Economic Indicators through August

http://mtsu.edu/berc/tacir 

• Seasonally adjusted initial claims for Tennessee dropped again in August, falling to a new post-recession low of 4,338 per week, after seasonal adjustments. Prior to the recession, initial claims averaged approximately 6,000 per week.
• Permits issued for single-family home construction for Tennessee rose to a post-recession high in August, climbing to 1,704 after seasonal adjustments. Over the year, single-family home permits have increased 28.3%. On the other hand, total permits (single-family plus multi-family) are just 1.0% higher over the year, showing how multi-family activity has cooled considerably.
• State sales tax collections gained 2.4% in August from the previous month, a large month-to-month increase. Over the year in August, seasonally adjusted state sales tax collections are up 6.9% for the state.
• Seasonally adjusted nonfarm employment for Tennessee exceeded the 2.8 million level in August, gaining 0.2% from the previous month. Over the year, nonfarm employment grew 2.1%. Including just private-sector establishments, employment rose a more robust 2.6% over the year.
• Unemployment rate for Tennessee rose again in August, climbing to 7.4% compared with 6.1% for the United States.
• Average weekly hours for Tennessee increased slightly in August to 35.3, equaling the average for the year to date.
• Average hourly earnings for Tennessee rose $0.10 in August to $20.80. Earnings per hour have exhibited little net change since January.

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

Economic Indicators for July for State and MSAs

http://mtsu.edu/berc/tacir 

• 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