Tuesday, July 23, 2013

Updated Economic Indicators


  • Seasonally adjusted nonfarm employment for Tennessee dropped sharply in June due mostly to a loss of government jobs. Nonfarm employment declined 0.6%, the largest one-month decline since 2009, losing 16,500 jobs. Most of the lost jobs occurred in local government and federal government due to federal budget sequester cutbacks. Over the year, the job growth rate fell to 1.2% after seasonal adjustments. Excluding government employment, the private sector nonfarm employment growth rate is 2.1% over the year. 
  • Unemployment rate for Tennessee rose to 8.5% in June as the number unemployed rose for the sixth consecutive month while employment, as measured by the household survey, continued to decline.
  • State sales tax collections fell sharply in June following a very large unsustainable increase in May. State sales tax collections are just 1.2% higher over the year. 
  • Seasonally adjusted initial claims for Tennessee declined in June to 5,477 following three months of increases. The less-volatile trend is little changed. Claims remain very low compared with the past five years. [
  • Permits issued for single-family home construction in Tennessee increased greatly in May, rising to 1,574 units from 1,341 in April. The May figure is the most number of permits issued since September 2008. The less volatile also gained, rising to 1,375 units.
Graphs: Search by MSA at Tracking Tennessee's Economic Recovery