After three consecutive months of record-low unemployment, the statewide unemployment rate increased slightly last month, according to data from the Tennessee Department of Labor and Workforce Development.
The state’s seasonally adjusted unemployment rate was 3.1 percent in August, an increase of one-tenth of a percentage point over the record low of 3 percent posted in May, June and July.
In a year-to-year comparison, Tennessee’s unemployment rate decreased two-tenths of a percentage point, from 3.3 percent to 3.1 percent.
Between July and August 2024, total nonfarm employment across the state decreased by 1,400 jobs.
The largest decrease was in the mining, logging, and construction sector, followed by the trade, transportation, and utilities sector and the leisure and hospitality sector.
Over the past year, Tennessee employers added 30,500 nonfarm jobs, with the largest increase in the education and health services sector, followed by the trade, transportation, and utilities sector, and other services.
TDLWD has compiled an analysis of the August 2024 unemployment data, which is available
here.
Despite the increase in the unemployment rate over the last month, Tennessee’s rate is still well below the national rate of 4.2 percent, officials said. The U.S. rate decreased one-tenth of a percentage point, from 4.3 percent in July. The rate is four-tenths of a percentage point higher than it was in August 2023.
The state of Tennessee will release the unemployment data for all 95 counties on Thursday, Sept. 26 at 1:30 p.m. CDT.