Memphis
at the margin.
Memphis's diversified economy through the lens of cross-sector indicators.
Labor Market
## Labor Market Conditions — Memphis
Memphis's labor market is in equilibrium, with employment holding steady over the past year. Total employment grew just 0.12% year over year through December — essentially flat, but positive. Momentum is holding steady, with no meaningful acceleration or deceleration in hiring activity.
The underlying picture is modestly encouraging. While payroll growth is minimal, unemployment has declined roughly 9% compared to a year ago, meaning fewer workers are actively out of work even as employers aren't adding headcount at any notable pace. That combination — stable employment with a shrinking unemployed pool — suggests the market is absorbing available labor without generating significant new demand. There is no sign of stress, but there is also no sign of expansion.
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