Overall unemployment rate moved down to 4.7% with the biggest shift in Business Services, which gained 1,400 roles, based on the most recently available information published in April 2022.
Total employment in the Memphis, TN-MS-AR market rose by 7,283 jobs in February and the unemployment rate decreased compared to the prior month by 50 bps to 4.7%. The national unemployment rate decreased by 28 bps over the same time to 4.1%.
- Memphis, TN-MS-AR unemployment rate is 56 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 February versus prior month by 5.4% 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 0.7% . Key sectors include:
- Transportation & Utilities: 187,700; -200
- Business Services: 97,300; +1,400
- Education & Healthcare: 92,600; +1,100
- Government: 84,900; +1,200
- Restaurants & Hotels: 61,200; -500
- Manufacturing: 44,200; +700
- Financial Services: 28,300; +100
- Other Jobs: 27,200; +200
- Construction, Mining: 24,600; +300
- IT & Development: 5,400; no change
Employment Change by Key Sector
Data is based on the most recent 12 months available, through February 2022 (Data published April 2022 and reports created on April 6, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.