Local jobless rate second lowest in state

unemploymentLincoln County’s unemployment rate for March dropped slightly over the previous month, ranking second lowest among Tennessee’s 95 counties.

The local jobless rate of 5.4 percent in March is down seven-tenths of a percentage point from the previous month. Only Williamson County, at 5.1 percent unemployment, registered a lower rate during the month.

With the exception of Moore County, all of Lincoln County’s neighboring communities reported decreases in unemployment rates during March. Moore County’s rate rose three-tenths of a percentage point over the month to 6.7 percent.

Marshall County’s rate dropped four-tenths of a percentage point, down to 10.3 percent, while Franklin County registered a decrease of three-tenths of a percentage point, down to 7.2 percent unemployment. Bedford County’s rate dropped two-tenths of a percentage point, down to 8.3 percent, while both Coffee and Giles counties reported decreases of one-tenth of a percentage point, Coffee’s rate dropping to 7.2 percent and Giles’ rate to 9.6 percent.

County unemployment rates for March show the rate decreased in 58 counties, increased in 24 and stayed the same in 13.

Knox County had the state’s lowest major metropolitan rate of 6.2 percent, down from 6.4 percent in February. Davidson County rate of 6.3 percent was unchanged from February. Hamilton County was 7.7 percent, up from 7.6 percent in the previous month. Shelby County was 9.5 percent, up from 9.3 percent in February.

Tennessee’s unemployment rate for March was 7.9 percent, which increased one-tenth of one percentage point from the February revised rate of 7.8 percent. The national unemployment rate for March was 7.6 percent, decreasing by one-tenth of one percentage point from the previous month.

The state unemployment rate is seasonally adjusted while the county unemployment rates are not. Seasonal adjustment is a statistical technique that eliminates the influences of weather, holidays, the opening and closing of schools and other recurring seasonal events from economic time series.

Posted on Sunday, May 5, 2013 at 8:24 pm