennessee added 400 nonfarm jobs between May and June, suggesting modest growth in several key industries. According to Tennessee's Department of Labor and Workforce Development, the mining, logging, and construction sectors and education and health services saw the largest surges in employment numbers. Manufacturing too shared in this incremental boon, introducing additional workers.
However, not all news was as encouraging. Over the year, a reduction of 5,900 jobs across nonfarm employment has been recorded, signaling retreats in certain sectors. Administrative, support, and waste services witnessed the sharpest contraction, with real estate, rental, leasing, and nondurable goods manufacturing sectors following suit in losses, as reported by Tennessee's Department of Labor and Workforce Development. Despite these drawbacks, the state's overall employment climate remains robust.
On a wider scale, the national unemployment rate experienced a minor uptick going from 4% to 4.1% in June, placing it half a percentage higher than in June of the previous year, as noted by the TDLWD. Meanwhile, job seekers in Tennessee are encouraged to utilize the department's resources, such as TNWorkReady and the virtual American Job Center, for assistance in uncovering worthwhile employment opportunities.
The complete analysis of June 2024's unemployment data is available on the TDLWD's website, offering a comprehensive breakdown of the current employment situation. The state is also gearing up to release county-level unemployment statistics on July 25, which will provide a more granular look at how each county is fairing in this time of economic stability.
