Tennessee Labor & Workforce Development Commissioner Burns Phillips announced on Thursday that the Tennessee preliminary unemployment rate for October was 5.6 percent, one-tenth of one percentage point lower than the September revised rate of 5.7 percent. The U.S. preliminary rate for October was 5.0 percent, one-tenth of one percentage point lower than the prior month.
Economic Summary
· Tennessee's unemployment rate for October declined slightly to 5.6 percent.
· Over the past year, Tennessee's unemployment rate decreased from 6.6 percent to 5.6 percent while the national rate declined from 5.7 percent to 5.0 percent.
· The number of unemployed persons is the lowest since December 2007.
· Total nonfarm employment increased 10,400 jobs from September to October. The largest increases occurred in professional/business services, government, and wholesale trade.
· Over the year, nonfarm employment increased 50,200 jobs. The largest increases occurred in trade/transportation/utilities, leisure/hospitality, and professional/business services.