Overall unemployment rate moved down to 6.1% with the biggest shift in Government, which gained 4,200 roles, based on the most recently available information published in September 2021.
Total employment in the Memphis, TN-MS-AR market declined by 5,295 jobs in August and the unemployment rate decreased compared to the prior month by 80 bps to 6.1%. The national unemployment rate decreased by 38 bps over the same time to 5.3%.
- Memphis, TN-MS-AR unemployment rate is 81 bps above the national rate which is a negative sign.
- Unemployment in the market is 480 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in August versus prior month by 1.9% 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: 177,000; -300
- Business Services: 105,000; +300
- Education & Healthcare: 91,300; -700
- Government: 80,100; +4,200
- Restaurants & Hotels: 64,100; no change
- Manufacturing: 44,700; -600
- Financial Services: 29,700; -200
- Other Jobs: 26,900; -200
- Construction, Mining: 24,800; +700
- IT & Development: 5,100; no change
Data is based on the most recent 12 months available, through August 2021 (Data published September 2021 and reports created on September 29, 2021). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.