Tennessee’s May unemployment rate dropped to a historic low level and set a record. The rate decreased by 0.1 of a percentage point between April and May to 3% and made history by besting any jobless number since the Federal Government began tracking the statistic in 1976. The record-setting low unemployment was coupled with continued job growth across the state with Tennessee employers created 3,300 new nonfarm jobs between April and May.
In a year-to-year comparison, employers in the Volunteer State added 8,000 nonfarm positions to their payrolls during the last 12 months. The education and health services sector saw the biggest increase during the year, followed by the leisure and hospitality sector, and then the trade, transportation, and utilities sector.
Nationally, the seasonally adjusted jobless number inched up by 0.1 of a percentage point from 3.9% in April to 4% in May.