Overall unemployment rate moved down to 4.1% with the biggest shift in Transportation & Utilities, which gained 4,000 roles, based on the most recently available information published in January 2022.
Total employment in the Memphis, TN-MS-AR market declined by 1,478 jobs in November and the unemployment rate decreased compared to the prior month by 30 bps to 4.1%. The national unemployment rate decreased by 4 bps over the same time to 3.4%.
- Memphis, TN-MS-AR unemployment rate is 74 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 November versus prior month by 6.2% 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 1.1% . Key sectors include:
- Transportation & Utilities: 193,700; +4,000
- Business Services: 102,500; +2,200
- Education & Healthcare: 97,600; +300
- Government: 84,900; +700
- Restaurants & Hotels: 66,900; +700
- Manufacturing: 44,000; -300
- Financial Services: 29,000; -100
- Other Jobs: 27,900; -100
- Construction, Mining: 25,800; -400
Employment Change by Key Sector
Data is based on the most recent 12 months available, through November 2022 (Data published January 2022 and reports created on January 3, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.