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

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 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 

• Seasonally adjusted nonfarm employment for Tennessee increased 4,500 in April due to gains in education and health services and professional and business services. Over the year, nonfarm employment is up 47,900, but the rate of growth has slowed since January. 
• Tennessee unemployment rate increased again in April, rising to 8.0% in contrast with a falling unemployment rate for the U.S. 
• State sales tax collections show little change in April compared with the previous month after seasonal adjustments. Collections are 0.8% lower compared with April 2012.

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

Indicator Updates

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• 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 Employment Indicators

http://mtsu.edu/berc/tacir 

• Tennessee unemployment rate fell to 7.6% in Nov., down from 8.2% in Oct. and 8.7% a year ago. Rising employment pushed the unemployment rate lower.
• Seasonally adjusted nonfarm employment for Tennessee rose again in Nov. to the highest level this year and is 1.0% higher over the year, up by 25,800 jobs. All but 3 metro areas are gaining jobs over the year, led by Clarksville and Jackson MSAs. 

[Tracking Tennessee's Economic Recovery]

Updated Economic Indicators

http://mtsu.edu/berc/tacir 

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

• Tennessee unemployment rate fell to 8.2% in October, down from slightly from September and lower than 8.9% a year ago. 
• State sales tax collections are unchanged from September after seasonal adjustment. The rate of growth of sales tax collections has weakened steadily since April, with current collections just 0.9% higher over the year. 
• Seasonally adjusted nonfarm employment for Tennessee rose for the second consecutive month in October. Nonfarm employment is 0.9% higher over the year, compared with 0.8% for October. Private-sector employment rose somewhat faster, gaining 1.1% over the year. All but two metropolitan areas are gaining jobs over the year, led by the Clarksville and Knoxville MSAs. 

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

Updated Economic Indicators

http://mtsu.edu/berc/tacir 

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

• Seasonally adjusted initial claims for unemployment insurance for Tennessee fell in September to 6,344 per week, down from 6,528.The less volatile trend rose to 6,190.
• Tennessee's unemployment rate fell to 8.3% in September, down from 9.1% one year ago.
• Seasonally adjusted state sales tax collections rose in September from the previous month, up 2.6% after seasonal adjustment. The moving average continued to drop, however.
• Seasonally adjusted nonfarm employment for Tennessee rose slightly in September, up 3,300. The rate of job growth has steadily slowed since early 2012, falling to 0.8% over the year. Nonfarm employment rose in the Chattanooga, Kingsport-Bristol, and Memphis MSAs. Jobs declined or were unchanged from August for the remaining 7 MSAs.

Graphs and tables:  http://mtsu.edu/berc/tacir

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