Overall unemployment rate moved up to 2.7% with the biggest shift in Government, which gained 2,400 roles, based on the most recently available information published in December 2022.
Total employment in the Nashville-Davidson--Murfreesboro--Franklin, TN market declined by 1,140 jobs in October and the unemployment rate increased compared to the prior month by 30 bps to 2.7%. The national unemployment rate increased by 8 bps over the same time to 3.4%.
- Nashville-Davidson--Murfreesboro--Franklin, TN unemployment rate is 70 bps below the national rate which is a positive sign.
- Unemployment in the market is 10 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 5.2% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 1.0% . Key sectors include:
- Transportation & Utilities: 221,100; +2,200
- Business Services: 198,100; +2,300
- Education & Healthcare: 172,000; +2,000
- Restaurants & Hotels: 130,900; +2,200
- Government: 126,900; +2,400
- Manufacturing: 85,100; +800
- Financial Services: 76,000; -600
- Construction, Mining: 58,600; +400
- Other Jobs: 45,200; no change
- IT & Development: 27,600; +100
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.