[Note: Indicators Updated February 3, 2017]
- Job growth is positive but continues to slow. Sales tax collections also are gaining but at a slower rate. Multi-family housing construction shows large gains in December.
- Seasonally adjusted initial claims for unemployment insurance in Tennessee chenged little in December, averaging 3,161 for the month. The pace of layoffs has levelled off but at a very low level. [graph]
- Permits issued for single-family home construction for Tennessee rose again, climbing to 2,415 in December from 2,382 in the previous month. Over the year, single family permits are up 8.5% and total permits are 19.9% higher. [graph]
- State sales tax collections fell again in December, down 2% from the previous month after seasonal adjustment. Though down from November, state sales tax collections are higher over the year, up 3.4% for Tennessee and five of the ten metropolitan areas experienced gains of 5% or more over the year. [graph]
- Seasonally adjusted nonfarm employment for Tennessee rose in December, increasing by 6,600 from November. Over the year, Tennessee nonfarm employment is up 1.6%, a substantially lower job growth rate compared with the fall of 2016. All but one metropolitan area in the state experienced job gains over the year. [graph]
- Unemployment rate for Tennesseee was little change at 4.9% compared with 4.8% for the previous month. [graph]
- Average weekly hours worked for December are unchanged at 35.3. Over the year, hours worked are unchanged also. 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 rose to $22.40 from $22.20 in November. Over the year, earnings are 6.2% higher for Tennessee. Inflation-adjusted earnings have gained 4.5% over the year. [graph]
Research by David Penn, associate professor of economics. Inflation-adjusted earnings are determined using the monthly PCE deflator published by the Bureau of Economic Analysis.