Overall unemployment rate moved down to 4.2% with the biggest shift in Education & Healthcare, which gained 1,500 roles, based on the most recently available information published in April 2022.
Total employment in the Memphis, TN-MS-AR market rose by 3,794 jobs in March and the unemployment rate decreased compared to the prior month by 50 bps to 4.2%. The national unemployment rate decreased by 39 bps over the same time to 3.8%.
- Memphis, TN-MS-AR unemployment rate is 45 bps above the national rate which is a negative sign.
- Unemployment in the market is 270 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in March 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 0.6% . Key sectors include:
- Transportation & Utilities: 188,000; +300
- Business Services: 97,600; -300
- Education & Healthcare: 94,600; +1,500
- Government: 84,000; +100
- Restaurants & Hotels: 62,900; +1,500
- Manufacturing: 43,700; -200
- Financial Services: 28,200; +300
- Other Jobs: 26,800; -300
- Construction, Mining: 25,000; +600
- IT & Development: 5,500; +100
Data is based on the most recent 12 months available, through March 2022 (Data published April 2022 and reports created on April 27, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.