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The State’s October Unemployment Rate Near the All-Time Low Number

Tennessee’s statewide seasonally adjusted unemployment rate for October 2023 came in more than half a percentage point below the national average, according to new data from the Department of Labor and Workforce Development (TDLWD).

The state rate was 3.3% in October, 0.6 of a percentage point lower than the seasonally adjusted national unemployment rate of 3.9% for the month. Tennessee’s all-time low unemployment rate is 3.1%, last reached in August 2023.

The October rate is 0.1 of a percentage point higher than the rate from the month before but is 0.2 of a percentage point lower than the October 2022 statistic.

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In Coffee County, unemployment rate is at 3.6 percent – that is up .3 percent since August and is .3 percent higher than one year ago.

During the last 12 months, Tennessee employers added 40,100 jobs to the state’s workforce. The education and health services sector saw the most growth, followed by the government sector, and then the other services sector.

In a month-to-month comparison, the three sectors with the most reduction in workforce included the leisure and hospitality sector, the mining, logging, and construction sector, and the manufacturing sector.

The national average for seasonally adjusted unemployment in October inched up 0.1 of a percentage point when compared to September’s rate. The U.S. rate is 0.2 of a percentage point higher than it was this time last year.

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