Image Credit: tn.gov
The Center Square [By Jon Styf] –
Tennessee’s unemployment rate finished the year at 3.5%, matching the U.S. unemployment rate and just 0.1% lower than the seasonally adjusted December 2021 mark.
The statewide unemployment rate was between 3.2% and 3.5% throughout 2022 as 104,800 new nonfarm jobs were added. December saw a 1,500 job increase from November.
The largest job increase came from the trade, transportation and utilities sector while government was second.
Tennessee was one of a few Southeast states that saw some of its wages drop during 2022, with average weekly earnings going from 974.25 in December 2021 to 918.29 in November and then $958.29 to close out 2022.
South Carolina manufacturing wages dropped 5.9% from November 2021 to November 2022 while Tennessee dropped 3.2%. At the same time, Alabama manufacturing wages rose 7.7%, Virginia saw a 7.1% increase and Florida went up 6.3%.
Durable goods earnings went up in Tennessee from $1014 in December 2021 to $1024 to end 2022 while non-durable earnings went down from $906 per week to end 2021 to $841 at the end of 2022.