Thursday, September 26, 2013

Updated Economic Indicators 

  • Seasonally adjusted nonfarm employment for Tennessee gained in August, compensating for job losses in July. Gains occurred in manufacturing, trade, leisure and hospitality, and education and health services. Employment in the private sector employment rose 1.9% compared with 1.2% when government is included.
  • Unemployment rate for Tennessee remained at 8.5% again in August, the third month at this level. Both employment (measured by the household survey) and unemployment fell during the month.
  • State sales tax collections fell in August following a strong performance in July. Seasonally adjusted collections are 3.8% higher over the year.
  • Seasonally adjusted initial unemployment claims for Tennessee fell to 5,238 per week in August while the less-volatile trend also declined. The steady decline in the trend of initial claims suggests that fewer and fewer firms are downsizing.
Graphs: Search by MSA at Tracking Tennessee's Economic Recovery