Overall unemployment rate moved down to 3.0% with the biggest shift in Business Services, which gained 800 roles, based on the most recently available information published in September 2022.
Total employment in the Knoxville, TN market declined by 4,501 jobs in August and the unemployment rate decreased compared to the prior month by 50 bps to 3.0%. The national unemployment rate stayed flat over the same time period at 3.8%.
- Knoxville, TN unemployment rate is 79 bps below the national rate which is a positive sign.
- Unemployment in the market is 30 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in August versus prior month by 6.3% and are down 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: 85,000; -300
- Business Services: 71,800; +800
- Education & Healthcare: 56,200; +600
- Government: 55,800; no change
- Restaurants & Hotels: 46,400; -500
- Manufacturing: 45,600; +100
- Construction, Mining: 22,200; +300
- Financial Services: 22,100; +200
- Other Jobs: 17,000; no change
- IT & Development: 6,000; no change
Data is based on the most recent 12 months available, through August 2022 (Data published September 2022 and reports created on September 28, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.