Tennessee unemployment rate at lowest in recorded history
Rights Reserved-Hillsboro Globe; Associated Press Sasha Conaster
Governor Address NCoC 2/7/17
July 20, 2017
NASHVILLE, Tenn. (AP) — Gov. Bill Haslam says Tennessee’s unemployment rate for June was the lowest in recorded state history. Indeed, it has not only been a year for the lowest rate in unemployment for adults, teens were given and have taken advantage of Nashville Mayor Barry’s initiative, Opportunity Now which has employed over 2,000 high school teens for the summer.
Opportunity NOW is a youth employment initiative spearheaded by the office of Nashville’s Mayor, Megan Barry, to create a more comprehensive out-of-school network, while improving the overall climate for hiring young people.
At a news conference Thursday, Haslam said the 3.6 percent figure is best the state has performed since at least 1976, when the statistic started being recorded.
“What’s truly exciting about today’s news is that this is a statewide story,” Haslam said. “Today more than ever, businesses have a choice of where to grow or expand, and because of the policies this administration has put in place working with the General Assembly, we’re seeing the job growth that comes when businesses choose Tennessee.”
June’s preliminary seasonally adjusted rate surpasses the previous low mark of 3.7 percent in March 2000. The last time Tennessee registered below 4 percent was February 2001.
Haslam’s office says the improvement occurred as the national preliminary rate increased by one-tenth of a percentage point to 4.4 percent over the same month.
“When a state’s rate declines during a national uptick in unemployment, that’s something to note,” Phillips said. “Just seven years ago more than 10 percent of Tennesseans were out of work. One of Governor Haslam’s top priorities has been to make Tennessee the best state in the southeast for high quality jobs. All indications point to that priority becoming a reality.”
Tennessee’s June unemployment shift is largely due to a drop in the unemployment rate for the seasonally adjusted labor force.
Haslam pointed to Tennessee’s low taxes, business environment, high quality of life and workforce preparation.
This month’s unemployment shift is largely due to declines in the seasonally adjusted labor force. Over the past year, Tennessee has led the decrease in seasonally adjusted unemployment rates, declining from 4.7 percent to the current 3.6 percent, while the national rate declined half a percentage point from 4.9 percent to 4.4 percent.
Between May and June, the total nonfarm employment has increased by 5,900 jobs. The largest industry increases occurred in leisure/hospitality, trade/transportation/utilities, and mining/logging/construction.
Nonfarm employment has increased by 59,300 jobs within a 12-month span. Industry increases were greatest in professional/business services, trade/transportation/utilities, and leisure/hospitality industries.
The Economic Analysis and Labor Force Estimates are prepared by the Employment Security division’s labor market information specialists. The division reports metrics and contextual information as it relates to employment, income, and population in Tennessee. Labor force topics are narrated in monthly newsletters and additional resources are available on Jobs4TN.gov.
Opportunity NOW provides young people with real chances to learn skills that stimulate the next generation of growth in our economy – benefitting our youth, our businesses, and our city. Find out more here: Opportunity Now.
