Wednesday, May 1, 2013

Updated State and MSA Economic Indicators

  • Seasonally adjusted nonfarm employment for Tennessee dipped 6,600 jobs in March, the first monthly decline since July 2012. Growth over the year remains positive, with employment up 45,000. The highest over-the-year growth rates are in the Cleveland MSA (5.5%) and Nashville MSA (2.8%). 
  • Tennessee unemployment rate continues to rise steadily, increasing to 7.9% in March from 7.8% in the previous month. 
  • Permits issued for single-family home construction in Tennessee declined again in March, falling to 1,100 units. The less volatile trend is also in decline from a peak last November. 
  • State sales tax collections fell in March from the previous month, after seasonal adjustments. Growth of trend collections has slowed since last November. 
  • Seasonally adjusted initial claims for Tennessee rose somewhat in March to 5,247 weekly claims from 5,210 in February. The less volatile trend continued to fall. Initial claims remain extremely low based on the experience since 1990. 
Graphs: Search by MSA at Tracking Tennessee's Economic Recovery