Tennessee’s October unemployment rate improved to 5.6 percent

The Tennessee Department of Labor and Workforce Development said today the seasonally-adjusted jobless rate declined by a tenth of a percent to 5.6 percent during October.

New York’s unemployment rate has dropped below the national average.

Total non-farm employment increased by 10,400 jobs from September to October. The largest increases occurred in professional/business services, government, and wholesale trade.

After revisions to the previous week claims and monthly average the overall unemployment claims this week unemployment claims saw a increase from the previous week’s revised level of 276,000 claims. The jobless rate is down more than one percent from a year ago – when it was 6.8%.

According to the Associated Press, October’s jobs report showed US hiring swelled in October by the largest amount all year.

In another good sign, the city added 47,700 jobs last month, and the average weekly earnings for New Yorkers in the private sector is up 2.4% after adjustments for inflation.

That was a strong rebound from August and September, when turmoil in China and other economies overseas proved a drag on the USA job market. Rates have been holding steady at 1.6% since September.

Meanwhile, the number of people who continue to receive unemployment benefits slipped 2,000 to reach just 2.18 million.

Yet businesses appear largely unfazed by the slowdown. Applications below 300,000 typically signal a healthy job market.