Special Report
How Tennessee's Job Market Compared to the US Over the Last 47 Years
Published:
In an era of economic uncertainty, the U.S. job market remains resilient. After falling to 3.7% in November 2023, the national unemployment rate has been below 4% for 22 consecutive months, the longest streak in over 50 years.
Of course, if history is any guide, much of the economy is subject to boom and bust cycles — and the job market is no exception. Since the mid-1970s, the average annual unemployment rate in the U.S. has fluctuated between 3.6% and nearly 10%, according to the Bureau of Labor Statistics.
These same cyclical patterns are also evident in Tennessee, where the job market is supported largely by the manufacturing and retail trade industries. The annual unemployment rate in the state was 3.4% in 2022, a multi-decade low. However, conditions for job seekers have not always been so favorable.
According to historical BLS data going back to 1976, the annual jobless rate has been as high as 11.7% in Tennessee. More than once, unemployment in the state has either matched or come close to that peak.
This is how Tennessee’s job market has changed in each of the last 47 years.
1976: 6.1% unemployment
- Avg. unemployment rate: 6.1% (7.7% nationwide)
- Labor force participation rate: 59.7% (61.6% nationwide)
- Unemployed population in Tennessee: 113,519
1977: 6.2% unemployment
- Avg. unemployment rate: 6.2% (7.1% nationwide)
- Labor force participation rate: 60.8% (62.3% nationwide)
- Unemployed population in Tennessee: 121,455
1978: 5.8% unemployment
- Avg. unemployment rate: 5.8% (6.1% nationwide)
- Labor force participation rate: 60.7% (63.2% nationwide)
- Unemployed population in Tennessee: 114,951
1979: 5.8% unemployment
- Avg. unemployment rate: 5.8% (5.8% nationwide)
- Labor force participation rate: 61.2% (63.7% nationwide)
- Unemployed population in Tennessee: 119,066
1980: 7.4% unemployment
- Avg. unemployment rate: 7.4% (7.1% nationwide)
- Labor force participation rate: 60.9% (63.8% nationwide)
- Unemployed population in Tennessee: 149,270
1981: 9.0% unemployment
- Avg. unemployment rate: 9.0% (7.6% nationwide)
- Labor force participation rate: 61.4% (63.9% nationwide)
- Unemployed population in Tennessee: 188,410
1982: 11.7% unemployment
- Avg. unemployment rate: 11.7% (9.7% nationwide)
- Labor force participation rate: 61.4% (64.0% nationwide)
- Unemployed population in Tennessee: 249,753
1983: 11.5% unemployment
- Avg. unemployment rate: 11.5% (9.6% nationwide)
- Labor force participation rate: 62.3% (64.0% nationwide)
- Unemployed population in Tennessee: 253,825
1984: 8.5% unemployment
- Avg. unemployment rate: 8.5% (7.5% nationwide)
- Labor force participation rate: 62.9% (64.4% nationwide)
- Unemployed population in Tennessee: 196,135
1985: 7.9% unemployment
- Avg. unemployment rate: 7.9% (7.2% nationwide)
- Labor force participation rate: 62.6% (64.8% nationwide)
- Unemployed population in Tennessee: 178,736
1986: 7.9% unemployment
- Avg. unemployment rate: 7.9% (7.0% nationwide)
- Labor force participation rate: 63.2% (65.3% nationwide)
- Unemployed population in Tennessee: 181,607
1987: 6.6% unemployment
- Avg. unemployment rate: 6.6% (6.2% nationwide)
- Labor force participation rate: 63.3% (65.6% nationwide)
- Unemployed population in Tennessee: 155,547
1988: 5.8% unemployment
- Avg. unemployment rate: 5.8% (5.5% nationwide)
- Labor force participation rate: 62.7% (65.9% nationwide)
- Unemployed population in Tennessee: 135,222
1989: 5.1% unemployment
- Avg. unemployment rate: 5.1% (5.3% nationwide)
- Labor force participation rate: 63.0% (66.5% nationwide)
- Unemployed population in Tennessee: 120,569
1990: 5.3% unemployment
