Overall unemployment rate moved down to 2.5% with the biggest shift in Restaurants & Hotels, which gained 3,400 roles, based on the most recently available information published in May 2023.
Total employment in the Nashville-Davidson--Murfreesboro--Franklin, TN market rose by 8,312 jobs in March and the unemployment rate decreased compared to the prior month by 30 bps to 2.5%. The national unemployment rate decreased by 27 bps over the same time to 3.6%.
- Nashville-Davidson--Murfreesboro--Franklin, TN unemployment rate is 112 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 March versus prior month by 3.6% and are down compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.5% . Key sectors include:
- Transportation & Utilities: 226,100; -900
- Business Services: 202,600; +1,000
- Education & Healthcare: 169,500; +1,100
- Restaurants & Hotels: 128,000; +3,400
- Government: 125,400; +200
- Manufacturing: 88,200; +800
- Financial Services: 75,200; -500
- Construction, Mining: 59,400; +200
- Other Jobs: 46,900; +200
- IT & Development: 32,700; no change
Data is based on the most recent 12 months available, through March 2023 (Data published May 2023 and reports created on May 9,2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.