How’s the economy, you ask?
Great question! Every day, we’re bombarded with statistics, graphs and news updates on how Middle Tennessee is faring. With the sheer volume of data pouring in, it can be time-consuming to make sense of it all.
And as managers, we often get so caught up in day-to-day activities that we forget to take stock of the larger picture – the employment and economic factors that impact our businesses.
Today, Wood Personnel is going to make things a bit easier for you. Specifically, we’re summarizing the most recent data from the U.S. Bureau of Labor Statistics (BLS) on the Nashville / Davidson / Murfreesboro / Franklin Metropolitan Statistical Area (MSA).
So, what does the data show?
- We’re just slightly below the national unemployment rate. As of July 31, the Nashville area’s unemployment rate is at 6.0% – lower than the national rate (6.3%), and over 1% lower than our rate this time last year (7.1%)!
- Of all the counties in our MSA, Williamson’s unemployment rate is currently the lowest, coming in at 5.4%.
- Total nonfarm employment is up 2.8% in the Nashville area from the same time last year. Professional and business services showed the biggest increase, jumping up a whopping 10.4% from the same time last year.
- Average hourly wages for Nashville area employees ($20.63) are below the national average ($22.33).
All in all, our employment picture has improved somewhat over the last year – both on a local and national level. Jobs continue to be added slowly, but pay rates largely remain flat and our economy has yet to gain the real momentum we’d all like to see.
For comprehensive Nashville employment and economic information statistics, follow these links:
Nashville Area Economic Summary
Want to learn more?
Contact Wood Personnel, and one of our experienced staffing professionals will show you how our services can help you make the most of our current economy. Our Middle TN staffing services will keep your workforce flexible, while allowing you to capitalize on new business opportunities.