Rate Drops 0.2 Percentage Point From September
Nashville, TN – Tennessee Commissioner of Labor & Workforce Development Karla Davis announced today 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.
