In Montgomery County Tennessee, the unemployment rate increased from 7.1 to 7.2% a change of 0.1%. In Clarksville the unemployment rate increased by 0.1% to 7.3%.
Clarksville, TN – The January Employment Report was a mixed bag. Nonfarm payrolls rose by a less-than-expected 113,000 (vs. a median forecast of +185,000), following a subpar 75,000 gain in December.
However, seasonal adjustment and weather effects added uncertainty to the results. Details suggest that the weather may not have been much worse than a normal January, but December weather was more unfavorable.
Nashville, TN - Tennessee County unemployment rates for December 2013, released on the 1st of the month show the rate decreased in 51 counties, increased in 29 counties, and remained the same in 15.
In Montgomery County Tennessee, the unemployment rate dropped from 7.8 to 7.4% a change of 0.4%.
Clarksville, TN – Taper, no tantrum. The Federal Open Market Committee decided to reduce the monthly pace of asset purchases from $85 billion to $75 billion in January. The FOMC added that it expects to further reduce the pace of asset purchases “in measured steps” depending on the economic data (that may mean every other Fed policy meeting in 2014).
It also emphasized that the federal funds target rate would remain in its current low range (0-0.25%) even after the unemployment rate falls below 6.5%.
Clarksville, TN – Fear of Fed tapering hung over the stock market. Market participants believed that the November Employment Report would be the deciding factor for whether the Fed will begin to reduce the pace of asset purchases this month.
The jobs report was stronger than anticipated, but not as bad as feared. Payrolls rose by 203,000, a bit more than expected (median forecast: +180,000), with a mild net revision of +8,000 to the two previous months. Job gains were relatively broad-based.
Tennessee Unemployment Rates Delayed Due To Federal Shutdown
Nashville, TN – Tennessee Labor and Workforce Development Commissioner Burns Phillips announced today Tennessee’s unemployment rate for both September and October is 8.4 percent, which is one tenth of one percentage point lower than the August revised rate.
Clarksville, TN – The economic data surprised. Real GDP rose at a stronger-than-expected 2.8% annual rate in the advance estimate for 3Q13, but the figure was boosted by faster growth in inventories (which added 0.8 percentage point to GDP growth).
Consumer spending rose at a 1.5% annual rate, while business fixed investment rose 1.6% – nothing to write home about. The partial government shutdown had a mixed impact on the October employment figures.
Nonfarm payrolls rose by 204,000 (median forecast: +125,000), while August and September figures were revised a net +60,000.
Clarksville, TN – The markets sent investors mixed messages in October, generally trending upwards despite signs of volatility around the government shutdown and subsequent reopening.
At the end of the month, stocks – which had enjoyed a days-long record run – began to show some weakness after Federal Reserve policymakers said the economy wasn’t growing quickly enough to curtail its bond purchases and dial back on some of its economic stimulus.
Clarksville, TN – The Federal Open Market Committee left short-term interest rates unchanged, as expected, and did not alter its forward guidance (on short-term interest rates) or the monthly pace of asset purchases.
In the policy statement, the FOMC noted that growth had been “modest” in the first half of the year, that mortgage rates had risen “somewhat,” and that a persistent low trend in inflation could present some risks for the economy. All of which suggests that a tapering in the rate of asset purchases will be delayed. However, investors should still expect some tapering by the end of the year. «Read the rest of this article»
Market Commentary by Scott J. Brown, Ph.D., Chief Economist
The economic data reports were mixed. Existing home sales fell slightly in July. New home sales jumped 8.3% (although figures for the two previous months were revised lower and the July increase was not statistically different from zero). A measure of manufacturing activity in China weakened in July, but the same measure for the euro area was about flat.
Next week, no changes are expected from the Federal Open Market Committee, but investors will be sensitive to any changes in the wording of the policy statement. Future Fed policy decisions will be driven by the economic data (or more precisely, the implications that the data will have for the economic outlook). «Read the rest of this article»
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