Wednesday, September 10, 2014

Economic Indicators for July for State and MSAs 

  • Seasonally adjusted initial claims for Tennessee declined in July, falling to 4,608 claims per week, nearly equaling the trend. Initial claims continue to decline as new layoffs become less and less of a problem. 
  • Permits issued for single-family home construction for Tennessee posted a substantial gain in July, rising 6.6% from June. The less volatile trend also increased in July. Over the year, single-family home permits are up 4.4% while total permits (single-family plus multi-family) are down 13% higher over the year, showing how the figures can be volatile.
  • State sales tax collections experienced a moderate rise in July, up 0.3% from June after seasonal adjustment. Over the year, state sales tax collections are up 3.2% for Tennessee. 
  • Seasonally adjusted nonfarm employment for Tennessee was little changed again in July, hovering around the 2.8 million level. Over the year, nonfarm employment is 1.9% higher, rising to 2.7% when government is not included.
  • Unemployment rate for Tennessee rose sharply in July, gaining 0.5 points from June. The current level of 7.1% returns the unemployment rate to about the same level as in January. The large decline in employment (from the household survey) is inconsistent with declining initial claims and modestly rising nonfarm employment.
  • Average weekly hours for Tennessee fell slightly to 35.2 hours. Hours worked have tended to fluctuate in a narrow band over the past year with no obvious trend.
  • Average hourly earnings for Tennessee fell $0.20 in July to $20.70. Following a large rise in 2013, hourly earnings have drifted lower this year. 
Graphs: Search by MSA at Tracking Tennessee's Economic Recovery