Overall unemployment rate moved up to 6.6% with the biggest shift in Business Services, which gained 3,700 roles, based on the most recently available information published in June 2021.
Total employment in the Memphis, TN-MS-AR market rose by 8,337 jobs in April and the unemployment rate increased compared to the prior month by 10 bps to 6.6%. The national unemployment rate decreased by 43 bps over the same time to 5.7%.
- Memphis, TN-MS-AR unemployment rate is 85 bps above the national rate which is a negative sign.
- Unemployment in the market is 640 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in April versus prior month by 1% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.5% . Key sectors include:
- Transportation & Utilities: 174,800; -1,400
- Business Services: 100,000; +3,700
- Education & Healthcare: 93,300; -500
- Government: 82,700; -500
- Restaurants & Hotels: 59,900; +3,400
- Manufacturing: 44,900; -500
- Financial Services: 28,500; no change
- Other Jobs: 26,500; -100
- Construction, Mining: 23,700; -900
- IT & Development: 5,100; +100
Data is based on the most recent 12 months available, through April 2021 (Data published June 2021 and reports created on June 2, 2021). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.