- Avg. unemployment rate: 5.3% (5.6% nationwide)
- Labor force participation rate: 63.7% (66.5% nationwide)
- Unemployed population in Tennessee: 127,321
1991: 6.8% unemployment
- Avg. unemployment rate: 6.8% (6.8% nationwide)
- Labor force participation rate: 63.3% (66.2% nationwide)
- Unemployed population in Tennessee: 159,758
1992: 6.5% unemployment
- Avg. unemployment rate: 6.5% (7.5% nationwide)
- Labor force participation rate: 63.7% (66.4% nationwide)
- Unemployed population in Tennessee: 159,553
1993: 5.8% unemployment
- Avg. unemployment rate: 5.8% (6.9% nationwide)
- Labor force participation rate: 64.4% (66.3% nationwide)
- Unemployed population in Tennessee: 147,585
1994: 4.8% unemployment
- Avg. unemployment rate: 4.8% (6.1% nationwide)
- Labor force participation rate: 66.4% (66.6% nationwide)
- Unemployed population in Tennessee: 127,634
1995: 5.2% unemployment
- Avg. unemployment rate: 5.2% (5.6% nationwide)
- Labor force participation rate: 66.8% (66.6% nationwide)
- Unemployed population in Tennessee: 140,257
1996: 5.2% unemployment
- Avg. unemployment rate: 5.2% (5.4% nationwide)
- Labor force participation rate: 66.6% (66.8% nationwide)
- Unemployed population in Tennessee: 143,041
1997: 5.3% unemployment
- Avg. unemployment rate: 5.3% (4.9% nationwide)
- Labor force participation rate: 65.9% (67.1% nationwide)
- Unemployed population in Tennessee: 146,417
1998: 4.3% unemployment
- Avg. unemployment rate: 4.3% (4.5% nationwide)
- Labor force participation rate: 65.8% (67.1% nationwide)
- Unemployed population in Tennessee: 121,568
1999: 4.0% unemployment
- Avg. unemployment rate: 4.0% (4.2% nationwide)
- Labor force participation rate: 65.8% (67.1% nationwide)
- Unemployed population in Tennessee: 112,853
2000: 3.9% unemployment
- Avg. unemployment rate: 3.9% (4.0% nationwide)
- Labor force participation rate: 65.4% (67.1% nationwide)
- Unemployed population in Tennessee: 110,241
2001: 4.6% unemployment
- Avg. unemployment rate: 4.6% (4.7% nationwide)
- Labor force participation rate: 64.9% (66.8% nationwide)
- Unemployed population in Tennessee: 129,038
2002: 5.2% unemployment
- Avg. unemployment rate: 5.2% (5.8% nationwide)
- Labor force participation rate: 65.2% (66.6% nationwide)
- Unemployed population in Tennessee: 148,524
2003: 5.6% unemployment
- Avg. unemployment rate: 5.6% (6.0% nationwide)
- Labor force participation rate: 64.7% (66.2% nationwide)
- Unemployed population in Tennessee: 160,215
2004: 5.3% unemployment
- Avg. unemployment rate: 5.3% (5.5% nationwide)
- Labor force participation rate: 63.8% (66.0% nationwide)
- Unemployed population in Tennessee: 154,881
2005: 5.6% unemployment
- Avg. unemployment rate: 5.6% (5.1% nationwide)
- Labor force participation rate: 62.9% (66.0% nationwide)
- Unemployed population in Tennessee: 160,266
2006: 5.2% unemployment
- Avg. unemployment rate: 5.2% (4.6% nationwide)
- Labor force participation rate: 64.2% (66.2% nationwide)
- Unemployed population in Tennessee: 158,670
2007: 4.7% unemployment
- Avg. unemployment rate: 4.7% (4.6% nationwide)
- Labor force participation rate: 63.9% (66.0% nationwide)
- Unemployed population in Tennessee: 141,312
2008: 6.6% unemployment
- Avg. unemployment rate: 6.6% (5.8% nationwide)
- Labor force participation rate: 63.5% (66.0% nationwide)
- Unemployed population in Tennessee: 198,685
2009: 10.5% unemployment
- Avg. unemployment rate: 10.5% (9.3% nationwide)
- Labor force participation rate: 62.3% (65.4% nationwide)
- Unemployed population in Tennessee: 307,524
2010: 9.7% unemployment
- Avg. unemployment rate: 9.7% (9.6% nationwide)
- Labor force participation rate: 62.8% (64.7% nationwide)
- Unemployed population in Tennessee: 304,062
2011: 9.0% unemployment
