Two thirds of Knoxville business leaders are ‘optimistic’ about the economy
The Chamber releases a quarterly "ECO report," which shows the outlook of Knoxville's business leaders.
The Knoxville Chamber sent a survey to prominent business leaders and community partners in the region. The results of that survey were overwhelmingly positive when considering an economic outlook for 2025.
Respondents were asked if they think a recession will occur sometime in 2025. A majority of respondents (67 percent) said “no,” while the remaining third said “yes.”
In Knoxville, it appears that way, based on employment data. Only about 3.3 percent of people in the Knoxville Metropolitan Area are unemployed, giving our city the second lowest unemployment-rate, among the big four (Nashville, Memphis, Knoxville, and Chattanooga). Memphis has the highest unemployment rate of the four, sitting at 4.4 percent in late September. Nationally, the unemployment rate is 3.9 percent.
Labor shortages are continuing for longer than expected by many economists. Strong job demand and slower workforce growth are driving intense competition for talent, leaving many roles vacant. According to the latest data from the U.S. Bureau of Labor Statistics (BLS), included in the ECO Report, the nation had 7.4 million jobs to fill and only 5.6 million hires in September, meaning there are 1.3 job openings for every unemployed person.
Interestingly, in September, the largest increases in U.S. job openings were in financial activities (+93,000), professional and business services (+77,000), information (+13,000), and private educational services (+3,000).
Read more from the Knoxville Chamber’s ECO Report.
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