Tennessee’s Statewide Unemployment Rate Inches Even Lower

Tennessee’s employment situation improved again in October as the statewide jobless rate dropped for the fifth consecutive month.  The state’s seasonally adjusted unemployment rate came in at 4.2% for the month. October’s rate is 0.2 of a percentage point lower than the previous month’s rate. Looking back one year, Tennessee’s unemployment rate was 7.8%, which is 3.6 percentage points higher than the current rate.  This is the lowest unemployment has been in the state since March 2020, which was the last month before COVID-19 business closures impacted Tennessee’s economy. Then, the rate was 4%, just 0.2 of a percentage point lower than the state’s latest statistic.