Tennessee Labor & Workforce Development Commissioner Burns Phillips has announced Tennessee’s preliminary unemployment rate for January is 7.2 percent, which is five tenths of one percentage point lower than the December revised rate. The national unemployment rate for January 2014 was 6.6 percent, down one tenth of one percentage point from December. Economic Summary:
• Over the past year, Tennessee’s unemployment rate declined from 8.1 to 7.2 percent, while the national rate declined from 7.9 to 6.6 percent.
• Unemployment (218,900) is the lowest since September 2008 and is 15,900 lower than last month.
• Total nonfarm employment decreased 2,100 jobs from December to January. The largest decreases occurred in manufacturing, administrative/support/waste services, retail trade, and government.
• Over the year, nonfarm employment increased 37,800 jobs. The largest increases occurred in professional/business services, leisure/hospitality, and trade/transportation/utilities.