[Note: Indicators Updated March 20, 2017]
- Job growth is positive but the rate of growth has moderated. Sales tax collections growth has perked up and permits issued for single-family housing are strenthening. Rising numbers of job seekers have pushed the unemployment rate higher.
- Seasonally adjusted initial claims for unemployment insurance in Tennessee fell to 2,371 in January from 3,161 for the previous month. Initial claims continue to trend lower from already very low levels. [graph]
- Permits issued for single-family home construction for Tennessee gained in January, rising to 2,495 units, the highest level since May 2007. Over the year, single family permits are 40.4% higher. Total permits, including both single-family and multi-family housing, continue to fall, reflecting an ongoing decline in permits issued for multi-family housing dating to last January. [graph]
- State sales tax collections rose in January, climbing 7.3% from the previous month after seasonal adjustment. State sales tax collections are 4.1% higher over the year. Four of the ten metropolitan areas experienced gains of 5% or more over the year. [graph]
- Seasonally adjusted nonfarm employment for Tennessee rose slightly in January, increasing by 1,200 from December. The January figure reflects newly benchmarked data from the BLS, the net effect of which is to increase the end of year job growth rate by 0.3 percentage points. Over the year, Tennessee nonfarm employment is up 2.0% and all ten metropolitan area in the state experienced job gains. [graph]
- Unemployment rate for Tennesseee rose to 5.4% in January from 5.1% for December. The increase in the unemploymen rate can be attributed to a rise in the number of job seekers as reflected in a growing labor force. [graph]
- Average weekly hours worked for January jumped to 36.3 from 35.3 in December. Over the year, hours worked are 2.0% higher, with all the gain occuring in January. [graph]
- Average hourly earnings for Tennessee are unchanged for January at $22.60, but are 5.6% higher over the year. Measured in constant 2009 dollars, real average earnings have exceeded the level achieved in 2007 prior to the Great Recession. [graph]
Research by David Penn, associate professor of economics. Real average hourly earnings are figured using the monthly PCE deflator published by the Bureau of Economic Analysis.