Tennessee’s unemployment rate held steady in October. The new rate of 3.4 percent matches the previous month’s rate, according to data from the Tennessee Department of Labor and Workforce Development (TDLWD).
While Tennessee’s jobless rate remained the same between September and October, over the past year, Tennessee's seasonally adjusted unemployment rate experienced a slight uptick from 3.3 percent to 3.4 percent.
The current rate is still very close to the all-time low of 3.2 percent, which the state recorded earlier this year.
“Month after month, we continue to see Tennessee’s unemployment rate hold steady, very close to the all-time historic low, and that’s great news,” said TDLWD Commissioner Jeff McCord. “Even with unemployment at its current level, we are mindful that not all sectors are the same and will continue to work with individuals who need assistance in transitioning employment.”
Between October 2018 and October of this year, Tennessee’s nonfarm employment increased by 38,900 jobs. The most significant increases occurred in the leisure/hospitality, professional/business services, and trade/transportation/utilities sectors.
The latest statistics show the number of nonfarm jobs dropped by 5,100 between September and October of this year. The largest decreases occurred in the manufacturing, professional/business services, and other services sectors.
Nationally, seasonally adjusted unemployment experienced a slight uptick. October’s rate of 3.6 percent is 0.1 of a percentage point higher than the previous month’s rate of 3.5 percent.
The state of Tennessee has compiled a complete analysis of the October 2019 unemployment data and it is available through this link.