Economic Indicators Updated

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

Tennessee initial unemployment claims, single-family home permits, and unemployment rate dropped in May, sales tax collections and nonfarm employment gained, and average weekly hours and earnings were unchanged from April. See graphs for the state and 10 MSAs at Tracking Tennessee's Economy.

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 TN gained 58,400 jobs over the year in Feb., up 2.2%. Private-sector growth was substantially higher at 2.7%. Newly revised figures show strong job growth over the year for Cleveland MSA (up 5.0%) and Nashville MSA (up 3.9%). 
• TN unemployment rate for Feb. 2013 ticked up slightly to 7.8%, showing little change over the past 5 months.
• Seasonally adjusted initial claims for TN rose somewhat in March to 5,247 weekly claims from 5,210 in Feb. The less volatile trend continued to fall. Initial claims remain extremely low based on the experience since 1990.
• Permits issued for single-family home construction in TN fell in Feb. to 1,181 units following a strong Jan. Single-family permits have been volatile over the past 6 months. The less volatile trend is virtually unchanged from Jan.

Graphs: Tracking Tennessee's Economic Recovery | MSA

Home Construction Update

mtsu.edu/berc/tacir 

Permits issued for single-family home construction in Tennessee fell to 1,339 after seasonal adjustment from 1,493 in October. The less volatile trend continued to increase, however, producing the seventh consecutive gain dating back to last spring. Seven of the 10 metro areas in Tennessee still show gains over the year.

[Tracking Tennessee's Economic Recovery]

October Building Permits

http://mtsu.edu/berc/tacir 

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

• Seasonally adjusted permits issued for single-family home construction jumped to 1,493 for Tennessee in October, the highest level in four years (since September 2008). Most metropolitan areas in Tennessee experienced significant increases.

View graphs and tables:  http://mtsu.edu/berc/tacir

Updated Indicators and Outlook Conference

http://www.mtsu.edu/berc

• Seasonally adjusted initial claims for unemployment insurance are gently rising, reflecting an increased number of layoffs for Tennessee employers in August. The trend for UI claims has increased to 6,040 per week in August, rising from the recent low of 5,801 per week in April. Rising initial claims will place upward pressure on the unemployment rate.
• Single family home construction for Tennessee, as measured by seasonally adjusted building permits, rose to 1,084 units in July, up from 1,011 in June. The less volatile trend also increased.
• Tennessee's unemployment rate climbed to 8.4% in July, the third monthly rise. Employment, according to the household survey, declined in July, following declines in all but one month this year.
• Seasonally adjusted nonfarm employment rose slightly in July, adding 6,400 jobs. While higher than in June, nonfarm employment has shown little change in 2012.
• Seasonally adjusted state sales tax collections were about the same in July as in June. The less volatile moving average has shown little change since March.
• Details by MSA

Economic Outlook Conference Friday

The annual MTSU conference is scheduled for Friday, September 21, at Embassy Suites, Murfreesboro. To register,

• call 615-898-2764, or 
• email teena.young@mtsu.edu

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.