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State’s jobless rate currently at its lowest since 2007

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The Tennessee Department of Labor and Workforce Development announced last Thursday that the unemployment rate in Tennessee is currently at its lowest since August 2007.

In fact, all 95 counties experienced a decline in their unemployment rate from January 2015 to January 2016.

According to the release by the Tennessee Department of Labor and Workforce Development, Tennessee’s unemployment rate declined to 4.9 percent in February, matching the nation’s unemployment rate for the month.

Over the past year, Tennessee’s unemployment rate has declined by 1.1 percentage points, from 6 percent in February 2015 to 4.9 percent in February 2016. The nation’s unemployment rate has declined by 0.6 percentage points during this time period.

The report also shows a 3.66-percent growth in Tennessee’s private sector jobs from February 2015 to February 2016, an increase of 89,200 net new private sector jobs across the state.

From January 2015 through January 2016, Tennessee had the second largest percent increase in private sector jobs in the nation (3.84 percent), and the largest percent increase in the Southeast.

The U.S. Bureau of Labor Statistics will release February 2016 employment estimates for all states on Friday.

Total non-farm employment decreased 1,600 jobs from January to February. The largest decreases occurred in professional/business services, arts/entertainment/recreation and government.

Over the year, non-farm employment increased 89,300 jobs. The largest increases occurred in trade/transportation/utilities, professional/business services and education/health services.

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