Unemployment rates are a lagging measure and for the month of February remained relatively unaffected by the COVID-19 public health emergency. Tennessee’s statewide unemployment rate for February experienced a slight increase according to newly released data from the Tennessee Department of Labor and Workforce Development.
The seasonally adjusted unemployment rate for February is 3.4 percent, which represents a 0.1 of a percentage point increase when comparing the new statistic to January’s revised rate of 3.3 percent. The current rate mirrors the number from one year ago.
Tennessee’s all-time low unemployment rate is 3.3 percent. The rate remained at that historic level for five consecutive months leading up to February.
Total nonfarm employment in Tennessee increased by 4,800 jobs between January and February. The largest increases occurred in the health care/social assistance, transportation/warehousing/utilities, and professional/scientific/technical services sectors.
Over the last year, nonfarm employment statewide increased by 51,000 jobs. During the previous 12 months, Tennessee saw significant increases in the trade/transportation/utilities, leisure/hospitality, and education/health services sectors.
Nationally, unemployment declined in February. The seasonally adjusted unemployment rate for the United States sits at 3.5 percent, which is 0.1 of a percentage point lower than the previous month and 0.3 of a percentage point below the February 2019 rate.
A complete analysis of Tennessee’s February 2020 unemployment data is available here.
Tennesseans can look for work and receive job search assistance through the state’s workforce development website, www.Jobs4TN.gov.
The state of Tennessee will release the February county unemployment rates at 1:30 p.m. CT Thursday, April 2.
The March 2020 statewide unemployment rate will be released on April 16, at 1:30 p.m. CT.