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Advertisement: Top Searches: • middle tennessee jobs • jobless rate in tennessee • middle tennesee jobs • tennessee job drop • |
JobsMiddle Tennessee Jobs Creation Slightly Ahead of Jobless Numbers
In a sign that demonstrates the continuing employment problems in the U.S., the national unemployment rate is now 9.2 percent. The high June number was a surprise to the litany of experts and media talking heads. As a result, unemployment across the country continues to be a serious problem.
While not exactly indicative of a turnaround, unemployment in Middle Tennessee dropped slightly in May to 8.5 percent. This is the same rate as a year ago and highlights the hesitation of businesses hire amid a very slow recovery. Even in Tennessee, there are signs that the rather weak recovery is now weakening again. Unemployment claims are up more than expected throughout the state. The minimal drop in the unemployment rate in Tennessee was accompanied by job creation only slightly higher than the number of people entering the workforce. Slow job growth has become almost no job growth and the change in the unemployment rate is essentially irrelevant. The one constant in the equation is that businesses are not planning to increase payrolls until there is some reasonable end in sight to the recession. Job seekers who have remained optimistic are beginning to realize Tennessee is far from out of economic trouble. According to an economist at the University of Tennessee, the immediate future is full of unpredictability. Instability will be the operative condition for at least the balance of this year. The trend will continue downward overall with points in time when it will go up slightly. This is not a good sign for job seekers in Tennessee. In May, there were approximately 6,600 jobs created by Middle Tennessee businesses. At the same time, the labor force grew by over 5,600 people in the area. This growth, while very slight, helped reduce the unemployment rate to 8.6 percent in Davidson County. Other counties in the area known as Middle Tennessee also reported drops in the rate. However, economists emphasize, it would be wise not to interpret this data as a long-term trend.
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