Thursday, March 20, 2014

Updated Economic Indicators 

  • Seasonally adjusted initial unemployment claims for Tennessee climbed to 5,603 per week in February compared with 5,193 for January. The less-volatile trend also rose. Unseasonably cold weather in February may explain some of the increase.
  • Permits issued for single-family home construction for Tennessee fell 4% from January after seasonal adjustments. Of greater concern is the weakening of construction activity as measured by the less-volatile trend, down for the fifth consecutive month. Over the year, single-family construction is down 7.8%. Multi-family construction continues to surge higher, causing total permits to rise 52% from the previous year.
  • State sales tax collections fell 1.7% in February from the previous month after seasonal adjustments, the second consecutive monthly decline. Over the year, collections are just 1.1% higher.
  • Seasonally adjusted nonfarm employment for Tennessee in January is slightly lower than the previous month and just 1.4% higher over the year. Slower job growth is consistent with rising layoffs and sales tax collections noted above.
  • Unemployment rate for Tennessee fell to 7.2% in January from 7.7% in the previous month. The decrease was due to higher employment according to the household survey measure.
Graphs: Search by MSA at Tracking Tennessee's Economic Recovery