Tennessee sees slight uptick in October unemployment rate

Tennessee continues to experience low unemployment, despite a slight uptick in October’s monthly rate, according to the Department of Labor and Workforce Development.

The seasonally adjusted number for the month increased by just 0.1 of a percentage point to 3.5%. The state has had unemployment rates at or below 3.5% since January 2022.
 
In a year-to-year comparison, the statewide unemployment rate is down 0.2 of a percentage point from 3.7% to 3.5%.
 
Tennessee employers continue to create new jobs. In October, businesses reported 5,800 new nonfarm jobs across the state. The largest increases came in the accommodation and food services sector, the construction sector, and the professional, scientific, and technical services sector.
 
Between October 2021 and October 2022, Tennessee employers added 123,200 jobs in every corner of the state. The leisure and hospitality sector accounted for the largest number of new jobs during the year. The trade, transportation, and utilities sector, followed by the education and health services sector, had the next largest increase of new jobs.
 
You can find a complete analysis of Tennessee’s October 2022 unemployment data here.