Nashville, TN – Tennessee did it again! According to new data from the Tennessee Department of Labor and Workforce Development (TDLWD), the statewide unemployment rate remained at an all-time low of 3% for a third consecutive month. The state first marked the record low for seasonally adjusted unemployment in May, and it has held steady ever since.
Over the past year, Tennessee’s statewide unemployment rate dropped 0.2 percentage points, from 3.2% to 3%. This consistent decrease is a positive sign for the state’s economy and job market, indicating growth and stability.
Employers across the state added 2,000 new nonfarm jobs to their payrolls between June and July. The construction sector accounted for most of the new jobs, showing a strong demand for construction workers in Tennessee. The healthcare and social assistance sector also saw significant job growth, followed by the wholesale trade sector. These sectors are essential for the state’s economy and provide valuable services to the community.
Comparing year-to-year job growth, Tennessee has 22,600 additional nonfarm jobs. The largest increase in employment was in the education and health services sector, indicating a growing need for professionals in these fields. The mining, logging, and construction sectors also experienced significant growth, as well as the trade, transportation, and utilities sectors. These job opportunities are crucial for the state’s workforce and contribute to its overall economic prosperity.
Unlike Tennessee, which has a record-low unemployment rate, the nationwide rate increased during July. Seasonally adjusted unemployment grew by 0.2 of a percentage point to 4.3% across the United States. This contrast highlights Tennessee’s strong job market and stable economy compared to the national average.
While the state has record-low unemployment numbers, many Tennesseans are still searching for work or better employment. TDLWD offers many job seeker resources at no cost, including online job search tools available at TNWorkReady.com. This platform helps connect job seekers with employers and provides valuable resources for finding employment opportunities.
Tennesseans without a high school diploma can improve their employment situation by taking Adult Education classes at no cost. TDLWD’s New Pathways to a Diploma program allows adult learners to use different testing methods to earn their equivalency diploma, providing them with more opportunities for career advancement and higher-paying jobs. This initiative demonstrates the state’s commitment to supporting its residents in achieving their educational and career goals.
In conclusion, Tennessee’s record-low unemployment rate and consistent job growth are positive indicators of the state’s strong economy and thriving job market. With opportunities in various sectors and resources available for job seekers, Tennessee continues to be a promising destination for those seeking employment and career advancement.