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March Unemployment Rate Dips Below 8 Percent

Press release from the Tennessee Department of Labor and Workforce Development; April 19, 2012: 

NASHVILLE – Tennessee Commissioner of Labor & Workforce Development Karla Davis announced today Tennessee’s unemployment rate for March fell to 7.9 percent, down from the February revised rate of 8.0 percent. The national unemployment rate for March 2012 was 8.2 percent, 0.1% percentage point lower than the February rate.

“Tennessee’s unemployment is the lowest since November 2008,” Commissioner Davis said. “The decline is attributed to losses in both employment and unemployment, but the number of unemployed declined at a faster rate, resulting in the net decrease in the state rate.”

Seasonally Adjusted Labor Force Estimates – Household Survey

                                Revised   Preliminary Change from March Change from Feb
                      Mar 2011  Feb 2012  March 2012  2011 - March 2012 2012 - March 2012
 Civilian Labor Force 3,134,300|3,123,400|3,109,400 |(24,900) -0.8%    | (14,000)-0.4%
 Employment           2,838,800|2,872,600|2,865,000 | 26,200   0.9%    |  (7,600)-0.3%
 Unemployment           295,500|  250,800|  244,500 | (51,000)-17.3%   |  (6,300)-2.5%
 Unemployment Rate       9.4%  |    8.0% |    7.9%  |  -1.5 % pt.s     |    -0.1 % pt.

Tennessee’s state unemployment rate is derived from the following three sources of information: the Business Survey, the Household Survey, and unemployment claim information. Tennessee’s Household Survey is conducted by the Census Bureau and also contributes toward the national unemployment rate.

Seasonally Adjusted Nonfarm Employment – Business Survey  

                                  Revised   Preliminary Change from March Change from Feb
(Numbers in thousands)   Mar 2011 Feb 2012  March 2012   2011-March 2012  2012-March 2012
Total Nonfarm             2,647.3  2,693.0   2,691.3          44.0             -1.7
Mining/logging/const.       106.8    115.2     114.9           8.1             -0.3
Manufacturing               303.2    307.9     309.3           6.1              1.4
Trade/trans./utilities      559.6    558.1     557.1          -2.5             -1.0
Information                  44.2     44.7      44.2           0.0             -0.5
Financial activities        135.3    135.7     135.7           0.4              0.0
Professional/bus. services  317.8    332.5     328.5          10.7             -4.0
Education/health services   382.2    389.2     388.4           6.2             -0.8
Leisure/hospitality         265.3    267.7     270.0           4.7              2.3
Other services              101.6    101.6     101.8           0.2              0.2
Government                  431.3    440.4     441.4          10.1              1.0

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