Updated Databases

New data for Employment by County and Historical Unemployment Rates has been posted at http://www.mtsu.edu/~berc/database.html.

Jobless Rate Soars in Region

From the Tennessean (June 27, 2008): "The increase is so large that we have to wait and see if this is an aberration," economist David Penn of Middle Tennessee State University said. "It is inconsistent with the payroll numbers. We're seeing slow growth here, but no huge drop-off as suggested by these spiking unemployment rates."

Tennessee's Business: The Economy

A new issue of Tennessee's Business ("The Economy") is online. http://www.mtsu.edu/~berc/tennbusiness.html

Articles include:

• "Outlining the State Budget: Taxpayers Expect Us to Live within Our Means” by Phil Bredesen, Governor of Tennessee
• "Time to Gird for Rough Times: Forecast Commentary" by Rajeev Dhawan, Economic Forecasting Center, Georgia State University
• "The Southeast Economy: As Goes the Nation?" by David Altig, Federal Reserve Bank of Atlanta
• "Stagflation: A Retrospective" by Thomas F. Dernburg, Emeritus Professor of Economics, the American University
• "A New Manhattan Project for Clean Energy Independence" by Lamar Alexander, U.S. Senator from Tennessee
• "Working Together to Save Our Economy — and Get Reelected" by Jim Cooper, U.S. Representative from Tennessee
• "Congress Needs to Find a Productive Role in Restoring Confidence to Our Financial System" by Bob Corker, U.S. Senator from Tennessee

Midstate Economic Indicators

New online design: "The Nashville area economy grew moderately in the first quarter, even with housing construction in free fall."

Job-Seekers May Face Tough Times Ahead

From the Daily News Journal (June 22, 2008): "The state's unemployment rate increased from 5.4 percent in April to 6.4 percent in May. . . . the largest one-month jump ever recorded. David Penn, director of MTSU's Business and Economic Research Center, . . . said May's figure could be an error because employment by industry doesn't show a big jump [and] data from another month are needed to determine if that's the case. 'If we see leveling off or decline, then we know that the figure in May was an aberration. If not, then we have problems.' Although Penn expects Rutherford County's unemployment to grow from April to May, he expects it to be a smaller jump than the state's rate. 'The job market is going to trail behind the rest of the economy.' Penn said it may take six months to a year — or longer — before conditions improve."

Nashville and Tennessee Nonfarm Employment

Nashville Nonfarm Employment (.xls, June 20, 2008)
Tennessee Nonfarm Employment (.xls, June 20, 2008)

Tennessee Job Losses Paint Grim Picture

From the Tennessean (June 20, 2008): "'This is real bad,'' said David Penn, an economist with Middle Tennessee State University. 'I think all of us were expecting an increase in unemployment, but this was exceeding our expectations. It may be an aberration. Let's hope so.'"