Department of Numbers

Memphis, Tennessee Unemployment

The BLS reported that the unemployment rate for Memphis rose 0.1 percentage points in October 2023 to 4.2%. For the same month, the metro unemployment rate was 0.9 percentage points higher than the Tennessee rate. The unemployment rate in Memphis peaked in April 2020 at 12.9% and is now 8.7 percentage points lower. From a post peak low of 3.9% in April 2023, the unemployment rate has now grown by 0.3 percentage points. You can also compare Memphis unemployment with unemployment in other cities.

Unemployment Rate October 2023 Month/Month Year/Year
National 3.9% +0.1 +0.2
Tennessee 3.3% +0.1 -0.2
Memphis 4.2% +0.1 0.0
Note: Metro level data is now seasonally adjusted.1 All comparisons are made with October 2023 data as November metro level unemployment data has not yet been released.

Unemployment Rate: Memphis, Tennessee, National

Memphis, Tennessee monthly unemployment rate chart

Note: Recessions shown in gray.

Memphis, Tennessee Unemployed

The number of people unemployed in Memphis peaked in July 2020 at 79,523. There are now 53,505 fewer people unemployed in the metropolitan area. From a recent trough of 24,533 in April 2023, the number of unemployed has now grown by 1,485. Memphis employment and jobs data (including jobs lost/gained in Memphis, Tennessee) is also available.

Unemployed Persons October 2023 Month/Month Year/Year
Memphis 26,018 +521 -69

Number of Unemployed Persons

Memphis, Tennessee Unemployment History

Date National
Unemployment Rate
Tennessee
Unemployment Rate
Memphis
Unemployment Rate
Memphis
Unemployed
November
2023
3.7%
October
2023
3.9% 3.3% 4.2% 26,018
September
2023
3.8% 3.2% 4.1% 25,497
August
2023
3.8% 3.1% 4.0% 25,207
July
2023
3.5% 3.1% 4.0% 24,860
June
2023
3.6% 3.2% 3.9% 24,643
May
2023
3.7% 3.3% 3.9% 24,707
April
2023
3.4% 3.3% 3.9% 24,533
March
2023
3.5% 3.4% 4.0% 24,990
February
2023
3.6% 3.5% 4.0% 25,271
January
2023
3.4% 3.5% 4.1% 25,335
December
2022
3.5% 3.5% 4.1% 25,855

1. Metro area unemployment rates are now seasonally adjusted. The BLS has started publishing smoothed seasonally adjusted metropolitan area data which makes comparisons to state and national data more relevant than the unadjusted numbers.