Friday, October 12, 2012

Updated Tennessee Economic Indicators 

New from BERC director David Penn at Tracking Tennessee's Economic Recovery:

  • Seasonally adjusted initial claims for unemployment insurance (UI claims) for Tennessee fell in September to 6,344 claims per week, down from 6,528 in August. The less volatile trend rose, however, climbing to 6,190. The trend has been on the rise since April 2012, reflecting softer labor market conditions. 
  • Tennessee's unemployment rate climbed to 8.5% in August, the fourth monthly rise. However, unemployment rates in all 10 MSAs dropped from the previous month. 
  • Seasonally adjusted state sales tax collections fell for Tennessee in August, dropping by 3.2% from July. Collections rose in the Jackson and Clarksville MSAs but fell in the other eight MSAs. 
  • Seasonally adjusted nonfarm employment fell in August for Tennessee, down from July by 5,100 jobs. Nonfarm employment rose in the Chattanooga and Kingsport-Bristol MSAs and was unchanged in the Memphis MSA. The other seven MSAs experienced a decline from July.
  • Employment in Tennessee, measured by the household survey, gained or was unchanged in August in all 10 MSAs and statewide. The labor force rose from July in all areas but Jackson and Knoxville.
For tables, graphs, and a downloadable Excel indicator history (Jan. 2004-Aug. 2012):