(TDLWD press release) Tennessee’s
statewide unemployment rate for March 2019 remains at the historic
low of 3.2 percent according to the latest statistics released by the
Tennessee Department of Labor and Workforce Development
March is the second consecutive month the state’s seasonally adjusted unemployment rate sits at the all-time low. When compared to March 2018, unemployment in Tennessee is down by 0.4 of a percentage point.
“The steady low unemployment rate continues to indicate a strong economy in Tennessee,” said TDLWD Commissioner Jeff McCord. “It’s encouraging to see our state at record-setting unemployment for the past six months.”
Tennessee reached its previous record low unemployment rate of 3.3 percent in October 2018, and it remained at that level for four consecutive months. The state began tracking unemployment rates in 1976.
Nationally, unemployment also remains unchanged. The March seasonally adjusted rate for the United States is once again 3.8 percent. That is a 0.2 of a percentage point lower than the rate in March 2018.
Total nonfarm employment across Tennessee is down 3,000 jobs when compared to February.
Tennessee did experience an increase in the mining/logging/construction sector in March which gained 1,500 jobs. The financial activities sector also added 800 jobs.
The trade/transportation/utilities sector had a loss of 2,600 positions for the month, while the manufacturing sector experienced a decrease of 1,200 jobs.
Over the last 12 months, Tennessee has seen an overall gain of 47,800 new nonfarm jobs across the state.
The statewide and national unemployment rates are seasonally adjusted to eliminate the influences of weather, holidays, the opening and closing of schools, and other recurring seasonal events from an economic time series.
A complete analysis of the March 2019 unemployment rate for the state of Tennessee can be found here.