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Tennessee

[Note: Indicators Updated July 8, 2017]
  • On balance, economic activity sputtered in Tennessee in May as suggested by additional layoff activity, zero job growth, falling hours worked, and softening wage gains compared with April. On the positive side housing construction revived, tax collections remain robust, and the unemployment rate fell.
  • Seasonally adjusted initial claims for unemployment insurance in Tennessee climbed for the fourth consecutive month, rising to 4,204 in May from April's figure of 3,399. Though rising, initial claims remain low compared with the past 16 years. [graph]
  • Permits issued for single-family home construction for Tennessee climbed to 2,559 units in May, recovering from a poor April. May's permits are highest since July 2007. Over the year, single family permits are 23.1 percent higher. Total permits, including both single-family and multi-family housing, are up 28.1 percent. [graph]
  • State sales tax collections gained in May, rising 0.5 percent percent from the previous month after seasonal adjustment. Over the year, state sales tax collections are 6.4 percent higher. Just one of the ten metropolitan areas show lower collections over the year. [graph]
  • Seasonally adjusted nonfarm employment for Tennessee was virtually unchanged in May. With losses in trade and education and health services offset by gains in financial services and government. Over the year, Tennessee nonfarm employment is 1.9% higher, the lowest growth rate since 2014. All but one of the ten metropolitan areas experienced gains over the year. [graph]
  • Unemployment rate for Tennesseee dropped sharply to 4.0% in May from 4.7% in April, moving lower than the U.S. figure of 4.3%. Most of the decline is due to a large drop in the number of job seekers. [graph]
  • Average weekly hours worked slid to 35.3 in May from April's 35.6. Hours worked are down 1.1% over the year. [graph]
  • Average hourly earnings for Tennessee fell to $22.60 in May compared with $22.80 in
  • April. Measured in constant 2009 dollars, real average earnings are 2.2% higher over the year. [graph]

Employment Growth by Industry

Housing