Economic Indicators Updated

http://capone.mtsu.edu/berc/tacir/tacir.html 

Single-family home permits, state sales tax collections, and seasonally adjusted nonfarm employment all rose in June for Tennessee. See graphs for the state and 10 metro areas at Tracking Tennessee's Economy.

Updated Economic Indicators for TN and MSAs

http://mtsu.edu/berc/tacir 

In February, Tennessee initial unemployment claims rose while state sales tax collections fell. In January, nonfarm employment, average weekly hours and earnings rose. See MSA details at Tracking Tennessee's Economic Recovery.

http://capone.mtsu.edu/berc/tacir/tacir.html

Economic Indicators Updated through October

http://mtsu.edu/berc/tacir 

• Seasonally adjusted initial claims for Tennessee changed little in October, increasing to 4,571 per week from 4,507 in September. The trend declined slightly. Initial claims remain very low for the state.
• State sales tax collections gained in October after seasonal adjustments. Collections rose 2.5% from September and now are 7.3% higher over the year for Tennessee.
• Seasonally adjusted nonfarm employment for Tennessee rose 7,900 in October from the previous month. Over the year, nonfarm employment is 2.2% higher, a gain of 59,800.
• Unemployment rate for Tennessee declined to 7.1% in October, down from a recent peak of 7.4% for August. Tennessee's unemployment rate remains elevated compared with 5.8% for the U.S. 
• Average weekly hours for Tennessee fell to 34.8 in October. Hours worked are down 1.4% over the year.
• Average hourly earnings for Tennessee gained $0.10 in October September to $20.70 after seasonal adjustments. Hourly earnings are just 2.0% higher over the year.

Graphs: Search by MSA at Tracking Tennessee's Economic Recovery

Economic Indicators Updated through September

http://mtsu.edu/berc/tacir 

• Seasonally adjusted initial claims for Tennessee increased slightly in September, climbing to 4,507 per week compared with 4,338 in the previous month.  The trend continued to drift lower.  Initial claims remain at very low levels, lower than prior to the recession.
• State sales tax collections declined in September following a very large August gain.  Seasonally adjusted collections fell 1.2% from the previous month but remain 5.3% higher over the year.
• Seasonally adjusted nonfarm employment for Tennessee climbed by 17,000 jobs in September from the previous month, up 0.3%. Over the year, nonfarm employment is 2.2% higher, up 60,700. (Private-sector-only jobs gained 2.8% over the year.) The growth rate has been on the rise since mid-2013.
• Unemployment rate for Tennessee changed little in September despite the gains in nonfarm employment and falling initial unemployment insurance claims. Tennessee's unemployment rate is 7.3% compared with 5.9% for the U.S.
• Average weekly hours for Tennessee dropped to 35.1 in September, one of the lower numbers reported in the past 12 months.
• Average hourly earnings for Tennessee fell $0.20 in September to $20.60 after seasonal adjustments. Average earnings appear to be weakening following the peak in May of this year.

Graphs: Search by MSA at Tracking Tennessee's Economic Recovery

Economic Indicators Updated

http://mtsu.edu/berc/tacir 

• 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

Updated Economic Indicators

http://mtsu.edu/berc/tacir 

• Permits issued for single-family home construction for Tennessee rose 3.2% in February after seasonal adjustments. The less-volatile trend continued to decline, however, falling for the sixth consecutive month beginning August 2013. Over the year, single-family construction is up 10%. Multi-family construction continues to rise, causing total permits to climb 27% from the previous year.
• Seasonally adjusted nonfarm employment for Tennessee rose 0.2% in February, up nearly 7,000 jobs from January.  The rate growth of job creation in the private sector remained at 2.1% over the year.
• Unemployment rate for Tennessee fell sharply to 6.9% in February from 7.2% in the previous month, closing in on the U.S. unemployment rate of 6.7%.  Rising employment and a steady labor force caused the decline in the unemployment rate.

