Overall unemployment rate moved down to 4.1% with the biggest shift in Education & Healthcare, which gained 3,100 roles, based on the most recently available information published in November 2022.
Total employment in the Memphis, TN-MS-AR market declined by 30 jobs in September and the unemployment rate decreased compared to the prior month by 60 bps to 4.1%. The national unemployment rate decreased by 47 bps over the same time to 3.3%.
- Memphis, TN-MS-AR unemployment rate is 78 bps above the national rate which is a negative sign.
- Unemployment in the market is 110 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in September versus prior month by 6.2% and are down compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.7% . Key sectors include:
- Transportation & Utilities: 190,600; +1,100
- Business Services: 99,400; +1,400
- Education & Healthcare: 96,900; +3,100
- Government: 83,100; +500
- Restaurants & Hotels: 67,500; -400
- Manufacturing: 44,300; +100
- Financial Services: 29,200; -200
- Other Jobs: 27,900; -400
- Construction, Mining: 26,200; -400
- IT & Development: 5,400; no change
Data is based on the most recent 12 months available, through September 2022 (Data published November 2022 and reports created on November 2, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.