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Tennessee

  • Seasonally adjusted initial claims for Tennessee increased slightly in September, climbing to 4,507 per week compared with 4,338 in the previous month. The trend continued to drift lower. Initial claims remain at very low levels, lower than prior to the recession. [graph]
  • Permits issued for single-family home construction for Tennessee rose to a post-recession high in August, climbing to 1,704 after seasonal adjustments. Over the year, single-family home permits have increased 28.3%. On the other hand, total permits (single-family plus multi-family) are just 1.0% higher over the year, showing how multi-family activity has cooled considerably. [graph]
  • State sales tax collections declined in September following a very large August gain. Seasonally adjusted collections fell 1.2% from the previous month but remain 5.3% higher over the year. [graph]
  • Seasonally adjusted nonfarm employment for Tennessee climbed by 17,000 jobs in September from the previous month, up 0.3%. Over the year, nonfarm employment is 2.2% higher, up 60,700. (Private-sector-only jobs gained 2.8% over the year.) The growth rate has been on the rise since mid-2013. [graph]
  • Unemployment rate for Tennessee changed little in September despite the gains in nonfarm employment and falling initial unemployment insurance claims. Tennessee's unemployment rate is 7.3% compared with 5.9% for the U.S. [graph]
  • Average weekly hours for Tennessee dropped to 35.1 in September, one of the lower numbers reported in the past 12 months. [graph]
  • Average hourly earnings for Tennessee fell $0.20 in September to $20.60 after seasonal adjustments. Average earnings appear to be weakening following the peak in May of this year. [graph]

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[See individual MSAs for area headlines.]