- Seasonally adjusted nonfarm employment for Tennessee increased 5,700 in May due to gains in manufacturing, trade, professional and business services, and leisure and hospitality. Over the year, nonfarm employment has grown 52,500, but the rate of growth has slowed since January. Due to public sector downsizing, the private sector growth rate (2.2%) is larger than the growth rate of public and private employers combined (1.9%) over the year.
- The Tennessee unemployment rate continued to gain, increasing to 8.3% in May. The unemployment rate is based on model estimates that rely on a survey of households. Part of the gain in the unemployment rate is due to an increased number of job seekers (unemployed), but part is also due to fewer employed. Declining employment reported by the household survey contrasts with modest job growth registered by the employer survey (nonfarm employment).
- State sales tax collections rose significantly, gaining 1.6% from April after seasonal adjustments. Over the year, collections from the state sales tax are 3.9% higher.
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