Tuesday, July 22, 2014

Economic Indicators Updated


  • Seasonally adjusted initial claims for Tennessee for Tennessee climbed again in June, rising to 5,106 claims per week. The increase pushed new claims slightly higher than the trend.
  • Permits issued for single-family home construction for Tennessee climbed from the previous month, rising 22% from a weak May performance. Over the year, single-family home permits are 16.9% higher. Total permits (single-family plus multi-family) are 9.5% higher over the year 
  • State sales tax collections rose strongly in June after seasonal adjustment, gaining 2.4% from May and 5.5% over the year. Business-related tax collections declined substantially, however, causing total state tax collections to fall.
  • Seasonally adjusted nonfarm employment for Tennessee was little changed in June, 2,600 jobs lower than May. Over the year, nonfarm employment is 2.0% higher, gaining 53,600 jobs. 
  • Unemployment rate for Tennessee gained 0.2 percentage points, rising to 6.6% compared with 6.1% for the U.S. Over the year, the unemployment rate is 1.8 percentage points lower. 
  • Average weekly hours for Tennessee climbed 0.6% from May to 35.4 hours. Over the year, however, hours worked are somewhat lower. 
  • Average hourly earnings for Tennessee rose to $20 in June following seasonal adjustments, a gain of 0.5% from May. Over the year, average hourly earnings are 3.4% higher.
Graphs: Search by MSA at Tracking Tennessee's Economic Recovery