Overall unemployment rate moved down to 4.7% with the biggest shift in Government, which gained 2,800 roles, based on the most recently available information published in September 2022.
Total employment in the Memphis, TN-MS-AR market declined by 5,264 jobs in August and the unemployment rate decreased compared to the prior month by 70 bps to 4.7%. The national unemployment rate stayed flat over the same time period at 3.8%.
- Memphis, TN-MS-AR unemployment rate is 91 bps above the national rate which is a negative sign.
- Unemployment in the market is 160 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 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 grew by 0.3% . Key sectors include:
- Transportation & Utilities: 189,400; no change
- Business Services: 99,700; +1,300
- Education & Healthcare: 93,100; -1,100
- Government: 83,300; +2,800
- Restaurants & Hotels: 67,400; -1,900
- Manufacturing: 44,200; +100
- Financial Services: 29,500; +200
- Other Jobs: 28,200; +200
- Construction, Mining: 26,700; +300
- IT & Development: 5,500; +100
Employment Change by Key Sector
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.