Unemployment Rate Down to 4.8 Percent
NASHVILLE - Tennessee's unemployment rate continues to decline slightly, registering 4.8 percent for May, down from 4.9 percent in April, Commissioner of Labor & Workforce Development James Neeley announced today. The national rate is 5.6 percent for May, the same as it was in April.
"We're seeing normal seasonal patterns in the May figures as businesses get ready for summer," said Neeley. "Construction added 2,400 jobs over the month, and food services/drinking places increased by 2,500. State government educational services declined by 2,800 as schools began closing for the summer."
Neeley noted that the slight increase in durable goods manufacturing
over the year continues, as that sector added 700 jobs from May 2003 to
May 2004. Other yearly gains were in trade/transportation/utilities, up
7,100; educational/health services, up 6,600; and leisure/hospitality,
up 5,900. Decreases from May 2003 to May 2004 were in state government,
down 1,000; nondurable goods manufacturing, down 800; and electrical equipment/appliances
manufacturing, down 800.
* ATTENTION: May 2004 county and MSA rates will be released at 1:30 p.m. on Thursday, June 24, 2004.
NOTE: Information will be available on the Internet; enter "http://www.state.tn.us/labor-wfd/.