Overall unemployment rate moved down to 6.3% with the biggest shift in Government, which gained 2,000 roles, based on the most recently available information published in April 2021.
Total employment in the Memphis, TN-MS-AR market rose by 1,704 jobs in February and the unemployment rate decreased compared to the prior month by 70 bps to 6.3%. The national unemployment rate decreased by 26 bps over the same time to 6.6%.
- Memphis, TN-MS-AR unemployment rate is 25 bps below the national rate which is a positive sign.
- Unemployment in the market is 190 bps above the unemployment rate in the market last year at this time, which is a negative.
- Average wages (per hour) grew in February versus prior month by 3.8% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.4% . Key sectors include:
- Transportation & Utilities: 175,100; -600
- Business Services: 95,100; +1,200
- Education & Healthcare: 93,300; -300
- Government: 82,200; +2,000
- Restaurants & Hotels: 54,600; -400
- Manufacturing: 44,900; +700
- Financial Services: 28,000; -600
- Other Jobs: 26,400; no change
- Construction, Mining: 23,800; +500
- IT & Development: 5,000; no change
Data is based on the most recent 12 months available, through February 2021 (Data published April 2021 and reports created on April 9, 2021). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.