Wednesday, September 10, 2014

Economic Indicators for July for State and MSAs

http://mtsu.edu/berc/tacir 

  • Seasonally adjusted initial claims for Tennessee declined in July, falling to 4,608 claims per week, nearly equaling the trend. Initial claims continue to decline as new layoffs become less and less of a problem. 
  • Permits issued for single-family home construction for Tennessee posted a substantial gain in July, rising 6.6% from June. The less volatile trend also increased in July. Over the year, single-family home permits are up 4.4% while total permits (single-family plus multi-family) are down 13% higher over the year, showing how the figures can be volatile.
  • State sales tax collections experienced a moderate rise in July, up 0.3% from June after seasonal adjustment. Over the year, state sales tax collections are up 3.2% for Tennessee. 
  • Seasonally adjusted nonfarm employment for Tennessee was little changed again in July, hovering around the 2.8 million level. Over the year, nonfarm employment is 1.9% higher, rising to 2.7% when government is not included.
  • Unemployment rate for Tennessee rose sharply in July, gaining 0.5 points from June. The current level of 7.1% returns the unemployment rate to about the same level as in January. The large decline in employment (from the household survey) is inconsistent with declining initial claims and modestly rising nonfarm employment.
  • Average weekly hours for Tennessee fell slightly to 35.2 hours. Hours worked have tended to fluctuate in a narrow band over the past year with no obvious trend.
  • Average hourly earnings for Tennessee fell $0.20 in July to $20.70. Following a large rise in 2013, hourly earnings have drifted lower this year. 
Graphs: Search by MSA at Tracking Tennessee's Economic Recovery

Tuesday, August 26, 2014

New Interim BERC Director

BERC's new interim director is Murat Arik, who has been serving as BERC associate director for 11 years. Murat can be reached at 615.898.5424 or murat.arik@mtsu.edu.

David Penn has stepped down as director after 12 years in order to teach full-time. He continues to serve the BERC as a consultant.

Wednesday, August 13, 2014

Tennessee Housing Market: 2nd Quarter 2014

http://capone.mtsu.edu/berc/housingbrief.html 

The state housing market improved, with construction and prices particularly strong in the Nashville MSA. [more]

Tuesday, July 22, 2014

Economic Indicators Updated

http://mtsu.edu/berc/tacir 

  • Seasonally adjusted initial claims for Tennessee for Tennessee climbed again in June, rising to 5,106 claims per week. The increase pushed new claims slightly higher than the trend.
  • Permits issued for single-family home construction for Tennessee climbed from the previous month, rising 22% from a weak May performance. Over the year, single-family home permits are 16.9% higher. Total permits (single-family plus multi-family) are 9.5% higher over the year 
  • State sales tax collections rose strongly in June after seasonal adjustment, gaining 2.4% from May and 5.5% over the year. Business-related tax collections declined substantially, however, causing total state tax collections to fall.
  • Seasonally adjusted nonfarm employment for Tennessee was little changed in June, 2,600 jobs lower than May. Over the year, nonfarm employment is 2.0% higher, gaining 53,600 jobs. 
  • Unemployment rate for Tennessee gained 0.2 percentage points, rising to 6.6% compared with 6.1% for the U.S. Over the year, the unemployment rate is 1.8 percentage points lower. 
  • Average weekly hours for Tennessee climbed 0.6% from May to 35.4 hours. Over the year, however, hours worked are somewhat lower. 
  • Average hourly earnings for Tennessee rose to $20 in June following seasonal adjustments, a gain of 0.5% from May. Over the year, average hourly earnings are 3.4% higher.
Graphs: Search by MSA at Tracking Tennessee's Economic Recovery

Employment Growth by Industry Updated through June

http://www.mtsu.edu/~berc/tacir/tennesseejobs.html 

Heat tables and summary tables for the state and 10 MSAs 
through June