Latest unemployment rate inches closer to the all-time lowest rate in the state

Tennessee’s statewide unemployment rate dropped for the second consecutive month in March, according to new data from the Department of Labor and Workforce Development.

The seasonally adjusted rate for the month came in at 3.2%, 0.1 of a percentage point lower than February’s rate of 3.3%. Tennessee’s all-time low unemployment rate is 3.1%, which the state recorded during three months in 2023.

Between February and March, 10,600 nonfarm workers started new jobs across the state. The leisure and hospitality sector created most of those new jobs, followed by the education and health services sector and then the manufacturing sector.

In a year-to-year comparison, Tennessee’s latest jobless rate of 3.2% mirrors the state’s rate from March 2023.

Over the year, Tennessee employers added 16,700 nonfarm positions to the state’s workforce. During the last 12 months, the education and health services sector saw the biggest increase in new jobs. The leisure and hospitality sector added the next largest number of jobs, followed by the other services sector.

Across the nation, seasonally adjusted unemployment dropped by 0.1 of a percentage point in March, from 3.9% to 3.8%.

Image by Drazen Zigic on Freepik.

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