Overall unemployment rate moved up to 4.4% with the biggest shift in Education & Healthcare, which lost 1,100 roles, based on the most recently available information published in June 2022.
Total employment in the Memphis, TN-MS-AR market declined by 3,441 jobs in May and the unemployment rate increased compared to the prior month by 20 bps to 4.4%. The national unemployment rate increased by 4 bps over the same time to 3.4%.
- Memphis, TN-MS-AR unemployment rate is 102 bps above the national rate which is a negative sign.
- Unemployment in the market is 190 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in May versus prior month by 7.6% and are up 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 0.1% . Key sectors include:
- Transportation & Utilities: 186,700; -100
- Business Services: 99,200; +900
- Education & Healthcare: 92,400; -1,100
- Government: 83,300; -300
- Restaurants & Hotels: 66,800; +900
- Manufacturing: 44,200; +200
- Financial Services: 28,300; -300
- Other Jobs: 27,300; -300
- Construction, Mining: 26,800; +900
- IT & Development: 5,400; no change
Employment Change by Key Sector
Data is based on the most recent 12 months available, through May 2022 (Data published June 2022 and reports created on June 29, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.