March Unemployment Rate 5.9 Percent
NASHVILLE - Tennessee’s unemployment rate for the month of March is 5.9 percent, the same as the seasonally adjusted February state rate of 5.9 percent, Commissioner of Labor & Workforce Development James Neeley announced today. The national unemployment rate for March is 5.2 percent, down from 5.4 percent in February.
“Employment figures can be analyzed in many ways, but the better indicator of employment is reflected in the business survey that shows about one percent growth, more than 27,000 jobs, from March 2004,” said Commissioner Neeley. “We must continue to focus on creating and retaining jobs in our state.”
The February-to-March figures show increases in trade, transportation and utilities jobs, up by 4,400. Leisure and hospitality jobs increased 3,400. Construction jobs rose by 2,600. Month-to-month seasonal decreases took place in financial activity jobs, down 200. Professional, scientific and technical service jobs dropped by 200, and information employment declined by 200.
From March 2004 to March 2005, professional/business services jobs increased by 8,200. Jobs in trade, transportation, and utilities increased by 6,600. Jobs in health care and social assistance rose by 6,200. Decreases took place in nondurable goods manufacturing down 1,900. Accommodation jobs lost 1,700 and information jobs decreased 1,500.
ATTENTION: March 2005 County and MSA rates will be released at 1:30 p.m. on Thursday, April 21, 2005.
NOTE: Tennessee’s employment and unemployment statistics are based on two major surveys. The Current Population Survey (CPS) is a survey by place of residence, providing estimates on the number of people in the labor force, total employment, unemployment, and the unemployment rate. Beginning in January 1992, the CPS data are seasonally adjusted for all states as directed by the Bureau of Labor Statistics. The business survey collects data by place of work and creates information about jobs in various industries. The business survey data are non-seasonally adjusted at this time. Information will be available on the Internet: enter www.tennessee.gov/labor-wfd.