Tennessee Unemployment Rates Decrease, New Hires Increase

Tennessee Unemployment Rates Decrease, New Hires Increase

Tennessee Unemployment Rates Decrease, New Hires Increase

Photo Credit: tn.gov

The Tennessee Conservative [By Jason Vaughn] –

New data shows an increase in new hires across the country, and Tennessee is seeing the effects of that as unemployment rates drop across the state.

A return to more normal business operations after the pandemic has begun to bring some respite from the economic crisis that was a result of business closures and new employee restrictions.

One of the stated goals for the recently passed $1.2 trillion federal infrastructure spending plan is to create new jobs for Tennessee and other states.

The state will receive over $7 billion to be used towards highways and bridges. There are currently about $10 billion worth of deferred projects in this area awaiting funding to be completed. This should open up a number of job opportunities across the state.

As unemployment numbers continue to drop, Tennessee is coming in at just below the national average of 4.6%, sitting at 4.4% currently.

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According to the Bureau of Labor Statistics, there was a nationwide surge of new hires in the month of October. Tennessee’s numbers for October have not yet been released, but the expectation is that those are promising as well.

While unemployment claims rose in July, they dropped again in August and have continued to go down, indicating the possibility that things are on the mend after a quick scare from the Delta variant of COVID.

Tennessee Unemployment Rates from September – Source: tn.gov

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Wages have also increased nationally and across the state. This is a result of the high demand for workers as businesses reopened and restructured after pandemic related closures.

The downside to that is the probability that inflation rates will continue to rise, causing the price of goods and services to increase as well.

Federal Reserve Chairman Jerome Powell stated that he expects the economy to level itself back out within the next year.

“We continue to believe that our dynamic economy will adjust to the supply and demand imbalances and that, as it does, inflation will decline. We’re learning now, we have to be humble about what we know about this economy,” Powell said.

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About the Author: Jason Vaughn, Media Coordinator for The Tennessee Conservative  ~ Jason previously worked for a legacy publishing company based in Crossville, TN in a variety of roles through his career.  Most recently, he served as Deputy Directory for their flagship publication. Prior, he was a freelance journalist writing articles that appeared in the Herald Citizen, the Crossville Chronicle and The Oracle among others.  He graduated from Tennessee Technological University with a Bachelor’s in English-Journalism, with minors in Broadcast Journalism and History.  Contact Jason at news@TennesseeConservativeNews.com

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