TN unemployment rate 5.8% — lowest since 2008

NASHVILLE – Tennessee Labor & Workforce Development Commissioner Burns Phillips announced today the Tennessee preliminary unemployment rate for May was 5.8 percent, two-tenths of one percentage point lower than the April revised rate of 6.0 percent. The U.S. preliminary rate for May was 5.5 percent, one-tenth of one percentage point higher than the prior month.

Economic Summary

· Over the past year, Tennessee’s unemployment rate decreased from 6.5 percent to 5.8 percent while the national rate declined from 6.3 percent to 5.5 percent.

· The number of unemployed persons is the lowest since March 2008.

· Total nonfarm employment increased 10,000 jobs from April to May. The largest increases occurred in leisure/hospitality, education/health services, & trade/transportation/utilities.

· Over the year, nonfarm employment increased 53,800 jobs. The largest increases occurred in trade/transportation/utilities, leisure/hospitality, and education/health services.