Tennessee Unemployment Falls (employment, wages, business)

[DonCorleone]

Saw this bit of good news in the Tennessean and thought I'd share:

Tennessee's statewide unemployment rate was 9.8 percent for July, down from 10 percent in June, the state Department of Labor and Workforce Development reported today.

It was the first time the monthly rate had dropped below 10 percent since it stood at 9.6 percent in February 2009, according to the labor department. The rate had been as low as 5.6 percent as recently as January 2008, just before the recession began.


The July rate was 1.1 points below the same month last year. Unemployment in Tennessee hit its peak of 10.9 percent in June 2009, and held at that point through August 2009, after which it dropped to 10.7 percent and held there through February, dropping to 10.6 percent in March.


It has been declining since then -- dropping to 10.5 percent in April and 10.4 percent in May.

The national unemployment rate for July was 9.5 percent, unchanged from June.

Source: State unemployment rate drops under 10 percent in July | tennessean.com | The Tennessean

[2mares]

This dosent necessarily mean more people are working. It could be that employment benefits have been exhausted. But it does seem people are going back to work even if wages have decreased. Both my sons have finially gone back to full time "real" jobs as opposed to day labor and pick up jobs.

[dustbunnies]

I hope this trend continues and that it does mean there are more people working

[DonCorleone]

Yeah, it's definitely not a sign that all our problems are over, but it certainly helps some. And, of course, it doesn't address the issue of underemployment...but still for those who found jobs last quarter, I'm sure it feels better to at least be drawing a check.

Hope we get back to under 5% unemployment in the next year or two.

[hiknapster]

And that is an average. County to county, it runs the gamut. In June, Knox County had a rate of 7.8, with Lincoln County at 6.8 and Williamson at 7.5. However, Scott County's unemployment rate, at the same time, was 20.9.