Overall unemployment rate moved up to 5.5% with the biggest shift in Transportation & Utilities, which gained 1,700 roles, based on the most recently available information published in August 2022.
Total employment in the Memphis, TN-MS-AR market declined by 1,510 jobs in June and the unemployment rate increased compared to the prior month by 110 bps to 5.5%. The national unemployment rate increased by 46 bps over the same time to 3.8%.
- Memphis, TN-MS-AR unemployment rate is 166 bps above the national rate which is a negative sign.
- Unemployment in the market is 210 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in June versus prior month by 5% and are down compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.4% . Key sectors include:
- Transportation & Utilities: 188,800; +1,700
- Business Services: 98,700; -400
- Education & Healthcare: 92,800; +500
- Government: 82,800; -600
- Restaurants & Hotels: 66,700; no change
- Manufacturing: 44,100; +100
- Financial Services: 28,800; +600
- Other Jobs: 27,800; +500
- Construction, Mining: 26,700; no change
- IT & Development: 5,400; no change
Data is based on the most recent 12 months available, through June 2022 (Data published August 2022 and reports created on August 3, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.