The seasonally adjusted unemployment rate for June was 3.5 percent, which was unchanged from May. In a year-to-year comparison, the June rate is 0.1 percent lower than it was in 2017.
Throughout the last 14 months, Tennessee has continued to experience historically low unemployment. Since May 2017, the statewide unemployment rate was at or below 3.8 percent. April 2017 was the last time Tennessee’s rate was at 4.0 percent.
“To have an entire year with historically low unemployment is a remarkable milestone,” Haslam said. “We have made tremendous progress over the last eight years by investing in Tennesseans through workforce development initiatives, creating pathways to higher education and fostering an economic environment where businesses can thrive and grow, and I know Tennessee will to lead in job creation.”
Tennessee also experienced substantial job growth between May and June. Employers added an estimated 13,000 nonfarm jobs during the time period. The professional-business services, information, and leisure-hospitality industries experienced the highest job gains in June.
“To see that many new jobs come online in June is great for all of Tennessee,” said Phillips. “It is an indication that our workforce is prepared to meet the needs of today’s employers, and we will continue to encourage that job growth across the state.”
Nationally, the seasonally adjusted unemployment rate for June experienced a slight increase to 4.0 percent, up 0.2 of a percentage point from May’s revised unemployment rate of 3.8 percent. Even with the small uptick, June’s national rate was 0.3 of a percentage point lower than it was the previous year.
The statewide unemployment rate is 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.
Tennesseans who are searching for employment opportunities can access the latest job openings, update their resumes and sharpen their job interview skills by visiting the state’s workforce website.
The state will release the June county unemployment data Thursday.