Stores Tackle Challenge of Hiring for Holidays

From the Tennessean: "David Penn, director of Middle Tennessee State University's Business and Economic Research Center, sees local retail job growth of 0.8 percent for this year's first three quarters compared with a 1.9 percent average last year as a sign that retailers will add fewer jobs. 'We'll see a seasonal increase like we always do, but perhaps not as big of a seasonal increase like we've seen in the past years because households were spending less already in the third quarter,' he said, citing high gas prices and consumers taking less equity out of homes. 'With less spending, you don't need so many retail workers out on the floor or at the cash register.'"

Top 10 Things MTSU Contributes to Community

From the Murfreesboro Post:
"An annual $800-plus million economic impact on the Davidson-Murfreesboro area tops the Top 10 List of MTSU contributions to the community.... That ... is the estimate of the university’s impact on the region in 2005-2006 with MTSU pumping well over $350 million into the Rutherford/Murfreesboro economy."

Building Holds Jobless Rate Down

From the Tennessean:
"A surge in construction jobs gave Tennessee workers a lift, pushing the state's unemployment rate down for the month of September.... David Penn, director of the Business and Economic Research Center at Middle Tennessee State University, said the September unemployment numbers were puzzling given that non-farm employment has been growing by less than 1 percent over the last five months."

Bad Home Loans Cause First Tennessee Loss

From the Tennessean:
"On Thursday, First Tennessee's parent company said it lost $14.2 million in the most recent quarter, in part because so many mortgages and home construction loans are going bad. Wall Street analysts had expected Memphis-based First Horizon National Corp. to make money in the period.... 'Banks are being more cautious about the loans they make to households or businesses with below-stellar credit quality,' said David Penn, an economist at Middle Tennessee State University."

BERC Wins Magazine Award

At the annual conference of the Association of University Business and Economic Research (AUBER), the BERC won the 2007 Award for Excellence in Publications in the magazines and journals category for Tennessee's Business (Horace Johns, executive editor, Sally Govan, designer and copy editor).

Academy of Economics and Finance 2008

The Academy of Economics and Finance will hold its annual meeting in Nashville Feb. 13–16, 2008. (call for papers) (abstract submission)

MTSU professors planning and hosting the conference:

• Frank Michello, Local Arrangements Co-Chair, AEF 2008
• Albert E. DePrince, Past President
• Bichaka Fayissa, Past President
• John T. Lee, Past President and Local Arrangements Co-Chair, AEF 2008

Starter Homes Fuel Southeast Davidson Growth

From the Tennessean:
"Through August, residential permits in Davidson County were up 2 percent, a far cry from Wilson County's stellar gains but still remarkable given how slow construction has been nationwide, said David Penn, director of Middle Tennessee State University's Business and Economic Research Center."

Wilson County Building Surges

From the Tennessean:
"'What you're seeing is the market for less-expensive homes,' said David Penn, director of Middle Tennessee State University's Business and Economic Research Center. 'I think that households are reacting to high housing prices.'" (graphs)

Database Update

The economic and financial databases maintained by Dr. Albert E. DePrince, Jr., are updated as of Oct. 16.

Nashville-Area Home Sales Drop 25%

From the Tennessean:
"'The more prices go up, the longer it's going to take to absorb that surplus housing,' said David Penn, director of the Business and Economic Research Center at Middle Tennessee State University."

Economic Outlook Conference Charts

David A. Penn's presentation charts from MTSU conference Sept. 28

Current Economic Indicators

For the Nashville-Davidson-Murfreesboro MSA (10/08/07)

Retailers Predict Sales Won't Make Them Jolly

From the Tennessean (10-05-07):
"The National Retail Federation ... thinks sales will increase only about 4 percent nationally.... Sales could be a bit more robust in the Nashville area, although they probably won't match those of Christmas 2006, said David Penn, a Middle Tennessee State University economist who tracks consumer spending."

Murfreesboro Opens 100-Acre Shopping 'Avenue'

From the Tennessean (10-03-07):
"Developers and Murfreesboro officials ... hope the Avenue will capture shopping dollars generated in Rutherford County itself. Many residents of the fast-growing county do much of their shopping in Davidson and Williamson counties, especially for electronics and clothing, said David Penn, director of the Business and Economic Research Center at Middle Tennessee State University. 'This is going to help plug the leakage of sales for the county,' he said."

Middle Tennessee Economic Outlook

From the MTSU Economic Outlook Conference Sept. 28:

BERC Director David A. Penn's presentation

Atlanta Fed President Lockhart's Address

From the MTSU Economic Outlook Conference Sept. 28:

Dennis Lockhart's address

Economic Forecast: Ratajczak

From MTSU's Economic Outlook Conference Sept. 28:

A portion of Don Ratajczak's economic forecast with sound bytes