Tennessee's unemployment rate for the month of October was revealed on Thursday to have dropped to 4.2 percent, the single-lowest monthly unemployment rate since the onset of the pandemic.
The latest unemployment figures come from a Thursday release from the Tennessee Department of Labor, in which October's rate of 4.2 percent marks a .2 percentage point drop over the previous month's rate of 4.4 percent. October's new low rate also marks the fifth consecutive month in which the unemployment rate has decreased, with some stagnation occurring in between February and May of this year.
More than 6,800 nonfarm jobs were added across the state between September and October, with the manufacturing sector experiencing the largest increase in jobs. Manufacturing was followed by the professional and business services sector, which itself was followed by the mining, logging and construction sectors.
When comparing October 2021 to October 2020, the state's unemployment rate dropped 3.6 percentage points, with 80,700 new nonfarm jobs added across the state.
While the unemployment in the state has not fully recovered to pre-pandemic levels, with March of 2020 seeing a 4 percent unemployment rate, the latest monthly unemployment rate stands as a dramatic improvement over the state's height in unemployment back in April, 2020 which saw a 15.8 percent unemployment rate.
The Tennessee Department of Labor will release county unemployment data for the month of October next week on Wednesday, Nov. 24.