Overall unemployment rate moved up to 2.8% with the biggest shift in Business Services, which gained 2,800 roles, based on the most recently available information published in April 2023.
Total employment in the Nashville-Davidson--Murfreesboro--Franklin, TN market rose by 8,624 jobs in February and the unemployment rate increased compared to the prior month by 10 bps to 2.8%. The national unemployment rate increased by 3 bps over the same time to 3.9%.
- Nashville-Davidson--Murfreesboro--Franklin, TN unemployment rate is 109 bps below the national rate which is a positive sign.
- Unemployment in the market is 10 bps above the unemployment rate in the market last year at this time, which is a negative.
- Average wages (per hour) grew in February versus prior month by 6.9% 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 0.7% . Key sectors include:
- Transportation & Utilities: 226,800; -1,500
- Business Services: 201,000; +2,800
- Education & Healthcare: 168,000; +1,900
- Government: 125,300; +2,100
- Restaurants & Hotels: 125,100; +800
- Manufacturing: 87,200; +900
- Financial Services: 75,600; no change
- Construction, Mining: 59,000; +400
- Other Jobs: 47,000; +800
- IT & Development: 32,500; +200
Employment Change by Key Sector
Data is based on the most recent 12 months available, through February 2023 (Data published April 2023 and reports created on April 10, 2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.