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Fri, Nov 28, 2014

BERC: Tennessee's economy is looking up

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Tennessee's economy continues to recover, according to data from the Business and Economic Research Center at Middle Tennessee State University.

Seasonally adjusted initial claims for unemployment insurance in Tennessee rose again in November, climbing to 6,942 from 6,429 in the previous month.

Higher initial claims result from increased layoffs by employers. The less volatile trend also rose, increasing by 91 claims per week. The trend has now been on the rise for the previous six months, suggesting weakening labor market conditions in Tennessee.

State sales tax collections for November are higher from the previous month, up 0.6 percent statewide after seasonal adjustment. Over the year, statewide sales tax collections are 2.9 percent higher.

Tennessee unemployment rate fell to 8.2 percent in October, down slightly from September and lower than 8.9 percent a year ago.

Seasonally adjusted permits issued for single-family home construction jumped to 1,493 for Tennessee in October, the highest level in four years (since September 2008). Most metropolitan areas in Tennessee experienced significant increases

Seasonally adjusted nonfarm employment for Tennessee rose for the second consecutive month in October. Nonfarm employment is 0.9 percent higher over the year, compared with 0.8 percent for October. Private-sector employment rose somewhat faster, gaining 1.1 percent over the year. All but two metropolitan areas are gaining jobs over the year, led by the Clarksville and Knoxville MSAs.

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BERC, Business, Economy, MTSU, Tennessee
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