Graphs: Search by MSA at Tracking Tennessee's Economic Recovery

Updated Economic Indicators

http://mtsu.edu/berc/tacir 

• 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.

Graphs: Search by MSA at Tracking Tennessee's Economic Recovery

Updated Economic Indicators

http://mtsu.edu/berc/tacir 

• Permits issued for single-family home construction for Tennessee were virtually unchanged in December after seasonal adjustments. The trend shows a slight decline in activity from a peak last August. 
• Seasonally adjusted nonfarm employment for Tennessee was virtually unchanged in December, down 900 jobs from November. Over the year, nonfarm employment is 31,400 higher, a gain of 1.1%.
• Unemployment rate for Tennessee dropped to 7.8% in December from 8.1% in the previous month. The decrease was largely due to a decline in the labor force, indicating that fewer people are searching for work.
• State sales tax collections rose 0.5% in December from the previous month after seasonal adjustments. Collections are 2.6% higher over the year.
• Seasonally adjusted initial unemployment claims for Tennessee increased in December to 5,281 from 4,807 per week in November, the second consecutive increase. The less-volatile trend continued to decline and remain less than 5,000 per week.

Graphs: Search by MSA at Tracking Tennessee's Economic Recovery

Updated Economic Indicators

http://mtsu.edu/berc/tacir 

• Permits issued for single-family home construction for Tennessee declined in November to 1,314 following a very strong October. The less volatile trend shows little change and has been level since August. Over the year, single-family permits are 2.8% higher, but total permits (including multi-family permits) are down 1.9%.
• Seasonally adjusted nonfarm employment for Tennessee rose sharply in November by 0.3%, a gain of 9,400 from October. Over the year, nonfarm employment is 39,000 higher.
• Unemployment rate for Tennessee fell to 8.1% in November, the lowest level since April. Total employment fell 1,800 from October, but the number of persons unemployed fell nearly 12,000.
• State sales tax collections climbed 1.4% from October after seasonal adjustments. Collections are 4.0% higher over the year.
• Seasonally adjusted initial unemployment claims for Tennessee rose in November to 4,807 from 4,642 per week in October, while the less-volatile trend continued to decline. Initial claims remain at very low levels.

Graphs: Search by MSA at Tracking Tennessee's Economic Recovery

Updated Economic Indicators

http://mtsu.edu/berc/tacir 

• Seasonally adjusted nonfarm employment for Tennessee gained in August, compensating for job losses in July. Gains occurred in manufacturing, trade, leisure and hospitality, and education and health services. Employment in the private sector employment rose 1.9% compared with 1.2% when government is included.
• Unemployment rate for Tennessee remained at 8.5% again in August, the third month at this level. Both employment (measured by the household survey) and unemployment fell during the month.
• State sales tax collections fell in August following a strong performance in July. Seasonally adjusted collections are 3.8% higher over the year.
• Seasonally adjusted initial unemployment claims for Tennessee fell to 5,238 per week in August while the less-volatile trend also declined. The steady decline in the trend of initial claims suggests that fewer and fewer firms are downsizing.

Graphs: Search by MSA at Tracking Tennessee's Economic Recovery

Updated Economic Indicators

http://mtsu.edu/berc/tacir 

• Permits issued for single-family home construction in Tennessee rose in July, rebounding from June. Single-family construction permits are up 32.9% over the year, while total permits (single-family plus multi-family) are 68.3% higher.
• Seasonally adjusted nonfarm employment for Tennessee rose in July to 5,954 per week while the less-volatile trend changed little. Initial claims have dropped to about the same level as in 2007 before the recession.
• Unemployment rate for Tennessee remained at 8.5% in July. As in the previous month, the number unemployed rose, while employment, as measured by the household survey, declined.
• State sales tax collections rebounded higher in July following a decline in June. Seasonally adjusted collections rose 2.5% from June and are 3.4% higher over the year. 
• Seasonally adjusted initial unemployment claims for Tennessee fell again in July due to declines in government, professional and business services, and leisure and hospitality. The private sector employment growth rate is 2.4% over the year, compared with 1.2% when government is included.

