- 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.
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