The August statewide rate of 3.1% is still well below the national rate of 4.2%
After three consecutive months of record-low unemployment, the statewide unemployment rate increased slightly last month, according to data from the Tennessee Department of Labor and Workforce Development (TDLWD).
The state’s seasonally adjusted unemployment rate was 3.1% in August, an increase of one-tenth of a percentage point over the record low of 3% posted in May, June and July.
In a year-to-year comparison, Tennessee’s unemployment rate decreased two-tenths of a percentage point, from 3.3% to 3.1%.
Between July and August 2024, total nonfarm employment across the state decreased by 1,400 jobs. The largest decrease was in the mining, logging and construction sector, followed by the trade, transportation, and utilities sector and the leisure and hospitality sector.
Over the past year, Tennessee employers added 30,500 nonfarm jobs, with the largest increase in the education and health services sector, followed by the trade, transportation, and utilities sector, and other services.
TDLWD has compiled an analysis of the Aug. 2024 unemployment data, which is available here.
Despite the increase in the unemployment rate over the last month, Tennessee’s rate is still well below the national rate of 4.2%. The U.S. rate decreased one-tenth of a percentage point, from 4.3% in July. The rate is four-tenths of a percentage point higher than it was in Aug. 2023.
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