Data Center - EMPLOYMENT

Unemployment Drops to Lowest Rate Since 2007

  • Unemployment measures contain aspects of both cyclical and structural change in the labor market.  As the economy slowly but steadily recovered from the Great Recession, the cyclical component of unemployment has declined. Structural components of the unemployment measure however remain and require more complex and time consuming remedies like job training.

 

  • The Memphis labor market, like many others, is nearing full employment.  Both job and employment gains have occurred steadily as the national economy has grown.

 

  • Memphis, like most urban areas, depends on employment and income growth to drive the local economy forward.

 

  • The economic outlook for Memphis is also directly related to global economic conditions.  Most of the major employers in Memphis operate in global markets and their growth and expansion depends of global economic growth.

 

  • Memphis has been a slow steady growth town for most of its history.

 

  • The Memphis MSA has experienced no net increase in jobs (a decline of 1.72 percent for the last 10 years), unlike the nation in general that grew by 5.68 percent and Tennessee grew by 6.21 percent.  Of the peer metro areas, only Birmingham and Greensboro experienced declines over the ten-year period.  Nashville by comparison increased jobs by 19.45 percent for the same ten-year period.

Peer Metros Comparison

Jobs

 

5-Year % Change

United States 9.22%
Tennessee 11.48%
Shelby County, TN NA    
Memphis City, TN NA    

Nashville 20.50%
Charlotte 18.35%
Jacksonville 16.17%
Louisville 12.79%
Indianapolis 11.96%
Cincinnati 10.71%
Kansas City 10.44%
Oklahoma City 8.04%
Omaha 7.66%
Memphis 7.55%
Greensboro 7.32%
St. Louis 6.92%
New Orleans 5.97%
Birmingham 5.91%
Tulsa 5.07%
Little Rock 4.37%

Annual Mean Wages

1-Year % Change

United States 2.71%
Tennessee 2.54%
Shelby County, TN NA
Memphis City, TN NA

Jacksonville 3.87%
Omaha 3.50%
Kansas City 2.64%
Charlotte 2.54%
Tulsa 2.54%
Memphis 2.53%
Nashville 2.42%
Cincinnati 2.34%
Indianapolis 2.32%
Oklahoma City 2.26%
St. Louis 2.20%
Louisville 1.98%
Birmingham 1.86%
Greensboro 1.67%
Little Rock 1.22%
New Orleans 0.12%

Unemployment

 

5-Year % Difference

United States -3.70%
Tennessee -4.40%
Shelby County, TN -4.60%
Memphis City, TN -5.40%

Greensboro -5.90%
Charlotte -5.70%
Indianapolis -5.10%
Jacksonville -4.50%
Memphis -4.40%
St. Louis -3.80%
St. Louis -3.80%
Nashville -3.70%
Little Rock -3.60%
Birmingham -3.50%
Cincinnati -3.10%
Louisville -3.00%
KansasCity -2.70%
New Orleans -2.50%
Omaha -1.50%
Tulsa -0.70%
Oklahoma City -0.60%
 

Employment

 

5-Year % Change

United States 7.73%
Tennessee 7.16%
Shelby County, TN 3.55%
Memphis City, TN 3.94%

Charlotte 18.42%
Nashville 15.49%
Indianapolis 15.46%
Jacksonville 12.42%
Louisville 9.96%
Kansas City 8.02%
Greensboro 7.89%
Cincinnati 7.75%
Little Rock 6.82%
New Orleans 5.36%
Oklahoma City 4.75%
St. Louis 4.49%
Memphis 4.24%
Omaha 3.40%
Birmingham 2.99%
Tulsa 1.95%

Missing values due to data availability, reporting, or changes in geographic definitions