Overall unemployment rate moved down to 3.2% with the biggest shift in Transportation & Utilities, which lost 1,900 roles, based on the most recently available information published in June 2023.
Total employment in the Memphis, TN-MS-AR market declined by 1,880 jobs in April and the unemployment rate decreased compared to the prior month by 60 bps to 3.2%. The national unemployment rate decreased by 53 bps over the same time to 3.1%.
- Memphis, TN-MS-AR unemployment rate is 10 bps above the national rate which is a negative sign.
- Unemployment in the market is 60 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in April versus prior month by 7.5% and are up 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 declined by -0.3%. Key sectors include:
- Transportation & Utilities: 182,800; -1,900
- Business Services: 100,600; -700
- Education & Healthcare: 98,600; -300
- Government: 88,300; no change
- Restaurants & Hotels: 63,500; +1,000
- Manufacturing: 44,800; -100
- Other Jobs: 28,400; +200
- Financial Services: 26,800; -400
- Construction, Mining: 25,500; +200
- IT & Development: 5,500; -200
Employment Change by Key Sector
Data is based on the most recent 12 months available, through April 2023 (Data published June 2023 and reports created on June 8,2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.