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Tennessee

[Note: Indicators Updated January 5, 2017]
  • Job growth and spending slowed in November, partially offset by gains in single-family construction.
  • Seasonally adjusted initial claims for unemployment insurance in Tennessee are little changed in November at 3,163 per week compared with 3,120 in October. Layoffs may have levelled off but at a very low rate. [graph]
  • Permits issued for single-family home construction for Tennessee climbed to 2,382 units in November from 2,188 in the previous month, while the trend edged higher. Over the year, single family permits are 16.3% higher. Total permits, including both single-family and multi-family units, are substantially lower over the year, reflecting a decline in multi-family construction activity. [graph]
  • State sales tax collections fell in November, down by 6.3% from the previous month after seasonal adjustment. Trend collections continue to decline gradually from the peak reached in June. Over the year, state sales tax collections are 1.6% lower for Tennessee. Seven of the ten metropolitan areas experienced delines in collections over the year. [graph]
  • Seasonally adjusted nonfarm employment for Tennessee was little changed in November, down 2,800 from October. Over the year, Tennessee nonfarm employment is 1.9% higher, with more than half the job gains occurring in two major sectors: 1) education and health services and 2) professional and business services. All but one metropolitan area in the state experienced job gains over the year. [graph]
  • Unemployment rate for Tennesseee was unchanged in November at 4.8%, slightly higher than the U.S. rate. [graph]
  • Average weekly hours worked for November changed little, 35.4 compared with 35.9 for October. Over the year, hours worked are up by 0.3%. Note: hours and earnings are under revision by the Bureau of Labor Statisitics for many metro areas. Updates are presently available only for Knoxville, Memphis, Nasvhille, and Tennessee.[graph]
  • Average hourly earnings for Tennessee fell to $22.10 in November from $22.40 in the previous month, but gained 4.7% over the year. After adjusting for inflation, average hourly earnings are 3.3% higher over the year. [graph]

Employment Growth by Industry

Housing