Graphs: Search by MSA at Tracking Tennessee's Economic Recovery

Updated Economic Indicators

http://mtsu.edu/berc/tacir 

• Seasonally adjusted nonfarm employment for Tennessee dropped sharply in June due mostly to a loss of government jobs. Nonfarm employment declined 0.6%, the largest one-month decline since 2009, losing 16,500 jobs. Most of the lost jobs occurred in local government and federal government due to federal budget sequester cutbacks. Over the year, the job growth rate fell to 1.2% after seasonal adjustments. Excluding government employment, the private sector nonfarm employment growth rate is 2.1% over the year. 
• Unemployment rate for Tennessee rose to 8.5% in June as the number unemployed rose for the sixth consecutive month while employment, as measured by the household survey, continued to decline.
• State sales tax collections fell sharply in June following a very large unsustainable increase in May. State sales tax collections are just 1.2% higher over the year. 
• Seasonally adjusted initial claims for Tennessee declined in June to 5,477 following three months of increases. The less-volatile trend is little changed. Claims remain very low compared with the past five years. [
• Permits issued for single-family home construction in Tennessee increased greatly in May, rising to 1,574 units from 1,341 in April. The May figure is the most number of permits issued since September 2008. The less volatile also gained, rising to 1,375 units.

Graphs: Search by MSA at Tracking Tennessee's Economic Recovery

Indicator Updates

http://mtsu.edu/berc/tacir 

• Seasonally adjusted initial claims for Tennessee fell dramatically in February, down 10% from the previous month, falling to 5,210 weekly claims on average for the month, the lowest level of monthly claims since at least 1990. This puts downward pressure on the future unemployment rate.
• Tennessee unemployment rate for January 2013 is about the same at 7.7% compared with 7.6% in December and 7.7% in November.
• Seasonally adjusted nonfarm employment for Tennessee gained 7,000 jobs from December and 55,000 jobs over the year, a 12-month gain of 2.1%. Durable goods manufacturing and professional and business services showed particularly high job growth.

Graphs: Tracking Tennessee's Economic Recovery | MSA

Initial Claims

mtsu.edu/berc/tacir 

Seasonally adjusted initial claims for unemployment insurance in Tennessee fell sharply in December to 5,504 from 6,942 in November. The trend shows little change from November.

[Tracking Tennessee's Economic Recovery]

Updated Indicators

http://capone.mtsu.edu/berc/tacir/tacir.html 

Initial claims for unemployment insurance in Tennessee (seasonally adjusted) rose again in November, up to 6,942 from 6,429 the previous month. The trend suggests weakening labor market conditions. State sales tax collections are higher from the previous month, up 0.6% after seasonal adjustment and 2.9% over the year.

Rising Initial Claims

http://www.mtsu.edu/berc/tacir 

Seasonally adjusted initial claims for unemployment insurance for Tennessee rose to 6,429 per week in October, reflecting an increasing number of layoffs. The trend also climbed, rising by 99 claimants. The trend has been on the rise since April 2012.

Updated Tennessee Economic Indicators

http://mtsuberc.blogspot.com 

New from BERC director David Penn at Tracking Tennessee's Economic Recovery:

• Seasonally adjusted initial claims for unemployment insurance (UI claims) for Tennessee fell in September to 6,344 claims per week, down from 6,528 in August. The less volatile trend rose, however, climbing to 6,190. The trend has been on the rise since April 2012, reflecting softer labor market conditions. 
• Tennessee's unemployment rate climbed to 8.5% in August, the fourth monthly rise. However, unemployment rates in all 10 MSAs dropped from the previous month. 
• Seasonally adjusted state sales tax collections fell for Tennessee in August, dropping by 3.2% from July. Collections rose in the Jackson and Clarksville MSAs but fell in the other eight MSAs. 
• Seasonally adjusted nonfarm employment fell in August for Tennessee, down from July by 5,100 jobs. Nonfarm employment rose in the Chattanooga and Kingsport-Bristol MSAs and was unchanged in the Memphis MSA. The other seven MSAs experienced a decline from July.
• Employment in Tennessee, measured by the household survey, gained or was unchanged in August in all 10 MSAs and statewide. The labor force rose from July in all areas but Jackson and Knoxville.

