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Tennessee

[Note: Indicators Updated July 30, 2016]
  • Seasonally adjusted initial claims for unemployment insurance in Tennessee increased to 3,771 per week in June following a very low May level. The trend of claims, however, continues to decline. Low initial claims are a signal that employers are laying off very few workers. [graph]
  • Permits issued for single-family home construction for Tennessee fell to 2,039 units in June from 2,107 units in May. Since November, activity has levelled to a range a bit higher than 2,000 units per month. Over the year, single family permits are 3.6% higher while total permits are up 3.4%. [graph]
  • State sales tax collections fell 2.5% in June from the previous month after seasonal adjustment, the second consecutive decline. Over the year, state sales tax collections are just 1.3% higher. Six of the ten metropolitan areas show gains over the year. [graph]
  • Seasonally adjusted nonfarm employment for Tennessee increased 11,000 in June following job losses in May. Manufacturing added 11,000 jobs over the year, and education and health services generated more than 18,000 new jobs. In all, nonfarm employment gained 2.3% from last June. All ten metropolitan areas in the state experienced job gains over the year. [graph]
  • Unemployment rate for Tennesseee remained at 4.1% in June compared with 4.9% for the United States. Tennessee's current unemployment rate is lower than in 2007, prior to the Great Recession. The unemployment rate is lower than 5.0% in all ten MSAs, and lowest in the Nashville MSA at 3.1%. [graph]
  • Average weekly hours worked for Tennessee dropped to 35.3 for June from 35.9 in May. Over the year, weekly hours are 0.9% higher. [graph]
  • Average hourly earnings for Tennessee dipped to $21.70 in June following a gain in May. Over the year, earnings are up 4.3% for the state and 4.9% in the Nashville MSA. Rapidly rising earnings tells us that employers are paying more to hire and retain labor. [graph]

Employment Growth by Industry

Housing