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Tennessee

  • Seasonally adjusted initial claims for unemployment insurance in Tennessee dropped again in May, falling to a weekly average of 4,141, down considerably from February and March. The trend continue to rise due to the lingering effects of the large increases in the spring. The trend continued to rise due to the prolonged effect of the March increase. [graph]
  • Permits issued for single-family home construction for Tennessee cooled off somewhat in May following a very strong April performance. Single-family permits fell to 1,815 in May from 1,901 in April. Though lower for the month, permits still are much higher than one year ago. [graph]
  • State sales tax collections gained again in May, rising 1.8 percent from the previous month following seasonal adjustments. State sales tax collections are 9.0% higher over the year, with eight of the 10 metropolitan areas in Tennessee experiencing gains of 5% or higher. [graph]
  • Seasonally adjusted nonfarm employment for Tennessee gained 10,000 from April, the largest month-to-month gain since November 2013. Over the year, nonfarm employment gained 1.9%. [graph]
  • Unemployment rate for Tennessee fell to 5.8% in May, moving ever closer to the U.S. rate of 5.5%. The unemployment rate is lower than 5% in five of the 10 metropolitan areas in the state. [graph]
  • Average weekly hours for Tennessee were unchanged at 35.0 in May. Over the year, weekly hours are slightly lower. [graph]
  • Average hourly earnings for Tennessee were unchanged in May at $20.70 per hour. Hourly earnings have changed little over the year. [graph]

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