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

Tennessee

[Note: Indicators Updated November 9, 2017]
  • Job growth continues in Tennessee but at a growth rate that continues to move lower. Both single-family construction and sales tax collections have moderated. Initial claims for unemployment insurance are level, but the unemployment rate dipped to a new low due to employment gains.
  • Seasonally adjusted initial claims for unemployment insurance in Tennessee rose to 3,188 per week in September from 2,946 for August. The long decline in layoffs for Tennessee may have reached a bottom. [graph]
  • Permits issued for single-family home construction for Tennessee fell to 2,075 units in September from 2,548 one month earlier, an 18.6% decline. Over the year, single family permits are down 6.7%. [graph]
  • State sales tax collections climbed 1.6 percent in September following three months of lower collections. Over the year, state sales tax collections are 4.8% higher. [graph]
  • Seasonally adjusted nonfarm employment for Tennessee gained just 800 in September from August, the smallest monthly increase this year. Losses occurred in manufacturing and leisure and hospitaliy, while education and health services gained jobs. Over the year, Tennessee nonfarm employment rose 1.5%, but the growth rate has slowed considerably over the previous twelve months. [graph]
  • Unemployment rate for Tennesseee plunged to 3.0% in September, the lowest rate in at least 40 years and more than a percentage point lower than the U.S. In the Nashville MSA, the unemployment rate dropped to 2.7% due to a large gain in employment. [graph]
  • Average weekly hours worked rose a bit to 35.3 for September. Hours worked have trended slightly lower since last spring. [graph]
  • Average hourly earnings for Tennessee rose to $22.80 in September from $22.70 one month earlier. Measured in constant 2009 dollars, average hourly earnings are 0.8% 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

Housing