Overall unemployment rate moved up to 4.5% with the biggest shift in Restaurants & Hotels, which lost 1,500 roles, based on the most recently available information published in December 2022.
Total employment in the Memphis, TN-MS-AR market declined by 6,231 jobs in October and the unemployment rate increased compared to the prior month by 40 bps to 4.5%. The national unemployment rate increased by 8 bps over the same time to 3.4%.
- Memphis, TN-MS-AR unemployment rate is 110 bps above the national rate which is a negative sign.
- Unemployment in the market is 30 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in October versus prior month by 8% 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 stayed flat. Key sectors include:
- Transportation & Utilities: 189,700; -1,200
- Business Services: 99,900; +900
- Education & Healthcare: 97,500; +800
- Government: 84,200; +900
- Restaurants & Hotels: 66,100; -1,500
- Manufacturing: 44,300; +100
- Financial Services: 28,900; -300
- Other Jobs: 27,900; +100
- Construction, Mining: 26,200; +100
Employment Change by Key Sector
Data is based on the most recent 12 months available, through October 2022 (Data published December 2022 and reports created on December 2, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.