The July statewide unemployment rate held steady at the all-time low of 3%
For a third consecutive month, the statewide unemployment rate remained at an all-time low of 3%, according to new data from the Department of Labor and Workforce Development (TDLWD).
The state first marked the record low for seasonally adjusted unemployment in May, and it has held steady ever since. Over the past year, Tennessee’s statewide unemployment rate dropped 0.2 of a percentage point, from 3.2% to 3%.
Employers across the state added 2,000 new nonfarm jobs to their payrolls between June and July. The construction sector accounted for most of the new jobs. The health care and social assistance sector was responsible for the next highest amount of job growth, followed by the wholesale trade sector.
Comparing year-to-year job growth, Tennessee has 22,600 additional nonfarm jobs. The largest increase in employment was in the education and health services sector, followed by the mining, logging, and construction sector and then the trade, transportation and utilities sector.
Detailed information about the July 2024 unemployment data is available here.
Unlike Tennessee and its record-low unemployment, the nationwide rate increased during July. Seasonally adjusted unemployment grew by 0.2 of a percentage point to 4.3% across the United States.
In a year-to-year comparison, the national unemployment rate jumped 0.8 of a percentage point, from 3.5% to 4.3%. While the state has record-low unemployment numbers, many Tennesseans are still searching for work or better employment.
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