(TDLWD press release) Tennessee employers added nearly 25,000 new jobs between September and October. Even with the creation of new jobs, the state’s unemployment rate inched upward for the first time in three months.
The preliminary, seasonally adjusted, statewide unemployment rate for October 2020 is 7.4%, an increase of 0.9 of a percentage point from September’s revised rate of 6.5%.
One year ago, the unemployment rate in Tennessee was 3.3%.
The number of jobs increased by 24,600 during the month as Tennessee businesses rebound from COVID-19 business closures in the spring. Employers in the professional/business services sector created the most jobs during the month. The leisure/hospitality and manufacturing sectors experienced the next largest increases in employment.
While employment increased month-to-month, the year-to-year comparison showed a decrease of 108,800 jobs across the state. The largest decreases occurred in the leisure/hospitality sector, along with the manufacturing and government sectors.
A complete analysis of the October 2020 employment data, along with specific occupation data, is available here.
Nationally, unemployment decreased from September’s revised rate of 7.9% to 6.9% in October. The U.S. rate is 3.3 percentage points higher than it was in October 2019.