- Avg. unemployment rate: 9.0% (8.9% nationwide)
- Labor force participation rate: 62.7% (64.1% nationwide)
- Unemployed population in Tennessee: 284,214
2012: 7.8% unemployment
- Avg. unemployment rate: 7.8% (8.1% nationwide)
- Labor force participation rate: 61.7% (63.7% nationwide)
- Unemployed population in Tennessee: 246,595
2013: 7.8% unemployment
- Avg. unemployment rate: 7.8% (7.4% nationwide)
- Labor force participation rate: 60.8% (63.2% nationwide)
- Unemployed population in Tennessee: 238,765
2014: 6.6% unemployment
- Avg. unemployment rate: 6.6% (6.2% nationwide)
- Labor force participation rate: 59.6% (62.9% nationwide)
- Unemployed population in Tennessee: 201,033
2015: 5.6% unemployment
- Avg. unemployment rate: 5.6% (5.3% nationwide)
- Labor force participation rate: 59.6% (62.7% nationwide)
- Unemployed population in Tennessee: 171,532
2016: 4.7% unemployment
- Avg. unemployment rate: 4.7% (4.9% nationwide)
- Labor force participation rate: 60.2% (62.8% nationwide)
- Unemployed population in Tennessee: 148,720
2017: 3.8% unemployment
- Avg. unemployment rate: 3.8% (4.4% nationwide)
- Labor force participation rate: 60.5% (62.9% nationwide)
- Unemployed population in Tennessee: 119,517
2018: 3.5% unemployment
- Avg. unemployment rate: 3.5% (3.9% nationwide)
- Labor force participation rate: 61.0% (62.9% nationwide)
- Unemployed population in Tennessee: 113,261
2019: 3.4% unemployment
- Avg. unemployment rate: 3.4% (3.7% nationwide)
- Labor force participation rate: 61.8% (63.1% nationwide)
- Unemployed population in Tennessee: 111,606
2020: 7.5% unemployment
- Avg. unemployment rate: 7.5% (8.1% nationwide)
- Labor force participation rate: 60.4% (61.7% nationwide)
- Unemployed population in Tennessee: 246,521
2021: 4.3% unemployment
- Avg. unemployment rate: 4.3% (5.3% nationwide)
- Labor force participation rate: 60.2% (61.7% nationwide)
- Unemployed population in Tennessee: 149,410
2022: 3.4% unemployment
- Avg. unemployment rate: 3.4% (3.6% nationwide)
- Labor force participation rate: 59.9% (62.2% nationwide)
- Unemployed population in Tennessee: 113,471
| Year | Tennessee unemployment rate | U.S. unemployment rate | Unemployed population in Tennessee |
|---|---|---|---|
| 1976 | 6.1 | 7.7 | 113,519 |
| 1977 | 6.2 | 7.1 | 121,455 |
| 1978 | 5.8 | 6.1 | 114,951 |
| 1979 | 5.8 | 5.8 | 119,066 |
| 1980 | 7.4 | 7.1 | 149,270 |
| 1981 | 9.0 | 7.6 | 188,410 |
| 1982 | 11.7 | 9.7 | 249,753 |
| 1983 | 11.5 | 9.6 | 253,825 |
| 1984 | 8.5 | 7.5 | 196,135 |
| 1985 | 7.9 | 7.2 | 178,736 |
| 1986 | 7.9 | 7.0 | 181,607 |
| 1987 | 6.6 | 6.2 | 155,547 |
| 1988 | 5.8 | 5.5 | 135,222 |
| 1989 | 5.1 | 5.3 | 120,569 |
| 1990 | 5.3 | 5.6 | 127,321 |
| 1991 | 6.8 | 6.8 | 159,758 |
| 1992 | 6.5 | 7.5 | 159,553 |
| 1993 | 5.8 | 6.9 | 147,585 |
| 1994 | 4.8 | 6.1 | 127,634 |
| 1995 | 5.2 | 5.6 | 140,257 |
| 1996 | 5.2 | 5.4 | 143,041 |
| 1997 | 5.3 | 4.9 | 146,417 |
| 1998 | 4.3 | 4.5 | 121,568 |
| 1999 | 4.0 | 4.2 | 112,853 |
| 2000 | 3.9 | 4.0 | 110,241 |
| 2001 | 4.6 | 4.7 | 129,038 |
| 2002 | 5.2 | 5.8 | 148,524 |
| 2003 | 5.6 | 6.0 | 160,215 |
| 2004 | 5.3 | 5.5 | 154,881 |
| 2005 | 5.6 | 5.1 | 160,266 |
| 2006 | 5.2 | 4.6 | 158,670 |
| 2007 | 4.7 | 4.6 | 141,312 |
| 2008 | 6.6 | 5.8 | 198,685 |
| 2009 | 10.5 | 9.3 | 307,524 |
| 2010 | 9.7 | 9.6 | 304,062 |
| 2011 | 9.0 | 8.9 | 284,214 |
| 2012 | 7.8 | 8.1 | 246,595 |
| 2013 | 7.8 | 7.4 | 238,765 |
| 2014 | 6.6 | 6.2 | 201,033 |
| 2015 | 5.6 | 5.3 | 171,532 |
| 2016 | 4.7 | 4.9 | 148,720 |
| 2017 | 3.8 | 4.4 | 119,517 |
| 2018 | 3.5 | 3.9 | 113,261 |
| 2019 | 3.4 | 3.7 | 111,606 |
| 2020 | 7.5 | 8.1 | 246,521 |
| 2021 | 4.3 | 5.3 | 149,410 |
| 2022 | 3.4 | 3.6 | 113,471 |
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
