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Business News Displaying items by tag: unemployment rate
Business News Displaying items by tag: unemployment rate
Displaying items by tag: unemployment rate
State Unemployment Rate Drops for Eighth Consecutive Month
NASHVILLE – Tennessee Commissioner of Labor & Workforce Development Karla Davis announced today Tennessee’s unemployment rate for March fell to 7.9 percent, down from the February revised rate of 8.0 percent. The national unemployment rate for March 2012 was 8.2 percent, 0.1% percentage point lower than the February rate.
"Tennessee’s unemployment is the lowest since November 2008,” Commissioner Davis said. “The decline is attributed to losses in both employment and unemployment, but the number of unemployed declined at a faster rate, resulting in the net decrease in the state rate.”
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Seasonally Adjusted Labor Force Estimates - Household Survey
|
|||||
|
Mar 2011
|
Revised
Feb 2012
|
Preliminary
March 2012
|
Change from March 2011 to March 2012
|
Change from Feb. 2012
to March 2012
|
|
|
Civilian Labor Force
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3,134,300
|
3,123,400
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3,109,400
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(24,900) -0.8%
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(14,000) -0.4%
|
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Employment
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2,838,800
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2,872,600
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2,865,000
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26,200 0.9%
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(7,600) -0.3%
|
|
Unemployment
|
295,500
|
250,800
|
244,500
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(51,000) -17.3%
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(6,300) -2.5%
|
|
Unemployment Rate
|
9.4%
|
8.0%
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7.9%
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-1.5 percentage points
|
-0.1 percentage point
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Tennessee’s state unemployment rate is derived from the following three sources of information: the Business Survey, the Household Survey, and unemployment claim information. Tennessee’s Household Survey is conducted by the Census Bureau and also contributes toward the national unemployment rate.
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Seasonally Adjusted Nonfarm Employment – Business Survey
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|||||
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(Numbers in thousands)
|
Mar 2011
|
Revised
Feb 2012
|
Preliminary
March 2012
|
Change from March 2011 to March 2012
|
Change from Feb. 2012 to March 2012
|
|
Total Nonfarm
|
2,647.3
|
2,693.0
|
2,691.3
|
44.0
|
-1.7
|
|
Mining/logging/construction
|
106.8
|
115.2
|
114.9
|
8.1
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-0.3
|
|
Manufacturing
|
303.2
|
307.9
|
309.3
|
6.1
|
1.4
|
|
Trade/transportation/utilities
|
559.6
|
558.1
|
557.1
|
-2.5
|
-1.0
|
|
Information
|
44.2
|
44.7
|
44.2
|
0.0
|
-0.5
|
|
Financial activities
|
135.3
|
135.7
|
135.7
|
0.4
|
0.0
|
|
Professional/business services
|
317.8
|
332.5
|
328.5
|
10.7
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-4.0
|
|
Education/health services
|
382.2
|
389.2
|
388.4
|
6.2
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-0.8
|
|
Leisure/hospitality
|
265.3
|
267.7
|
270.0
|
4.7
|
2.3
|
|
Other services
|
101.6
|
101.6
|
101.8
|
0.2
|
0.2
|
|
Government
|
431.3
|
440.4
|
441.4
|
10.1
|
1.0
|
Published in
Business News
State Unemployment Rate Drops for Seventh Consecutive Month
NASHVILLE – Tennessee Commissioner of Labor & Workforce Development Karla Davis announced today Tennessee’s unemployment rate for February fell to 8.0 percent, down from the January revised rate of 8.2 percent. The national unemployment rate for February 2012 was 8.3 percent, unchanged from the January rate.
“The state experienced a net increase of approximately 4,800 jobs in February,” Commissioner Davis said. “While it is a small change in the job picture, Tennessee’s unemployment rate is the lowest since November 2008.”
UT Economist Bill Fox added, “The business survey data shows strong year-over-year growth with an increase of more than 50,000 jobs. The monthly data also show reasonable increases in healthcare, durable manufacturing, and temporary employment agencies.”
|
Seasonally Adjusted Nonfarm Employment
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|||||
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(numbers in thousands)
|
Feb 2011
|
Jan 2012
|
Feb 2012
|
Annual Change
Feb 2011 to 2012 |
Monthly Change
Jan 2012 to Feb 2012 |
|
Total Nonfarm
|
2,642.1
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2,687.4
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2,692.2
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50.1
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4.8
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Mining/logging/construction
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106.0
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115.8
|
114.4
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8.4
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-1.4
|
|
Manufacturing
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303.0
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307.2
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307.7
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4.7
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0.5
|
|
Trade/transportation/utilities
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558.4
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558.3
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558.8
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0.4
|
0.5
|
|
Information
|
44.1
|
44.6
|
44.8
|
0.7
|
0.2
|
|
Financial activities
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135.4
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136.5
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136.0
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0.6
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-0.5
|
|
Professional/business services
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315.4
|
331.10
|
332.2
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16.8
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1.2
|
|
Education/health services
|
381.2
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387.0
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389.3
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8.1
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2.3
|
|
Leisure/hospitality
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265.1
|
266.9
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267.4
|
2.3
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0.5
|
|
Other services
|
101.8
|
102.0
|
101.6
|
-0.2
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-0.4
|
|
Government
|
431.7
|
438.1
|
440.0
|
8.3
|
1.9
|
The state unemployment rate is seasonally adjusted while the county unemployment rates are not. Seasonal adjustment is a statistical technique that eliminates the influences of weather, holidays, the opening and closing of schools, and other recurring seasonal events from economic time series. This permits easier observation and analysis of cyclical, trend, and other nonseasonal movements in the data. By eliminating seasonal fluctuations, the series becomes smoother and the data are easier to compare from month to month.
