Bedford jobless rate drops by half-point

Bedford County's unemployment rate dropped to 12.4 percent in July, according to preliminary figures released Thursday by the state's department of Labor and Workforce Development.

In June, the rate leapt 1.4 percentage points to 13 percent, but the new preliminary numbers for July means a drop of 0.6 percent for Bedford County.

Labor force estimates for the county showed a work force of 23,060 people, with 20,190 employed and a total of 2,870 out of work. Unemployment for the county in July of last year was at 6.9 percent.

County non-seasonally adjusted unemployment rates for July show that the rate increased in 14 counties, decreased in 78 counties and remained the same in three counties.

Lincoln County registered the state's lowest county unemployment rate at 6.9 percent, down from 7.0 percent in June. Scott County had the state's highest unemployment rate at 19.6 percent, up from 19.5 in June, followed by Lauderdale County at 19.5 percent, down from 19.7 percent in June.

Knox County had the state's lowest major metropolitan rate of 8.3 percent, down 0.2 percent from the June rate. Hamilton County was at 9.1 percent, down 0.2 percent from the June rate.

Davidson County was 9.2 percent, down 0.1 from the previous month, and Shelby County was 10.4 percent, unchanged from the June rate.

Tennessee's unemployment rate for July was 10.7 percent, down 0.1 percentage point from the June rate of 10.8 percent. The July rate a year ago was 6.6 percent.

The national unemployment rate for July 2009 was 9.4 percent, down from the June rate of 9.5 percent.

"The unemployment rate reduction does not reflect a meaningful shift in unemployment," reported State Labor Commissioner James Neeley. "The lower rate is mostly a result of discouraged workers dropping out of the workforce."

Also, a Federal Reserve official claimed that the actual U.S. unemployment rate is 16 percent if persons who have dropped out of the labor pool and those working less than they would like are counted.

Atlanta Fed chief Dennis Lockhart said Wednesday in Chattanooga that he was expressing his own views, but said that if you consider "so-called discouraged workers -- and those who are working fewer hours than they want, the unemployment rate would move from the official 9.4 percent to 16 percent."