Nashville, TN – Tennessee Department of Labor and Workforce Development Commissioner Burns Phillips announces a preliminary unemployment rate of 5.3 percent for February.
This is an improvement from the revised January rate of 5.4 percent. February’s U.S. preliminary rate is 4.7 percent, matching Tennessee with a tenth of a percentage point decline from the previous month.
Nashville, TN – Tennessee County unemployment estimates for January 2017 show the rates increased in all 95 counties.
For Montgomery County, the unemployment rate went up to 6.2 percent in January from December’s 5.3 percent.
Nashville, TN – Tennessee Labor and Workforce Development Commissioner Burns Phillips announced Friday the Tennessee preliminary unemployment rate for December was 4.9 percent, increasing from the revised November rate of 4.8 percent.
The U.S. preliminary rate for December was 4.7 percent, up one-tenth of a percentage point from the previous month.
Nashville, TN – Tennessee Labor and Workforce Development Commissioner Burns Phillips announced today the Tennessee preliminary unemployment rate for November was 4.8 percent, remaining the same as the revised October rate of 4.8 percent.
The U.S. preliminary rate for November was 4.6 percent, down three-tenths of a percentage point from the previous month.
Clarksville, TN – The Federal Open Market Committee left short-term interest rates unchanged, as expected, and the policy statement was a near photocopy of the one in September.
The FOMC noted that “the case for an increase in the federal funds rate has continued to strengthen,” but for the time being, officials decided “to wait for some further evidence of continued progress towards our objectives.”
The October Employment Report was largely in line with expectations. Nonfarm payrolls rose by 161,000 (median forecast: +175,000), but the two previous months were revised a net 44,000 higher.
Clarksville, TN – Minutes of the September 20-21 policy meeting showed that Federal Open Market Committee members were divided on whether to raise short-term interest rates, and most of those voting to wait felt that it was “a close call.”
Financial markets have increasingly priced in a mid-December rate hike. Amid a thin economic calendar, investors focused on what’s happening in the rest of the world, but also reacted to the initial earnings reports for 3Q16.
Clarksville, TN – The economic data were mixed. The ISM surveys both surprised to the upside, suggesting that the August slowdown was temporary. Unit auto sales were down from a year ago, but up relative to August on a seasonally adjusted basis.
Nonfarm payrolls rose a bit less than expected, while the unemployment rate ticked modestly higher – the start of the school year makes the September figures suspect, but the underlying trends suggest further improvement in overall labor market conditions.
Clarksville, TN – The economic data were mixed. Consumer confidence rose in September. Durable goods orders were mixed. The estimate of 3Q16 GDP growth was revised higher (to a 1.4% annual rate, held back by a sharp slowing in inventory growth).
Personal income rose modestly in August, as expected, but spending was softer than anticipated, suggesting a possible loss of momentum following a strong spring and early summer (economists’ estimate of GDP growth were revised down for both 3Q16 and 4Q16).
Clarksville, TN – Fed Governor Lael Brainard, a dove, presented her case for why the central bank should delay an increase in short-term interest rates. While her views are her own (not representative of the Fed as a whole), a more hawkish tilt would have raised the odds of a September rate hike.
The key economic data reports were on the soft side of expectations, but were still consistent with moderate growth in the near term. Retail sales disappointed in August. Industrial production unwound a seasonal quirk that boosted July figures. CPI figures surprise slightly to the upside.
April 2016 County Unemployment Rates
Nashville, TN – Tennessee County unemployment rates for April 2016 show the rates decreased in 90 counties, increased in two, and remained the same in three counties.
Montgomery County unemployment in April was 4.0 percent down from 4.2 percent in March.
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