Published in
Business News
Rate Drops 0.4 Percentage Point from October
NASHVILLE – Tennessee Commissioner of Labor & Workforce Development Karla Davis announced Tennessee’s unemployment rate for November fell to 9.1 percent, down from the October revised rate of 9.5. The national unemployment rate for November 2011 was 8.6 percent, a decrease of 0.4 percentage point from the October rate.
“This is the lowest unemployment rate Tennessee has experienced since January of 2009 at 9.0 percent,” Commissioner Davis said. “After seasonal adjustments were made, nearly 10,000 jobs were created since October with positive job growth in the service sector such as retail trade and temporary jobs.”
The state’s unemployment rate is seasonally adjusted to account for the hiring and layoff patterns that accompany regular events such as the winter holiday season and the summer vacation season. The nonagricultural figures (below) are unadjusted estimates.
Major Changes in Estimated Nonagricultural Employment
October 2011 to November 2011
From October to November, trade/transportation/utilities increased 9,200, of which 8,900 was in retail trade; and professional and business services was up by 7,100, and government increased by1,500 jobs. From October to November, arts, entertainment, and recreation decreased by 1,800 jobs; wholesale trade was down 1,400; and durable goods manufacturing declined by 400 jobs.
Major Changes in Estimated Nonagricultural Employment
November 2010 to November 2011
Year-over-year increases took place in local government education services services, up 12,300 jobs; professional and business services was up 9,000; and manufacturing increased by 5,400. Employment decreases took place in retail trade, which was down by 4,700 jobs; merchant wholesalers of nondurable goods were down 1,600; and hospitals declined by 1,400 jobs.
Published in
Business News
Rate Drops 0.2 Percentage Point from September
NASHVILLE – Tennessee Commissioner of Labor & Workforce Development Karla Davis announced Tennessee’s unemployment rate for October fell to 9.6 percent, down from the September revised rate of 9.8. The national unemployment rate for October 2011 was 9.0 percent, a decrease of 0.1 percentage point from the September revised rate.
“The drop in the unemployment rate from September to October is attributable to an increase in employment and fewer people looking for jobs,” Commissioner Davis said. “Education and health services were two of the sectors fueling the monthly increase in employment.”
University of Tennessee Economist Bill Fox states Tennessee has done a better job than the nation in creating employment opportunities. “Over the year, Tennessee’s jobless rate is slightly higher than it was a year ago and is still above the U.S. rate, but the state’s rate of employment growth at 1.7 percent has outpaced the nation’s. Durable goods manufacturing such as transportation equipment, machinery and metals contribute toward that positive growth.”
Major Changes in Estimated Nonagricultural Employment
September 2011 to October 2011
Month-to-month increases occurred in local government education services, up 7,500 jobs; educational and health services was up 4,100; and trade, transportation, and utilities increased by 2,600. From September to October, leisure and hospitality decreased by 2,000; mining, logging, and construction was down 1,000; and financial activities declined by 800 jobs.
Major Changes in Estimated Nonagricultural Employment
October 2010 to October 2011
Year-over-year increases took place in local government education services services, up 11,500 jobs; educational and health services was up 7,000; and durable goods manufacturing increased by 4,800. Employment decreases took place in retail trade, which decreased by 6,800; information was down 1,100; and nonmetallic mineral products declined by 1,000.
Published in
Business News
County non-seasonally adjusted unemployment rates for July 2011, show that the rate decreased in 90 counties, including Rutherford County that saw a 0.6 percent drop.
Tennessee’s unemployment rate for July was 9.8 percent, unchanged from the June revised rate. The national unemployment rate for July 2011 was 9.1 percent, down from the June revised rate of 9.2 percent.
County registered the state's lowest county unemployment rate at 6.2 percent, down from the June rate of 6.7 percent, followed by Williamson County at 6.7 percent, down from 7.2 percent. Scott County had the state’s highest unemployment rate at 19.8 percent, down from 20.8 percent in the previous month, followed by Pickett County at 14.8 percent, down from 15.0 percent in June.
Rutherford County had 129,960 employed out of a total work force of 142,000, leaving 12,040 unemployed.
County had the state’s lowest major metropolitan rate of 7.5 percent, down from 8.0 percent in June. Hamilton County was 8.4 percent, down from 9.2 percent the previous month. Davidson County was 8.5 percent, down from 9.1 percent in June, and Shelby County was 10.6 percent, down from the June unemployment rate of 11.1 percent.
Published in
Business News
