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[Note: Indicators Updated September 5, 2017]
  • Tennessee job growth continues to diminish in July and taxable sales activity has slowed. Housing construction is down from the previous month but remains robust over the year. Initial claims for unemployment insurance are lower in July, and the unemployment rate has declined.
  • Seasonally adjusted initial claims for unemployment insurance in Tennessee fell for the second month, declining to 2,535 per week. Layoff activity that had been on the rise may have run its course. graph]
  • Permits issued for single-family home construction for Tennessee fell to 2,290 units in July, down 9.9 percent from the previous month after seasonal adjustment. Over the year, however, single family permits show growth, up 16.7 percent. [graph]
  • State sales tax collections were virtually unchanged in July from June after seasonal adjustment. Also, very little gain occurred over the year, with collections up just 0.9 percent from last year. [graph]
  • Seasonally adjusted nonfarm employment for Tennessee gained 4,700 in July, a larger gain than in May or June. The largest percentage gains occurred in construction, professional and business services, and leisure and hospitality. Over the year, Tennessee nonfarm employment is 1.7% higher, but the growth rate has steadily declined from spring of last year. [graph]
  • Unemployment rate for Tennesseee dropped to 3.4% in July, the lowest rate in at least ten years and substantially lower than the U.S. rate of 4.3%. The decline over the past couple of months can be attributed to a smaller number of job seekers. [graph]
  • Average weekly hours worked were not much changed 35.6 in July. Over the year, hours worked are just 0.3% higher. [graph]
  • Average hourly earnings for Tennessee rose to $22.70 in July, up $0.20 from June. Measured in constant 2009 dollars, average hourly earnings are 2.5% higher over the year. [graph]
    — Research by David Penn, associate professor of economics. Real average hourly earnings are calculated by dividing nominal hourly earnings by the monthly CPI-U for the South published by the Bureau of Labor Statistics.

Employment Growth by Industry