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Tennessee hits record-low 3.1% unemployment rate

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(The Center Square) – Tennessee hit an all-time low of 3.1% unemployment rate in July.

The 0.1 percentage point drop from June made the seasonally adjusted rate the lowest in Tennessee since the statistic began being tracked by the federal government in 1976.

“Tennessee’s booming economy and job creation have set the standard for success nationwide,” Tennessee Gov. Bill Lee wrote about the record rate. “Now, we’re making history with record-low unemployment in the Volunteer State.”

The national unemployment average is currently 3.5%.

Between June and July, Tennessee added 7,300 jobs with the most coming from the professional and business services sector. The state’s labor force participation rate is currently a seasonally adjusted 59.4% compared to 60.0% in July 2022. The national average is 62.8%.

Over the past year, Tennessee saw 72,400 new jobs with the education and health services sector experienced the most growth. The Tennessee unemployment rate was 3.3% in July 2022.

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