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Tennessee

[Note: Indicators Updated August 8, 2018]
  • Tennessee payroll jobs rose 13,000 in June, reflecting gains in manufactuing, information, professional and business services and leisure and hospitality. Concurrently, initial claims for unemployment insurance increased, pushing higher than trend. State sales tax collections gained in June following a weaker May, but single-family home construction declined, continuing a slow-moving drift that began during the spring months of 2017. Finally, average hours worked and inflation-adjusted hourly pay show little change.
  • Seasonally adjusted initial claims for unemployment insurance in Tennessee declined to 3,273 in June from 3,726 in May. Both months are substantially above the trend, causing the trend to rise to 2,836. Even with the recent increases, initial claims remain near a seventeen year low. [graph]
  • Permits issued for single-family home construction for Tennessee declined to 2,175 in June from 2,576 in May. The less volatile trend showed little change. From the recent peak in June 2017, single family permits are 13.1% lower and and total permits are down 13.6%. [graph]
  • State sales tax collections gained 2.0% in June from the previous month, following seasonal adjustment. Collections are up 5.2% over the year for the state, and the trend gained 4.9%. [graph]
  • Seasonally adjusted nonfarm employment for Tennessee gained 13,000 in June from the previous month, the largest gain since February. Nine of ten Tennessee MSAs gained jobs over the year, with five increasing more than 2.0 percent. The Memphis MSA grew faster than the Nashville MSA, but the Nashville MSA reached 1 million workers for the first time. Over the year, Tennessee nonfarm employment is 2.1% higher. [graph]
  • The unemployment rate for Tennesseee is unchanged at 3.5% in June with job growth balanced by an increasing labor force, reflecting a gain in the number of persons drawn in to the labor force from the sidelines. The U.S. unemployment rate for June is 3.9%. [graph]
  • Average weekly hours worked are unchanged in June at 35.3. Over the year, hours worked have changed little. [graph]
  • Average hourly earnings for Tennessee rose to $23.30 in June, 3.1% higher over the year. Measured in constant 2009 dollars, average hourly earnings increased slightly 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

 

 


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