Overall unemployment rate moved down to 6.9% with the biggest shift in Government, which lost 4,600 roles, based on the most recently available information published in September 2021.
Total employment in the Memphis, TN-MS-AR market rose by 4,016 jobs in July and the unemployment rate decreased compared to the prior month by 70 bps to 6.9%. The national unemployment rate decreased by 43 bps over the same time to 5.7%.
- Memphis, TN-MS-AR unemployment rate is 124 bps above the national rate which is a negative sign.
- Unemployment in the market is 540 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in July versus prior month by 0.8% and are down compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -0.8%. Key sectors include:
- Transportation & Utilities: 177,100; -1,000
- Business Services: 101,700; +300
- Education & Healthcare: 91,900; -500
- Government: 76,400; -4,600
- Restaurants & Hotels: 64,000; +300
- Manufacturing: 45,400; -500
- Financial Services: 30,100; +600
- Other Jobs: 27,200; +300
- Construction, Mining: 24,100; +200
- IT & Development: 5,100; no change
Data is based on the most recent 12 months available, through July 2021 (Data published September 2021 and reports created on September 1, 2021). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.