Overall unemployment rate stayed flat at 6.3% with the biggest shift in Restaurants & Hotels, which gained 2,400 roles, based on the most recently available information published in June 2021.
Total employment in the Memphis, TN-MS-AR market rose by 2,891 jobs in May and the unemployment rate stayed flat. The national unemployment rate decreased by 25 bps over the same time to 5.5%.
- Memphis, TN-MS-AR unemployment rate is 80 bps above the national rate which is a negative sign.
- Unemployment in the market is 360 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in May versus prior month by 0.5% and are down 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 0.8% . Key sectors include:
- Transportation & Utilities: 175,900; +1,000
- Business Services: 100,000; +500
- Education & Healthcare: 94,000; +700
- Government: 81,800; -900
- Restaurants & Hotels: 62,200; +2,400
- Manufacturing: 44,800; +500
- Financial Services: 29,200; +700
- Other Jobs: 26,600; +100
- Construction, Mining: 24,000; +100
- IT & Development: 5,100; no change
Employment Change by Key Sector
Data is based on the most recent 12 months available, through May 2021 (Data published June 2021 and reports created on June 30, 2021). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.