By Jeff Wallace, PhD, Research Associate Professor, Sparks Bureau of Business & Economic Research, The University of Memphis
The following charts and tables show that Memphis has come a long way. New jobs, low unemployment rates, rising wages and incomes, and multiple strong industrial sectors are making Memphis one of the new success stories. Memphis’ successes reflect the success of its largest and smallest employers, its leadership, and its diverse population. The successes of Memphis are slowly improving the lives of our most needy residents. The economy is working in Memphis.
The local economy is probably stronger than it ever has been, with employment and wage growth both being very strong. That said, Memphis is probably at the peak of the current economic cycle. While the probability of slower growth in calendar year 2020 is on the rise, this does not mean that a recession is imminent. In the mean-time, let’s enjoy growing and spreading prosperity and work towards more.
Note: All data are from the U.S. Bureau of Labor Statistics (www.bls.gov/data) and are NOT seasonally adjusted.