Unemployment rate declines to 10.1 percent in Tennessee

Tennessee’s unemployment rate for June was 10.1 percent, down 0.3 percentage point from the previous month.

Labor Commissioner James Neeley said the unemployment rate fell as a result of modest gains in employment in construction and leisure/hospitality that was offset by job losses in education and census work.

The national unemployment rate for June was 9.5 percent, down 0.2 percentage point from the May rate of 9.7 percent.

According to the business survey of jobs, major decreases occurred in government jobs, primarily educational services, which were down by 34,700.

Private educational services also declined by 3,000 jobs.

Source: WATE.com

U.S. Initial Jobless Claims Fall More Than Projected

The number of Americans filing claims for jobless benefits fell more than economists predicted, a sign some employers have stopped paring staff as the recession eases.

Applications dropped by 38,000 to 550,000 in the week ended Aug. 1, figures from the Labor Department showed today in Washington, marking the fifth consecutive week of fewer than 600,000 claims. The total number of people collecting unemployment insurance rose.

The pace of job cuts has slowed even as unemployment is projected to exceed 10 percent by early next year. Economists surveyed by Bloomberg News say a report tomorrow will show the jobless rate jumped to the highest in 26 years in July. Stagnating wages and falling home values also mean consumer spending, 70 percent of the economy, will be slow to recover.

“These numbers signal the worst is behind us, but we are not out of the woods yet,” said David Semmens, an economist at Standard Chartered Bank in New York. “We are not going to see strong consumer spending with numbers that look like this.”

Full Story Here: Bloomberg.com

S.C. unemployment rate hits 11.4%

South Carolina’s unemployment rate reached 11.4 percent in March, the highest rate since January 1983.

The figure was higher than the revised February rate of 10.9 percent, according to the S.C. Employment Security Commission.

In March, the state’s labor force dropped slightly to 2,185,451, while the number of unemployed jumped 10,221 to reach a record high of 248,578.

Chester County saw its unemployment rate fall slightly to 20.6 percent from 20.7 percent in February.

Lancaster County had an unemployment rate of 18 percent last month, down from 18.3 percent in February.

And York County had a 12.7 percent jobless rate, down from 14.2 percent in February.

The national unemployment rate rose in March to 8.5 percent, up from 8.1 percent in February.

Source: Charlotte Business Journal

March unemployment rate reaches 9.6% in Tennessee

Tennessee labor officials say the state’s unemployment rate for March was 9.6%, up 0.6% percentage point from the February rate.

The March rate a year ago was 5.7%. The national unemployment rate for March was 8.5%, up from the February rate of 8.1%.

State Labor Commissioner James Neeley said in a released statement the unemployment rate continues on an “upward trend and economists predict Tennessee will face difficult months ahead.”

However, for the first time in several months, the state saw increases in retail trade and leisure and hospitality employment, which Neeley said were encouraging signs.

Source: WATE