August UNEMPLOYMENT RATE 6.6 PERCENT
Rate down 0.2 percenTage pointS from july
NASHVILLE – Tennessee Commissioner of Labor & Workforce Development James Neeley announced today Tennessee’s unemployment rate for August was 6.6 percent, down 0.2 percentage points from the revised July rate of 6.8. The August rate a year ago was 4.7 percent. The national unemployment rate for August 2008 was 6.1 percent, up from the July rate of 5.7 percent.
“Tennessee’s unemployment rate of 6.6 percent, a 0.2 percentage points decline from July, is the result of modest gains in employment during the month,” said Commissioner Neeley. “Employment during August saw a growth of 0.1 percent, representing 3,200 employed persons.”
The business survey shows July-to-August gains in local government educational services, increasing by 10,400; trade, transportation and utilities added 2,600 jobs; manufacturing increased by 2,500, as did professional and business services. Seasonal declines included leisure and hospitality, losing 2,700 jobs; other services were down 1,100; and building material and garden supply stores decreased by 500.
From July 2007 to July 2008, educational and health services continued to create a significant number of new jobs, adding 6,700. Local government educational services increased by 2,900; and general merchandise stores was up by 1,700. Over-the-year losses totaling 19,100 were evenly split between goods-producing and service-providing employment. Good-producing losses were concentrated in manufacturing, down by 9,500. Declines in service-providing industries occurred in professional and business services, down 7,400; leisure and hospitality lost 6,900; and financial activities decreased by 2,300.
# # #