The State’s October unemployment rate continues to hover near the all-time low number

Nashville – Tennessee’s statewide seasonally adjusted unemployment rate for Oct. 2023 came in more than half a percentage point below the national average, according to new data from the Department of Labor and Workforce Development (TDLWD).

The state rate was 3.3% in October, 0.6 of a percentage point lower than the seasonally adjusted national unemployment rate of 3.9% for the month. Tennessee’s all-time low unemployment rate is 3.1%, last reached in Aug. 2023.

The October rate is 0.1 of a percentage point higher than the rate from the month before but is 0.2 of a percentage point lower than the Oct. 2022 statistic.

During the last 12 months, Tennessee employers added 40,100 jobs to the state’s workforce. The education and health services sector saw the most growth, followed by the government sector, and then the other services sector.

In a month-to-month comparison, the three sectors with the most reduction in workforce included the leisure and hospitality sector, the mining, logging and construction sector and the manufacturing sector.

TDLWD has prepared a complete analysis of the state’s Oct. 2023 unemployment data that is available here. The national average for seasonally adjusted unemployment in October inched up 0.1 of a percentage point when compared to September’s rate.

The U.S. rate is 0.2 of a percentage point higher than it was this time last year.

Governor Bill Lee has proclaimed Nov. 13 – 19, 2023, as Apprenticeship Week in Tennessee.

The state currently has more than 8,500 apprentices and over 380 Registered Apprenticeship Programs. The learn-while-you-earn model has proven to be an effective way for Tennessee employers to grow their workforce with quality, highly skilled employees. Additional information about becoming an apprentice or starting a Registered Apprenticeship program is available here.

County unemployment numbers will be released Wednesday.

Image by pvproductions on Freepik.

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