Tracking the Trends: Jobless Claims and Wholesale Inventories—What They Mean for Memphis and the Mid-South

Let’s take a closer look at two key economic indicators that are making headlines: jobless claims and wholesale inventories. These numbers tell an important story about opportunity and resilience here in Memphis and the Mid-South.

Let’s start with jobless claims. According to the latest national data, initial jobless claims rose to 226,000, and continuing claims are approaching 2 million. This suggests the labor market is cooling a bit nationwide, but there’s no evidence of mass layoffs. Here in Memphis and the Mid-South, the picture is similar. Our unemployment rate is just above the national average at about 4.2%, but employers in logistics, healthcare, and our expanding tech sector are still hiring and holding onto talent.

Now, let’s talk about wholesale inventories. Last month, inventories in the U.S. ticked up by 0.1% and have climbed more than 1% over the past year. Companies across the country are watching their spending and inventory levels closely as the economy slows down. Here in Memphis, you can see this same careful approach at our distribution centers and logistics hubs as companies fine-tune their supply chains—an important move for a region known for its transportation and logistics leadership.

Resilience is one of Memphis’s greatest strengths. Even with some slowdown and industry cooling, we’re still seeing strong investment and job creation. New tech operations—including a powerful new supercomputer—are setting the stage for an exciting period of growth.

Of course, Memphis does face its share of challenges. Housing is a bit overvalued, and our growth hasn’t matched the pace of some other cities. Still, living and housing costs are 10% to 20% below the national average, and that continues to draw new businesses and residents to the area.

In summary:
In short, Memphis and the Mid-South reflect national trends: a resilient job market and careful inventory management. But thanks to our region’s investments, leadership in logistics, and lower costs, we have real opportunities to thrive—even as the national economy faces some headwinds.

Disclosure:
The information presented today is for informational purposes only and does not constitute an offer to buy or sell any security, nor does it represent investment advice. Past performance does not guarantee future results. All investments carry risk, including the potential loss of principal. Please consult your own professional advisors before making any investment or financial decisions.

Sources:

• U.S. Department of Labor, Jobless Claims Report
  https://www.dol.gov/newsroom/releases/eta/eta20250807
  https://oui.doleta.gov/unemploy/claims.asp
• Trading Economics, U.S. Initial Jobless Claims
  https://tradingeconomics.com/united-states/jobless-claims
• Reuters: "US jobless claims edge up, but 'no-hire, no-fire' trend remains intact"
  https://www.reuters.com/world/us/us-jobless-claims-edge-up-no-hire-no-fire-trend-remains-intact-2025-08-07/
• MarketWatch, Jobless Claims
  https://www.marketwatch.com/story/still-no-sign-of-rising-layoffs-in-jobless-claims-u-s-has-a-low-hire-low-fire-labor-market-20319685
• U.S. Census Bureau, Monthly Wholesale Trade
  https://www.census.gov/wholesale/index.html
• Trading Economics, U.S. Wholesale Inventories
  https://tradingeconomics.com/united-states/wholesale-inventories
• YCharts, U.S. Wholesale Inventories
  https://ycharts.com/indicators/us_wholesale_inventories
• Memphis Area Economic Summary - U.S. Bureau of Labor Statistics
  https://www.bls.gov/regions/southeast/tn_memphis_msa.htm
• REI INK: "Memphis, Tennessee"
  https://rei-ink.com/memphis-tennessee/
• Milken Institute/Smart City Memphis: Memphis MSA Economy
  https://www.smartcitymemphis.com/2025/06/milken-institute-says-memphis-msa-economy-is-in-trouble/

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