2020-2021 REFERENCE GUIDE TENNESSEE’S ECONOMY

Tennessee’s economy experienced an historic increase in unemployment from 109,312 in March 2020 to 482,906 and an unemployment rate of 15.8 percent in April as the response to the coronavirus pandemic caused business closures throughout the state. By June 2020, however, the unemployment rate had dropped to 10.1 percent. As the state economy demonstrated its resilience and with the injection of federal funds, continued low interest rates, and measures to stem the COVID-19 pandemic, the unemployment rate continued to drop. The average unemployment rate for the year was 7.5 percent for 2020, compared to 3.4 percent in 2019. Download the document to read more.