State Economic Indicators
- Seasonally adjusted initial claims for TN climbed for the third month, rising to 5,598 per week for April. The less volatile trend declined to 5,467 weekly claims, the lowest level since 2006 prior to the recession. [graph]
- Seasonally adjusted nonfarm employment for TN dipped 6,600 jobs in March, the first monthly decline since July 2012. Growth over the year remains positive, with employment up 45,000. The highest over-the-year growth rates are in the Cleveland MSA (5.5%) and Nashville MSA (2.8%).
- TN unemployment rate continues to rise steadily, increasing to 7.9% in March from 7.8% in the previous month. [graph]
- Permits issued for single-family home construction in TN declined again in March, falling to 1,100 units. The less volatile trend is also in decline from a peak last November. [graph]
- State sales tax collections fell in March from the previous month, after seasonal adjustments. Growth of trend collections has slowed since last November. [graph]
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