Overall unemployment rate moved down to 4.9% with the biggest shift in Government, which gained 4,100 roles, based on the most recently available information published in November 2021.
Total employment in the Memphis, TN-MS-AR market declined by 953 jobs in September and the unemployment rate decreased compared to the prior month by 120 bps to 4.9%. The national unemployment rate decreased by 72 bps over the same time to 4.6%.
- Memphis, TN-MS-AR unemployment rate is 34 bps above the national rate which is a negative sign.
- Unemployment in the market is 570 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in September versus prior month by 0.9% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.3% . Key sectors include:
- Transportation & Utilities: 178,900; +1,900
- Business Services: 103,700; -1,300
- Education & Healthcare: 92,300; +700
- Government: 84,200; +4,100
- Restaurants & Hotels: 62,600; -1,700
- Manufacturing: 44,700; +100
- Financial Services: 29,700; +100
- Other Jobs: 26,800; -100
- Construction, Mining: 23,400; -1,700
- IT & Development: 5,000; -100
Data is based on the most recent 12 months available, through September 2021 (Data published November 2021 and reports created on November 3, 2021). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.