Tennessee’s November unemployment rate fell to 4%, its lowest level since March 2020, according to data released Thursday by the state Department of Labor and Workforce Development.
The new seasonally adjusted rate is down 0.2 of a percentage point from October and matches the March 2020 level, the last month before the COVID-19 business closures impacted the workforce. Year-over-year, the November figure is down 1.6 percentage points.
At the start of the pandemic in April 2020, Tennessee’s unemployment rate hit an historic 15.8%.
“This significant milestone is a testament to our fiscally responsible approach and commitment to meaningful work,” Gov. Bill Lee said in a statement. “While we continue strengthening our workforce, Tennessee families and businesses will enter the New Year in a new, hopeful chapter for our state’s economy.”
Between October and November, employment increased by 4,900 jobs with the leisure and hospitality sector accounting for the largest number of hires. The trade, transportation and utilities sectors, along with manufacturing, had the next highest number of new jobs.
Over the year, nonfarm employment rose by 87,800, with the largest gains being seen in the leisure and hospitality, professional and business services, and the trade, transportation and utilities sectors.
“Thanks to the hard work and resilience of Tennesseans, our state’s strong economic recovery has accelerated back to pre-pandemic levels for unemployment and GDP,” Lee said.
By way of comparison, the national unemployment fell 0.4% in November to a seasonally adjusted rate of 4.2%. In November 2020, the national rate was 2.5 percentage points higher.