For tables, graphs, and a downloadable Excel indicator history (Jan. 2004-Aug. 2012):

• http://mtsu.edu/berc/tacir

Updated Economic Indicators

www.mtsu.edu/berc/tacir 
Economic indicators and employment heat tables for Tennessee and 10 MSAs have been updated through May.

• Seasonally adjusted Tennessee initial claims for unemployment insurance climbed in May to a weekly average of 5,689 compared with 5,112 for April, signaling a rise in layoff activity. The less volatile moving average continued to decline, however, falling to its lowest level since April 2006.
• The unemployment rate for Tennessee rose in May to 7.9 percent, as not enough jobs were created to absorb a rise in the number of job seekers. The unemployment rate increased from April in all metropolitan areas with the exception of Clarksville.
• Seasonally adjusted single-family home construction for May rose substantially for Tennessee and for six of 10 metropolitan areas. The less volatile moving average is on the rise for Chattanooga, Clarksville, Knoxville, and Memphis MSAs but flat for the Cleveland, Jackson, Johnson City, and Morristown MSAs. The trend is falling somewhat for the Kingsport-Bristol and Nashville MSAs.
• Seasonally adjusted state sales tax collections hit a rough spot in May, with the state and all but one MSA showing a drop from the previous month. The less volatile moving average continued to climb, however.
• Nonfarm employment for May is virtually unchanged from April. Job growth has been very modest during the past four months.

See graphs and downloadable tables at Tracking Tennessee's Economic Recovery.

Updated Economic Indicators

www.mtsu.edu/berc/tacir 
Economic indicators and employment heat tables for Tennessee and 10 MSAs have been updated through May.

• Seasonally adjusted Tennessee initial claims for unemployment insurance climbed in May to a weekly average of 5,689 compared with 5,112 for April, signaling a rise in layoff activity. The less volatile moving average continued to decline, however, falling to its lowest level since April 2006.
• The unemployment rate for Tennessee rose in May to 7.9 percent, as not enough jobs were created to absorb a rise in the number of job seekers. The unemployment rate increased from April in all metropolitan areas with the exception of Clarksville.
• Seasonally adjusted single-family home construction for May rose substantially for Tennessee and for six of 10 metropolitan areas. The less volatile moving average is on the rise for Chattanooga, Clarksville, Knoxville, and Memphis MSAs but flat for the Cleveland, Jackson, Johnson City, and Morristown MSAs. The trend is falling somewhat for the Kingsport-Bristol and Nashville MSAs.
• Seasonally adjusted state sales tax collections hit a rough spot in May, with the state and all but one MSA showing a drop from the previous month. The less volatile moving average continued to climb, however.
• Nonfarm employment for May is virtually unchanged from April. Job growth has been very modest during the past four months.

See graphs and downloadable tables at Tracking Tennessee's Economic Recovery.

Tennessee Initial Unemployment Claims

http://www.mtsu.edu/berc/tacir 

Initial claims for unemployment insurance plunged in April following a March increase. Seasonally adjusted initial claims dropped to a weekly average of 5,112, the lowest level since well before the recession. The less volatile moving average (trend) also declined, reaching the lowest level since April 2006. Fewer initial claims are a signal that fewer employers are cutting their workforce, setting the stage for additional job growth. [Tracking Tennessee's Economic Recovery]