August Unemployment Rate 8.5 Percent

STATE UNEMPLOYMENT RATE INCREASES ONE-TENTH OF A PERCENTAGE POINT

 
NASHVILLE – Tennessee Commissioner of Labor & Workforce Development Karla Davis announced today Tennessee’s unemployment rate for August increased to 8.5 percent, up from the July revised rate of 8.4 percent. The national unemployment rate for August 2012 was 8.1 percent, 0.2 percentage point lower than the July rate.

Economic Summary:

• Tennessee’s labor force, employment, unemployment and unemployment rate are essentially unchanged from the previous month
• This is the fourth consecutive month the unemployment rate has increased
• Total nonfarm employment decreased 5,100 jobs from July to August.  There were declines in local government, durable goods manufacturing, and trade/transportation/utilities
• There were increases in mining/logging/construction, accommodation/food services, and professional/business services
• Over the year, nonfarm employment increased 24,600 jobs, with increases in manufacturing, healthcare/social assistance, and government

Over the year, there were decreases in wholesale trade, information, financial activities, and educational services.