Tenn. jobless rate continues sitting on 8.5%

Tennessee’s preliminary August unemployment rate is 8.5%, unchanged from the July revised rate. It’s also the third month the rate has not changed.

The national unemployment rate for August is 7.3%, down one tenth of one percentage point from the previous month.

According to the Department of Labor and Workforce jobs summary for August:

Total nonfarm employment increased 2,200 jobs from July to August.

The largest increases occurred in government, trade/transportation/utilities, and durable goods manufacturing.

Over the year, nonfarm employment increased 32,200 jobs. The largest increases occurred in leisure/hospitality, retail trade, and professional/business services.

According to estimated from the Federal Reserve Bank of San Francisco  if businesses and consumers had a clearer idea of federal policies, the unemployment rate would have been 1.3 percentage points lower at the end of last year. That’s one of the costs of the indecisiveness and gridlock by the nation’s elected leader.  Another way to look at it is an extra 2 million people would have been taking home a paycheck.

The city and county labor reports for Tennessee will be released late next week.

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