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Tennessee

[Note: Indicators Updated May 26, 2016]
  • Seasonally adjusted initial claims for unemployment insurance in Tennessee fell to 3,066 per week in April from 3,268 in March; the trend declined slightly. Initial claims remain lower than before the Great Recession. Low initial claims are a sign that employers are laying off fewer workers. [graph]
  • Permits issued for single-family home construction for Tennessee declined to 1,970 units in April following a strong March performance. The less-volatile trend was little changed, as building activity showing signs of a pause at the 2,000 level. Over the year, single family permits are 7.2% higher while total permits are up 6.4%. The Knoxville MSA showed the most growth over the year, followed by the Memphis and Chattanooga MSAs. [graph]
  • State sales tax collections increased 1.1% in April from the previous month after seasonal adjustment, another large montly gain. Over the year, state sales tax collections are 8.5% higher. All ten metropolitan areas show gains over the year, including eight areas with growth of 6% or higher. [graph]
  • Seasonally adjusted nonfarm employment for Tennessee was virtually unchanged in April, rising less than 2,000 from March. In fact, nonfarm employment has shown little change since January. Over the year, nonfarm employment is 83,800 higher, a gain of 2.9%. All ten metropolitan areas in the state experienced job gains over the year, with five MSAs increasing 2.5% or more. [graph]
  • Unemployment rate for Tennesseee dropped to 4.3% in April from 4.5% in the previous month, increasing the gap with the U.S. unemployment rate, presently at 5.0%. The unemployment rate is 4.5% or lower in five MSAs, and lowest in the Nashville MSA at 3.3%. [graph]
  • Average weekly hours for Tennessee rose to 35.5 in April from 35.3 in the previous month. Over the year, weekly hours are 1.1% higher. [graph]
  • Average hourly earnings for Tennessee rose to $21.40 in March. Over the year, average hourly earnings are 3.4% higher for the state. The most rapid growth is occurring in the Knoxville and Johnson City MSAs. [graph]

Employment Growth by Industry

Housing