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Tennessee unemployment rate holds at 5% for May 2021, same as previous month

Average weekly earning increased to $898 across the state in May 2021. Workers also punched an average of 42.4 hours at week at work.

NASHVILLE, Tenn. — Tennessee's unemployment rate has mostly stayed the same for the past few months. The Department of Labor and Workforce Development said May 2021's rate was 5%, the same as the previous month's rate.

Despite similar unemployment rates, officials said workers saw an increase in weekly earnings across the state. According to a report, officials said they brought home nearly $900 per week in May. Workers also logged more hours per week this month. Officials said most workers logged 42.4 hours per week.

Officials said business services, hospitality and financial activities sectors saw the most job gains this month. Across the state, 3,334,094 workers were a part of the labor force for a participation rate of 60.8%. The participation rate increased by 0.2% compared to April, according to the report.

Retail also saw a 1.1% increase in the number of jobs available, especially in car dealerships and auto part stores. In the financial activities sector, real estate jobs saw a 7.4% increase in the number of jobs.

The trade, transportation and utility sector saw around 6.6% fewer jobs this month. 

Nationally, the unemployment rate dropped slightly to 5.8%, falling by 0.3%. National earnings were also higher than Tennessee's earnings, at $978. Workers also spent fewer hours in the workplace, logging an average of 41.6 hours.

The national labor force participation rate also increased slightly. According to officials, 61.6% of people participate in the national labor force across the U.S.

Both Tennessee's unemployment rate and the national unemployment rate saw massive improvement compared to last year when many workers were laid off due to the COVID-19 pandemic. In May 2020, officials said the state's unemployment rate was 9.6%

Anyone searching for a job can use the state's central workforce development website, Jobs4TN.

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