Employment Trends, Industry Projections, Wages and Benefits Analyzed Through 2018
NASHVILLE– The Labor Market Information Section of the Tennessee Department of Labor and Workforce Development today released its Annual Workforce Report for 2010. The report assesses the state of employment opportunity throughout Tennessee’s work force – including trends in the composition of the workforce and data concerning wages and benefits – and includes analysis of the state’s burgeoning green jobs industry.
Employment data in Tennessee has reflected a significantly deteriorating economy from the last half of 2008 through early 2009, with some stabilization apparent by July 2009. Average employment declined by 155,900, or 5.6 percent, from 2008 to 2009.
The rapid decline of industries ended by the third or fourth quarter of 2009 when the year-over-year monthly declines largely disappeared. Unemployment has declined modestly from a peak of 11.4 percent in January 2010, but workforce recovery may be slow with projections for the short term in Tennessee for the years 2010 and 2011 showing practically no change in the total employment for Tennessee.
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