Lowest Initial Unemployment Claims since 1990

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

BERC research shows Tennessee initial unemployment claims dropped in August to the lowest level since 1990. See more state and MSA indicators at Tracking Tennessee's Economy: http://capone.mtsu.edu/berc/tacir/tacir.html 

Updated Economic Indicators

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

David Penn: "State sales tax collections continue to grow rapidly, rising 0.8% in July...." See MSA and state indicators at Tracking Tennessee's Economy.

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.

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.

Tennessee Economic Indicators

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

Tennessee's unemployment rate and initial unemployment claims declined in April, while single-family housing permits, state sales tax collections, and nonfarm employment rose. See graphs for the state and 10 MSAs at Tracking Tennessee's Economy.

Economic Indicators Updated

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

In March, Tennessee initial unemployment claims and single-family home construction permits rose while state sales tax collections, seasonally adjusted nonfarm employment, unemployment rate, and average weekly hours fell. For graphs of details by MSA, check out Tracking Tennessee's Economy.

Updated Economic Indicators for Tennessee and MSAs

http://mtsu.edu/berc/tacir 

In February, Tennessee permits for single-family home construction declined following a strong January performance, seasonally adjusted nonfarm employment was virtually unchanged, and the unemployment rate dipped slightly. For details by MSA, see the Tracking Tennessee's Economic Recovery site. 

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

Updated Economic Indicators

http://mtsu.edu/berc/tacir 

Initial unemployment claims, single-famiy home permits, seasonally adjusted nonfarm employment, and the unemployment rate for Tennessee all declined in November, while state sales tax collections increased. For details, graphs, and MSA information, see 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 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

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 by MSA

http://mtsu.edu/berc/tacir 

• 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

Updated Economic Indicators

http://mtsu.edu/berc/tacir 

• Seasonally adjusted initial claims for Tennessee dropped sharply in March to a weekly average of 4,849. Claims had followed a rising trend since November.
• Permits issued for single-family home construction for Tennessee for Tennessee fell 4.4% in March after seasonal adjustments. Of more concern is the continuation of weakness in the trend, which has been in decline since last summer. Over the year, single-family construction is 9.6% higher, while multi-family construction is up 18.6%.
• State sales tax collections jumped higher in March after seasonal adjustments, rising 4.0% from February. Over the year, collections are up 5.4%.
• Seasonally adjusted nonfarm employment for Tennessee rose 0.2% in March, a gain of 4,200 jobs from February. The rate of growth of job creation in the private sector remained at 2.1% over the year.
• Unemployment rate for Tennessee fell to 6.7% in March, equaling the U.S. unemployment rate for the first time in nearly two years. 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 

• 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

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

Updated Tennessee Economic Indicators

http://mtsu.edu/berc/tacir 

• Seasonally adjusted initial claims for unemployment insurance in TN increased in Jan. following a large decline in Dec. The less volatile trend continues to show improvement, however. 
• Permits issued for single-family home construction in TN fell again in Dec, the 2nd monthly decline following a large increase in Oct. The trend continues to show improvement. 
• Tennessee unemployment rate remained at 7.6% in Dec., down from 8.5% a year ago.
• Seasonally adjusted nonfarm employment for TN gained 3,000 jobs in Dec. from the previous month. Over the year, nonfarm employment has gained 36,400 jobs, up 1.4%.
  
• State sales tax collections up 5.1% in Dec. over the year (seasonally adjusted), the largest rise since June 2012.

Graphs: Tracking Tennessee's Economic Recovery | MSA | County

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]