RuCo unemployment rate highest in nearly 18 years on The Murfreesboro Post

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RuCo unemployment rate highest in nearly 18 years

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By: By ERIN EDGEMON, July 27, 2008

Posted: Sunday, July 27, 2008 9:31 am

Rutherford County unemployment has risen to 6.2 percent, up .8 percent from the previous month, according to June labor force estimates recently released by the Tennessee Department of Labor & Workforce Development.

“It is hard to pinpoint” the reason for the increase, said David Penn, executive director of the Business and Economic Research Center at MTSU. “It is surprising how much it has jumped in the last couple of months.”

The last time unemployment in the county was that high was September 1990, he said.

Penn said the jump could be caused by more people moving into the county looking for work, or those self-employed in real estate, restaurants and trucking companies giving up and now looking for work.

The manufacturing industry is still seeing some job losses, Penn said.

Also, some people may be entering the labor force for the first time due to the rising costs of fuel and goods, he said.

The Tennessee unemployment rate is at 6.5 percent in June up .1 percent from May.

Rutherford County had a 3.8 percent unemployment rate in June 2007; the state had a 4.6 percent unemployment rate in June 2007.

“All of Tennessee has experienced an increase in unemployment the last few months,” said Holly Weber, vice president for economic development for the Rutherford County Chamber of Commerce. “The slowdown in the construction industry is having major impact on the unemployment rate.

“We are continuing to work with our existing businesses to ensure they remain successful during this slowdown in the economy,” she added.

Penn said it would likely be a few months before there is enough data to know where the job losses are coming from.

“If this is an accurate portrayal of the labor market, sales tax collections are going to be even more tight for city and county governments,” Penn said.

That could lead to budget cuts or increased taxes for residents.

Erin Edgmeon can be reached at 869-0812 and at eedgemon@murfreesboropost.com.

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By: Geana on 7/25/08
It shouldn't be difficult to pinpoint. Recession plain and simple.

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