Monday, April 28, 2014

Updated Economic Indicators 

  • Seasonally adjusted initial claims for Tennessee dropped sharply in March to a weekly average of 4,849. Claims had followed a rising trend since November.
  • Permits issued for single-family home construction for Tennessee for Tennessee fell 4.4% in March after seasonal adjustments. Of more concern is the continuation of weakness in the trend, which has been in decline since last summer. Over the year, single-family construction is 9.6% higher, while multi-family construction is up 18.6%.
  • State sales tax collections jumped higher in March after seasonal adjustments, rising 4.0% from February. Over the year, collections are up 5.4%.
  • Seasonally adjusted nonfarm employment for Tennessee rose 0.2% in March, a gain of 4,200 jobs from February. The rate of growth of job creation in the private sector remained at 2.1% over the year.
  • Unemployment rate for Tennessee fell to 6.7% in March, equaling the U.S. unemployment rate for the first time in nearly two years. Rising employment and a steady labor force caused the decline in the unemployment rate.
Graphs: Search by MSA at Tracking Tennessee's Economic Recovery