(The Center Square) – Tennessee's unemployment rate dropped from 3.5% in June to 3.4% in July, the lowest rate in two years, according to the Tennessee Department of Labor and Workforce Development. 

July 2024 was the last time the unemployment rate was 3.4%, according to the department. The national unemployment rate is 4.1%, according to the Bureau of Labor Statistics. 

The number of jobs decreased by 400 from June to July, with the most significant losses in the leisure and hospitality and retail trade sectors, according to the department. But 21,300 jobs were added over the past year. The most gains are in the healthcare and social assistance sector and the administrative, support, and waste services sector. 

The average weekly wage for Tennesseans dropped by $18.63 from $1,077.50 in June to $1,058.87 in July, according to the department. The weekly wage is below the national average of $1,267.26 for July, up $1.56 from June. 

The average hourly rate for workers in Tennessee dropped slightly from $24.77 to $24.74. The U.S. average is $30.39, up 11 cents from June to July, according to the Bureau of Labor Statistics.