Morristown Kingsport - Bristol Johnson City Knoxville Cleveland Nashville Jackson Memphis chattanooga clarksville tennessee


[Note: Indicators Updated March 19, 2018]
  • Economic indicators for Tennessee are a mixed bag for January. Although initial claims for unemployment insurance reached a new low, the state experienced net losses in nonfarm employment, centered in manufacturing and trade. State sales tax collections are off from a very strong December, but multi-family building permits show large over the year gains. Permits issued for single-family construction are flat and average hours worked are lower from December.
  • Seasonally adjusted initial claims for unemployment insurance in Tennessee declined to 2,252 per week in January from 2,499 in December following a brief upward surge in the fall. The present level of initial claims is the lowest we have observed in our records stretching back to January 2001. [graph]
  • Permits issued for single-family home construction for Tennessee rose to 2,405 in January from 2,349 in December, showing little net change since October. The less volatile trend has been relatively flat during the past six months. Over the year, single family permits are down 1.2%. Total permits, including both single-family and multi-family permits, are up 16.5% over the year. [graph]
  • State sales tax collections dropped 0.7% in January from December after seasonal adjustment. Over the year, state sales tax collections are up just 1.0%. [graph]
  • Seasonally adjusted nonfarm employment for Tennessee declined 2,000 in January, the fourth consecutive month of job loss. Seven of the ten Tennessee MSAs gained jobs from December, however. Over the year, Tennessee nonfarm employment is 1.1% higher. [graph]
  • The unemployment rate for Tennesseee is unchanged at 3.3% in January, remaining lower than the U.S. unemployment rate of 4.1%. [graph]
  • Average weekly hours worked fell to 34.4 in January from from 35.3 for December. Over the year, average weekly hours worked are 4.7% lower, suggesting softening demand for labor. [graph]
  • Average hourly earnings for Tennessee rose to $23.00 in January from $22.80 in December. Over the year, earnings are 1.8% higher. Measured in constant 2009 dollars, average hourly earnings are unchanged 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