Tennessee unemployment drops to 3.3% for February 2024

After a slight increase at the start of 2024, Tennessee’s unemployment rate dropped to near record-low levels in February. 

Department of Labor and Workforce Development (TDLWD) data showed the new seasonally adjusted statewide rate for the month at 3.3%, a decrease of 0.2 of a percentage point from January’s revised rate.

The state’s all-time low seasonally adjusted unemployment rate is 3.1%, which was recorded during April, May, and June in 2023.

The latest jobless number for February mirrors the state’s statistic from the same month last year.

Total nonfarm employment in Tennessee increased by 10,100 jobs between January and February. The education and health services sector saw the biggest gain during the month. The professional and business services sector added the next largest number of jobs, followed by the government sector.

When looking back over the year, Tennessee employers added 6,700 new nonfarm jobs to their payrolls. The education and health services sector led the year-to-year job growth, followed by the other services sector and then the leisure and hospitality sector.

Nationally, seasonally adjusted unemployment increased in February to 3.9%, which is a 0.2 of a percentage point jump from January’s rate of 3.7%. One year ago, the national jobless rate was 3.6%.

A complete analysis of the February 2024 unemployment data for Tennessee is available here.