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Tennessee

[Note: Indicators Updated August 24, 2016]
  • Seasonally adjusted initial claims for unemployment insurance in Tennessee fell sharply to just 2,518 per week in July from 3,771 in June. Low initial claims are a signal that employers are laying off very few workers. [graph]
  • Permits issued for single-family home construction for Tennessee fell to 2,039 units in June from 2,107 units in May. Since November, activity has levelled to a range a bit higher than 2,000 units per month. Over the year, single family permits are 3.6% higher while total permits are up 3.4%. [graph]
  • State sales tax collections climbed 5.9% in July from the previous month after seasonal adjustment, rebounding from two monthly declines. Over the year, state sales tax collections are 6.0% higher. All ten metropolitan areas show gains over the year, with four of the ten with gains of 5% or higher. [graph]
  • Seasonally adjusted nonfarm employment for Tennessee increased 4,800 in July from June, continuing a trend of very modets gains. In fact, nonfarm has shown little net increase this year, up just 3,700 since January. The fastest growing sectors include construction (+5.6% over the year) and education and health services (+4.1%). All ten metropolitan areas in the state experienced job gains over the year. [graph]
  • Unemployment rate for Tennesseee rose to 4.3% in July compared with 4.1% in June, showing little change from April. The unemployment rate is lower than 5.5% in all ten MSAs, and lowest in the Nashville MSA at 3.7%. [graph]
  • Average weekly hours worked for Tennessee climbed to 35.5 for July from 35.3 in June. Over the year, weekly hours are 0.9% higher. [graph]
  • Average hourly earnings for Tennessee rose to $21.80 in July, up 20 cents from June. Over the year, hourly earnings are up 4.3% for the state and 6.6% in the Nashville MSA. Rapidly rising earnings suggests that employers are paying more to hire and retain labor. [graph]

Employment Growth by Industry

Housing