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Jobless rate falls in February

Posted on Wednesday, April 3, 2013 at 8:41 am

unemploymentLincoln County’s unemployment rate dropped in February to 6.1 percent, the second lowest rate in Tennessee.

According to the latest statistics released by the Tennessee Department of Labor and Workforce Development, the local jobless rate dropped two-tenths of a percentage point, from 6.3 percent unemployment in January to 6.1 percent the following month.

All of Lincoln County’s neighboring communities reported decreases in jobless rates over the month.

Moore County’s unemployment rate dropped eight-tenths of a percentage point to 6.4 percent in February, down from 7.2 percent the previous month. Marshall County recorded a decrease of six-tenths of a percentage point, from 11.4 percent to 10.8 percent. Bedford County registered a decrease of one-half a percentage point in February at 8.5 percent, down from 9.0 percent, while Giles County reported a decrease of four-tenths of a percentage point, from 10.1 in January to 9.7 percent the following month.

Coffee County’s jobless rate dropped from 7.6 percent in January to 7.3 percent the following month, while Franklin County’s rate remained the same at 7.5 percent in February.

County unemployment rates for February show the rate decreased in 87 counties, increased in five and stayed the same in three.

Tennessee’s unemployment rate for February was 7.8 percent, which increased one-tenth of one percentage point from the January revised rate of 7.7 percent. The national unemployment rate for February was 7.7 percent, decreasing by two-tenths of one percent from the previous month.

Davidson County had the state’s lowest major metropolitan rate of 6.3 percent, down from 6.5 percent in January. Knox County’s February rate of 6.4 percent was down from 6.5 percent in the prior month. Hamilton County was 7.7 percent, down from 8.0 percent, and Shelby County was 9.3 percent, down from 9.7 percent in January.

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.