Monday, August 26, 2013

Updated Economic Indicators 

  • Permits issued for single-family home construction in Tennessee rose in July, rebounding from June. Single-family construction permits are up 32.9% over the year, while total permits (single-family plus multi-family) are 68.3% higher.
  • Seasonally adjusted nonfarm employment for Tennessee rose in July to 5,954 per week while the less-volatile trend changed little. Initial claims have dropped to about the same level as in 2007 before the recession.
  • Unemployment rate for Tennessee remained at 8.5% in July. As in the previous month, the number unemployed rose, while employment, as measured by the household survey, declined.
  • State sales tax collections rebounded higher in July following a decline in June. Seasonally adjusted collections rose 2.5% from June and are 3.4% higher over the year. 
  • Seasonally adjusted initial unemployment claims for Tennessee fell again in July due to declines in government, professional and business services, and leisure and hospitality. The private sector employment growth rate is 2.4% over the year, compared with 1.2% when government is included.
Graphs: Search by MSA at Tracking Tennessee's Economic Recovery