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.
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
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.