Overall unemployment rate moved up to 2.7% with the biggest shift in Government, which lost 3,400 roles, based on the most recently available information published in March 2023.
Total employment in the Nashville-Davidson--Murfreesboro--Franklin, TN market rose by 8,501 jobs in January and the unemployment rate increased compared to the prior month by 40 bps to 2.7%. The national unemployment rate increased by 60 bps over the same time to 3.9%.
- Nashville-Davidson--Murfreesboro--Franklin, TN unemployment rate is 116 bps below the national rate which is a positive 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 January versus prior month by 2.1% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -1.1%. Key sectors include:
- Transportation & Utilities: 228,700; -2,900
- Business Services: 198,900; -600
- Education & Healthcare: 167,000; -1,500
- Restaurants & Hotels: 125,700; -1,000
- Government: 122,800; -3,400
- Manufacturing: 86,300; -200
- Financial Services: 76,100; -800
- Construction, Mining: 58,900; -1,000
- Other Jobs: 46,200; -800
- IT & Development: 32,300; -400
Data is based on the most recent 12 months available, through January 2023 (Data published March 2023 and reports created on March 17, 2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.