January 25, 2022
Summary
Tennessee added 14,500 net payroll jobs and the unemployment rate fell by 0.2 percentage point to 3.8 percent in December, according to Bureau of Labor Statistics (BLS) data released at 10:00am on January 25, 2022.
Over the past twelve months, Tennessee added 96,400 payroll jobs and the unemployment rate fell by 1.8 percentage points from 5.6 percent.
In December, Tennessee’s private sector added 14,400 net private payroll jobs and over the past twelve months it added 91,000 private payroll jobs in the establishment survey.
In the household survey, the number of unemployed fell by 6,214 on net in December, and over the past year employment rose by 62,941.
Tennessee’s labor force participation rate rose to 60.1 percent in December from 60 percent. Since last year, the labor force participation rate fell by 0.5 percentage point.
The national unemployment rate fell by 0.3 percentage point in December to 3.9 percent. State employment and unemployment data for January is scheduled for release March 14, 2022. The national employment situation report for January will be released February 04, 2022.
Tennessee Payroll Employment
Tennessee added 14,500 net payroll jobs, or 0.5 percent, on a seasonally adjusted basis during December. In the prior month, Tennessee added 8,400 jobs. Over the past twelve months, Tennessee added 96,400 payroll jobs, or 3.2 percent. Tennessee nonfarm payroll employment had increased in 9 of the past 12 months.
Nationally, nonfarm payrolls rose by 199,000 in December, or rose by 0.1 percent. Over the 12-month period ending with December, nonfarm payrolls rose by 6,448,000 jobs, or 4.5 percent. Tennessee is tied for 28th among the 50 states and the District of Columbia for percentage gain in nonfarm payroll employment over the past 12 months.
During December, Tennessee’s private-sector added 14,400 jobs, or approximately 0.5 percent. The private-sector in Tennessee added 9,900 jobs in the prior month. Over the past twelve months, private-sector payrolls in Tennessee added 91,000, or 3.5 percent. Tennessee private-sector payroll employment has increased in 11 of the past 12 months.
Nationally, private-sector payroll jobs rose by 211,000 jobs in December, or 0.2 percent. Over the past 12 months, the national payroll rose by 5,996,000 jobs in the private sector, or 5 percent. Tennessee is tied for 28th among the 50 states and the District of Columbia for a percentage gain in private-sector payroll employment over the past 12 months.
The best performing sectors on a seasonally adjusted basis during December were Leisure and Hospitality (4,200) and Trade, Transportation, and Utilities (3,800). The poorest performing sectors during the month were Mining and Logging (0) and Construction (-400).
The best performing sectors during the last twelve months were Leisure and Hospitality (32,500) and Professional and Business Services (18,300). The poorest performing sectors during the last twelve months were Mining and Logging (100) and Education and Health Services (-2,000).
Tennessee Labor Force Statistics
Labor Force Participation
The labor force participation rate in Tennessee rose to 60.1 percent in December from 60 percent in the prior month. At a labor force participation rate of 60.1 percent, Tennessee is tied for 37th in the nation. The labor force participation rate in Tennessee fell by 0.5 percentage point from a year earlier. The labor force participation rate is the percentage of the civilian noninstitutionalized population age 16 and older who are employed or actively looking for work.
The 10-year high for the labor force participation rate in Tennessee was 62.3 percent in October 2020. The series high for the labor force participation rate in Tennessee last occurred in February 1995 when the labor force participation rate hit 67.2 percent. The 10-year low for the labor force participation rate was 58 percent in May 2020. This also represents the series low for the labor force participation rate in Tennessee.
The national labor force participation rate remained steady at 61.9 percent in December. That rate rose by 0.4 percentage point from a year earlier. The all-time high for the national labor force participation rate was 67.3 percent in April 2000. The 10-year high for the national labor force participation rate was 63.8 percent in October 2012. The recent 10-year low occurred in April 2020 at a level of 60.2 percent. The series low for the national labor force participation rate was 58.1 percent in December 1954.
Employment-to-Population Ratio
The employment-to-population ratio, or the percentage of the Tennessee civilian noninstitutionalized population 16 years and older counted as employed, in December rose to 57.7 from 57.6 percent in the prior month. At 57.7 percent, Tennessee ranks 34th among state employment-to-population ratios in the nation. The employment-to-population ratio in Tennessee rose by 0.5 percentage point from a year earlier.
The 10-year high for the employment-to-population ratio in Tennessee was 59.9 percent last occurring in July 2019. The series high for the employment-to-population ratio in Tennessee last occurred in January 1995 when the employment-to-population ratio hit 64.1 percent. The 10-year low for the employment-to-population ratio was 49.4 percent in April 2020. This also represents the series low for the employment-to-population ratio in Tennessee.
The national employment-to-population ratio rose by 0.2 percentage point over the month to 59.5 percent in December. That rate rose by 2.1 percentage points from a year earlier. The all-time high for the national employment-to-population rato was 64.7 percent in April 2000. The 10-year high for the national employment-to-population ratio was 61.2 percent in February 2020. The recent 10-year low occurred in April 2020 at a level of 51.3 percent. The series low for the employment-to-population ratio was 51.3 percent in April 2020.