Overall unemployment rate moved down to 3.8% with the biggest shift in Transportation & Utilities, which lost 1,700 roles, based on the most recently available information published in May 2023.
Total employment in the Memphis, TN-MS-AR market rose by 1,772 jobs in March and the unemployment rate decreased compared to the prior month by 40 bps to 3.8%. The national unemployment rate decreased by 27 bps over the same time to 3.6%.
- Memphis, TN-MS-AR unemployment rate is 18 bps above the national rate which is a negative sign.
- Unemployment in the market is 20 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 7.9% 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 declined by -0.1%. Key sectors include:
- Transportation & Utilities: 184,900; -1,700
- Business Services: 101,200; -100
- Education & Healthcare: 98,900; +300
- Government: 88,300; no change
- Restaurants & Hotels: 62,700; +1,000
- Manufacturing: 44,900; +100
- Other Jobs: 28,100; no change
- Financial Services: 27,200; -200
- Construction, Mining: 25,200; -300
- IT & Development: 5,600; -100
Employment Change by Key Sector
Data is based on the most recent 12 months available, through March 2023 (Data published May 2023 and reports created on May 9,2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.