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.
Month over Month Unemployment Change
Year over Year Unemployment Change
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
Employment Change by Key Sector
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.