Overall unemployment rate moved up to 4.1% with the biggest shift in Transportation & Utilities, which gained 3,300 roles, based on the most recently available information published in February 2022.
Total employment in the Memphis, TN-MS-AR market rose by 5,122 jobs in December and the unemployment rate increased compared to the prior month by 20 bps to 4.1%. The national unemployment rate decreased by 20 bps over the same time to 3.7%.
- Memphis, TN-MS-AR unemployment rate is 41 bps above the national rate which is a negative sign.
- Unemployment in the market is 280 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in December versus prior month by 2.2% and are equal compared to last year at this time in the market.
Month over Month Unemployment Change
Year over Year Unemployment Change
For key employment segments of the market, total jobs grew by 0.6% . Key sectors include:
- Transportation & Utilities: 186,800; +3,300
- Business Services: 106,500; +1,800
- Education & Healthcare: 90,800; -100
- Government: 82,300; -1,300
- Restaurants & Hotels: 65,800; +400
- Manufacturing: 44,700; no change
- Financial Services: 29,300; +100
- Other Jobs: 27,000; -100
- Construction, Mining: 24,600; -200
- IT & Development: 5,000; no change
Employment Change by Key Sector
Data is based on the most recent 12 months available, through December 2021 (Data published February 2022 and reports created on February 4, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.