TRI-CITIES, Tenn. – The local labor market shed 300 seasonally adjusted jobs last month. It was the first time this year the monthly job creation growth rate declined. An increase in employment countered the jobs lost, and the unemployment rate stayed at September’s 3.7%.
The Bureau of Labor Statistic’s (BLS) adjusted job number smooths out the market’s volatility. So, while last month’s seasonal total was down, the unadjusted number was up 100. The employment number differs from the jobs number because they come from two labor market reports. The payroll report counts the actual number of jobs and covers about 30% of U.S. workers. The employment report focuses on who is employed or looking for a job. It’s a survey of about 60,000 households. There’s also a variance in what’s counted as a job and employment.
Nationally, the labor market has been softening, and according to economic research experts, the October numbers are “mostly consistent” with a soft landing instead of a recession.
October was the 16th straight month the local unemployment rate has been under 4%. Many economists consider full employment is when the unemployment rate is between 4% and 6%. The regional unemployment rate has been under 6% since Sept. 2010.
There were 3,100 more jobs in the region last month than October last year. The year-over-year jobs total peaked in February and has slowly declined since then. Last month there were 212,300 non-farm jobs in the region. That’s most ever October jobs level.
The number of people employed grew by 1,840 last month. It’s up a little more than 4,700 from last year. The labor force grew by 2,112 people.
Northeast Tennessee’s labor force participation rate increased by 0.3%. It has been flat in the 52% to 54% range for a year and down from where it was two years ago. The rate has gained more attention because of the difference between the local jobs market compared to the state and national averages.
WHO’S HIRING
There was 7,331 job opening in NE Tenn. in late November, down from 3,708 the previous month, according to the Jobs4TN website. The site listed 5,978 job candidates. The top five employers with advertised opening were:
- Ballad – 851
- Ingles – 223
- Food City – 190
- ETSU – 170
- Eastman Chemical Co. – 92
FASTEST JOB GROWTH
Fast food and counter workers – $22,052 annual avg. wage.
Retail salespersons – $27,540 annual avg. wage.
Wait staff – $19,880 annual avg. wage.
Customer service representatives – $36,264 annual avg. wage
Cashiers – $22,461 annual avg. wage
PRIVATE SECTOR WAGES
Private sector wages in both metro areas are outperforming last year.
Johnson City’s October average of $26.55 an hour is 14% higher than was last year.
Kingsport-Bristol’s average $22.51 an hour. It’s .03% higher than last year.
The regional average wage is $26.03 an hour.
The state average is $31.60 an hour.
LABOR FORCE PARTICIPATION RATE
The NE Tenn. labor force participation rate increased to 52.8% from 52.2% in August.
The U.S. rate is 62.7% and it’s 59.4% in Tennessee.
JOB SECTOR PERFORMANCE
Government jobs saw September’s biggest and only regional increase (700 jobs).
Five of 12 job sectors saw declines from the previous month. There were:
- Leisure and hospitality, down 400
- Professional and Business Services, down 100
- Education and Health Services, down 100
- Retail Trade, down 100
- Manufacturing, down 100