Unemployment rate steady at 3.3% in May

(TDLWD) Tennessee’s statewide unemployment rate held steady at 3.3% in May, according to newly released data from the Department of Labor and Workforce Development (TDLWD). That number is unchanged from the state’s unemployment rate in April.
While the seasonally adjusted unemployment rate did not change in the month-to-month comparison, it was just 0.1 of a percentage point higher than the May 2022 rate of 3.2%, which is the state’s all-time lowest jobless number.
The latest statistics show Tennessee employers added 2,700 jobs between April and May. The largest increases occurred in the health care and social assistance sector. The next largest increase was in the arts, entertainment, and recreation sector, followed by the local government sector.
When comparing May 2022 to May 2023, nonfarm employment across the state increased by 75,000 jobs. The education and health services sector created the most jobs during that time. The leisure and hospitality sector created the second-largest number of jobs, followed by the government sector.
Seasonally adjusted unemployment increased nationally in May to 3.7%, up 0.3 of a percentage point from the previous month’s rate. In the year-to-year comparison, the United States unemployment rate is up 0.1 of a percentage point from the May 2022 statistic.

TDLWD produces a complete analysis of the state’s unemployment data, including labor force estimates, which are available here.

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