Overall unemployment rate moved up to 5.2% with the biggest shift in Transportation & Utilities, which lost 4,600 roles, based on the most recently available information published in March 2022.
Total employment in the Memphis, TN-MS-AR market declined by 13,203 jobs in January and the unemployment rate increased compared to the prior month by 110 bps to 5.2%. The national unemployment rate increased by 74 bps over the same time to 4.4%.
- Memphis, TN-MS-AR unemployment rate is 77 bps above the national rate which is a negative sign.
- Unemployment in the market is 180 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in January versus prior month by 6.1% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -1.9%. Key sectors include:
- Transportation & Utilities: 187,100; -4,600
- Business Services: 95,900; -2,900
- Education & Healthcare: 91,600; -2,500
- Government: 83,700; -1,000
- Restaurants & Hotels: 61,700; -800
- Manufacturing: 43,500; +100
- Financial Services: 28,100; +200
- Other Jobs: 27,200; +100
- Construction, Mining: 24,300; -800
- IT & Development: 5,300; -100
Data is based on the most recent 12 months available, through January 2022 (Data published March 2022 and reports created on March 18, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.