Chattanooga, TN – According to the Department of Labor and Workforce Development, in May, the unemployment rate reportedly decreased by 0.1 percentage points from April to May, reaching an unprecedented 3%.
This is the lowest jobless rate recorded since the Federal Government began tracking the statistic in 1976.
This new record surpasses the previous all-time low of 3.1%, which was first achieved in April 2023 and held steady for three consecutive months.
In April 2024, the rate again dipped to 3.1%, showcasing a continued trend of low unemployment.
In addition to the record-setting low unemployment rate, Tennessee also experienced continued job growth. Between April and May, employers across the state created 3,300 new nonfarm jobs.
The accommodation and food services sector contributed the most to this job growth, followed by the professional, scientific, and technical services sector, and the healthcare and social assistance sector.
This achievement reflects the ongoing strength and resilience of Tennessee’s economy, providing optimism for continued economic stability and growth.