WalletHub: State ranks 3rd in employment growth

Published 3:54 pm Tuesday, June 5, 2018

As caution brews for the state’s economic status following the recent announcement of trade tariffs, one local organization noted significant gains for Tennessee’s growth.

WalletHub released the 2018 Best & Worst States for Jobs report on May 31 with Tennessee ranking among the top of the country’s performers.

Tennessee finished no worse than 30th in six of the different categories discussed. In Employment growth, the state ranked third compared to others. Tennessee also ranked seventh in Monthly Average Starting.

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In other categories, Tennessee ranked 10th in Job Satisfaction, 16th in Unemployment Rate, 18th in Job Opportunities and 30th in Average Commute Time (in Minutes).

“We analyzed the 50 states across various metrics divided into two categories, ‘Job Market’ and ‘Economic Environment’. The first category, job market, had a heavier weight in determining overall scores, because the factors in this category have more influence in job seekers’ decisions to relocate for employment,” said Jill Gonzalez, WalletHub analyst.

Along with WalletHub data, various entities provided information to the report, including the U.S. Census Bureau, Bureau of Labor Statistics, Indeed.com, Gallup-Healthways, United Health Federation and the Council for Community and Economic Research.

According to the research, pending any unforeseen circumstances, Tennessee’s economic growth could continue for the future.

“There are high hopes for the state’s job market to continue to grow,” Gonzalez said, referencing Tennessee’s placement in each category.

The most recent unemployment numbers provided by the state show that the rate for April was 3.4 percent, the third straight month that the “rate has held steady” according to state officials.

According to information from the Department of Labor and Workforce Development, April marked one full year since Tennessee’s unemployment rate dropped below four percent for the first time in recent history.

“For more than a year now, Tennessee continues to see unemployment rates lower than ever before. These numbers are a testament to the state’s investments in education and job creation,” Gov. Bill Haslam said in a press release following May’s announcement.

At the first of the year, the department stated that Carter County was able to see a minor influx of jobs. Due to its classification with Washington and Unicoi counties, that specific region saw an increase of 800 jobs from December 2016-17.

Further information on the state’s employment status can be viewed on the tn.gov website by searching “Department of Labor & Workforce Development.” Further updates from the state will be provided in the future.