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Tennessee

  • Seasonally adjusted initial claims for unemployment insurance in Tennessee climbed again in March, rising to a weekly average of 6,282 from 5,339 in February. The rise in claims indicates growing layoff activity. The less volatile trend is also on the upswing, suggesting a weakening of demand in the labor market. [graph]
  • Permits issued for single-family home construction for Tennessee climbed to 1,720 units in March, seasonally adjusted, up from 1,460 in February. Over the year, single-family permits are 28.5% higher and total permits are 53.9% higher. [graph]
  • State sales tax collections fell substantially in March, down 8% from February following seasonal adjustment. Lingering effects of poor weather combined with slower export growth due to an appreciating dollar most likely are contributing factors. Over the year, March state sales tax collections for Tennessee are 3.2% lower; just three of the 10 metropolitan areas show over-the-year gains in March. [graph]
  • Seasonally adjusted nonfarm employment for Tennessee fell 0.2% in March, consistent with a rising number of initial unemployment insurance claims. March employment still shows a gain over the year, up 1.8% over the past 12 months. [graph]
  • Unemployment rate for Tennessee fell to 6.3% in March despite increasing layoffs and falling nonfarm employment. The Tennessee unemployment rate is little changed over the year. [graph]
  • Average weekly hours for Tennessee fell to 35.1 in March, a gain of 0.6% from the previous month. Over the year, weekly hours worked are 1.4% lower. [graph]
  • Average hourly earnings for Tennessee are unchanged at $20.80 in March. [graph]

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