HASLAM ANNOUNCES LOWEST UNEMPLOYMENT RATE IN STATE HISTORY
Tennessee has rate of 3.6 percent for June 2017
NASHVILLE – Tennessee Gov. Bill Haslam and Department of Labor and Workforce Development Commissioner Burns Phillips today announced Tennessee’s unemployment rate for June 2017 was 3.6 percent, the lowest in Tennessee recorded history.
The June 2017 preliminary seasonally adjusted rate surpasses the previous low of 3.7 percent from March 2000. The state has not experienced an unemployment rate below 4.0 percent since it was 3.9 percent in February 2001.
“What’s truly exciting about today’s news is that this is a statewide story,” Haslam said. “Today more than ever, businesses have a choice of where to grow or expand, and because of the policies this administration has put in place working with the General Assembly, we’re seeing the job growth that comes when businesses choose Tennessee.”
June’s rate declines four-tenths of a percentage point from the May revised rate of 4.0 percent. Amid notable improvements in Tennessee’s unemployment rate, the national preliminary rate increases by one-tenth of a percentage point from the previous month to 4.4 percent, lingering in the 4.0 percentile.
“When a state’s rate declines during a national uptick in unemployment, that’s something to note,” Phillips said. “Just seven years ago more than 10 percent of Tennesseans were out of work. One of Governor Haslam’s top priorities has been to make Tennessee the best state in the southeast for high quality jobs. All indications point to that priority becoming a reality.”
This month’s unemployment shift is largely due to declines in the seasonally adjusted labor force. Over the past year, Tennessee has led the decrease in seasonally adjusted unemployment rates, declining from 4.7 percent to the current 3.6 percent, while the national rate declined half a percentage point from 4.9 percent to 4.4 percent.
Between May and June, the total non-farm employment has increased by 5,900 jobs. The largest industry increases occurred in leisure/hospitality, trade/transportation/utilities, and mining/logging/construction.
Nonfarm employment has increased by 59,300 jobs within a 12-month span. Industry increases were greatest in professional/business services, trade/transportation/utilities, and leisure/hospitality industries.
The Economic Analysis and Labor Force Estimates are prepared by the Employment Security division’s labor market information specialists. The division reports metrics and contextual information as it relates to employment, income, and population in Tennessee. Labor force topics are narrated in monthly newsletters and additional resources are available on Jobs4TN.gov.