State Unemployment Rate Drops To All-Time Low

NASHVILLE – Tennessee’s seasonally adjusted unemployment rate made its way into record territory in April, matching the all-time low rate of 3.1%, according to new data from the Department of Labor and Workforce Development (TDLWD).

The state first set the record in April 2023, and for three consecutive months that year, the jobless number held steady at 3.1%.

Employers were hiring in April and grew the state’s workforce by 5,100 nonfarm jobs for the month. The Trade, Transportation, and Utilities sector accounted for the largest increase of new jobs. The Education and Health Services sector saw the next largest increase, followed by the Leisure and Hospitality sector.

Tennessee employers created a large number of new nonfarm jobs over the last 12 months. Of the 15,800 created jobs during the year, the Education and Health Services sector was responsible for much of that job growth. The Leisure and Hospitality sector saw the second-largest increase in employment, followed by the Trade, Transportation, and Utilities sector.

TDLWD has prepared a complete analysis of the April unemployment data, which is available here.

The nation’s seasonally adjusted unemployment rate had an uptick in April to 3.9%, which was an increase of 0.1 of a percentage point. In a year-to-year comparison, unemployment across the U.S. was up by half a percentage point.

With the school year winding down, the state encourages young people between the ages of 14 and 24 to take advantage of YEP, Tennessee’s Youth Employment Program. The state-funded initiative can open the door to meaningful work exploration and paychecks totaling $4,000. Young Tennesseans can work during the summer or into the fall as part of this year-round program. Details about YEP and how to join are available at YEPTN.com.

The state of Tennessee will release county-by-county unemployment data on Thursday, May 23, 2024, at 1:30 p.m. CDT.