Tennessee keeps 3.5% jobless rate
For the fourth consecutive month, unemployment in Tennessee stayed near historic low levels in January with only 3.5% of the state's workforce unemployed, according to the Tennessee Department of Labor and Workforce Development.
The jobless rate in Tennessee was slightly above the national rate of 3.4% in January. In a report released Thursday, th Tennesee Department of Labor and Workforce Development said Tennessee employers added 123,200 jobs over the past 12 months, including a seasonally adjusted increase in employment of 21,800 jobs in January.
Despite higher interest rates from the Federal Reserve Board's policy to try to slow economic growth, the state labor agency reported Thursday that unemployment in January remained just above its all-time low of 3.2% reached last June.
Tennessee career centers on Thursday listed 366,618 job openings across Tennessee, or more than three times the seasonally adjusted 115,669 Tennessee workers out of a job and still looking for work in the January report.
Jobless claims decline for third straight week
The number of people applying for unemployment benefits in the U.S. fell for third straight week. That's good news for American workers, but potentially bad news in the fight against inflation by the Federal Reserve, which has been ratcheting up its benchmark interest rate for a year in an effort to cool the economy, loosen the labor market and tame inflation.
Applications for jobless claims in the U.S. for the week ending February 25 fell to 190,000 from 192,000 the previous week, the Labor Department said Thursday. It's the seventh straight week claims were under 200,000.
The four-week moving average of claims, which evens out some of the weekly volatility, rose by 1,750 to 193,000, remaining below the 200,000 threshold for the sixth straight week.
Applications for unemployment benefits are considered a proxy for the number layoffs in the U.S.
About 1.66 million people were receiving jobless aid the week that ended Feb. 18, a decrease of 5,000 from the week before.
Over 1 billion products recalled during 2022
For the second consecutive year, more than 1 billion units of food, drugs, medical devices, automobiles, and consumer products were recalled in the U.S.
According to Sedgwick's latest state of the nation recall index report, 2022 was a record-breaking year for the number of units recalled, reaching nearly 1.5 billion. With regulatory scrutiny continuing to increase, 2023 may shape up to be another 1 billion unit year, requiring businesses across industries to remain vigilant on matters of product safety and recall preparedness, Sedgwick said in a report Thursday.
Despite the overall increase in product recalls, automotive recalls decreased 12.6% in 2022 compared to 2021. The sector also experienced a 10.3% decline in the number of units recalled, marking a nine-year low.
Ford sales jump 22% in February
Ford Motor Co.'s U.S. sales rose 22% year-over-year in February, bolstered by a healthier flow of new-vehicle inventory.
The Dearborn automaker sold 157,606 vehicles last month, up from 129,273 in February 2022. Through the first two months of the year, sales are up 11.4%.
"We're really off to a fast start," said Erich Merkle, head of U.S. sales analysis at Ford, noting growth across trucks, Ford-brand SUVs and electric vehicles.
The majority of Ford's February sales -- nearly 145,000 units -- came from internal combustion engine vehicles, but the automaker's sales of battery-electric vehicles were up 68% from a year ago to 3,523. Ford is investing $50 billion in electrification through 2026, and has three battery-electric vehicles on the market: the Mustang Mach-E, the F-150 Lightning and the E-Transit cargo van.
— Compiled by Dave Flessner