Wednesday, July 9, 2014

Updated Economic Indicators by MSA 

  • Seasonally adjusted initial claims for Tennessee climbed in May following two months of declines. The less volatile trend declined. 
  • Permits issued for single-family home construction for Tennessee fell substantially in May, dropping to the lowest level since March 2013. The trend for single-family permits has been flat since the beginning of the year.
  • State sales tax collections fell in May after seasonal adjustment. Sales tax collections are just 0.9% higher over the year. 
  • Seasonally adjusted nonfarm employment for Tennessee rose 0.2% in May with broad-based gains in both goods-producing and services-providing industries. Nonfarm employment is 2.1% higher over the year. 
  • Unemployment rate for Tennessee is little changed in May at 6.4%, about the same as the U.S. unemployment rate. 
  • Average weekly hours for Tennessee were unchanged in May and unchanged over the year. Rising hours worked is an advance indicator of hiring pressure. 
  • Average hourly earnings for Tennessee fell in May to $20.60. However, hourly earnings for private sector workers are 2.7% higher over the year, a gain larger than the rate of inflation (2.1% CPI).
Graphs: Search by MSA at Tracking Tennessee's Economic Recovery