The July 2023 Unemployment Rate Makes History as the Lowest in Nearly 50 Years
Nashville – Tennessee made history in July when the state recorded its lowest unemployment rate since the federal government began tracking the statistic in 1976. According to the Department of Labor and Workforce Development (TDLWD), the seasonally adjusted rate of 3.1% was 0.1 of a percentage point lower than the previous all-time low of 3.2%, a figure the state once again reached in June.
The latest Tennessee jobless number was 0.2 of a percentage point lower than the rate in July 2022. Unemployment numbers for the state have been at or below 3.5% since Jan. 2022.
Employers across the state continued to bolster Tennessee’s economy by adding new jobs. Between June and July, total nonfarm employment increased by 7,300 jobs. The professional and business services sector saw the biggest month-to-month gains. The trade, transportation, and utilities sector added the next largest number of jobs, followed by the leisure and hospitality sector.
Over the last 12 months, nonfarm employment in Tennessee jumped by 72,400 new positions. The education and health services sector experienced the most growth in employment during the year. The leisure and hospitality sector saw the next largest increase in jobs, followed by the government sector.
TDLWD produces an in-depth analysis of the state’s unemployment data, which includes the latest labor force estimates. The report for July 2023 is available here.
Nationally, the seasonally adjusted unemployment rate inched down to 3.5%, 0.1 of a percentage point from June’s rate of 3.6%.
Tennesseans searching for work or a new career opportunity can take advantage of the many resources the state provides at no cost. TNWorkReady.com offers easy access to many services the Department offers. Tennesseans can access career assistance in person or virtually. The virtual American Job Center is open 24/7 and Jobs4TN has a database of thousands of jobs. Career specialists are ready to help job seekers at the nearly 80 American Job Centers located across the state.
The state of Tennessee will release county-specific unemployment data at 1:30 p.m. CDT on Aug. 24.