Nashville, TN – Tennessee Labor and Workforce Development Commissioner Burns Phillips announced the Tennessee preliminary unemployment rate for October was 7.1 percent, two tenths of one percentage point lower than the September revised rate of 7.3 percent.
The U.S. preliminary rate for October was 5.8 percent, down from 5.9 percent in September.
Seven percent of Americans still paying off last year’s holiday debt
Yonkers, NY – A majority of Americans say they’re looking forward to the winter holidays with a quarter of respondents “really looking forward” to the season’s greetings, but most don’t plan to break the bank this year, according to Consumer Reports’ first holiday poll.
Consumer Reports’ poll found 62 percent of respondents are excited about the coming of the winter holidays, while only one in 10 of those surveyed have caught the holiday humbug and said they’re not at all energized about this festive time of year. «Read the rest of this article»
Nashville, TN – Tennessee County unemployment rates for October 2014 show the rate decreased in 80 counties, increased in 10 counties, and remained the same in five counties.
Montgomery County’s unemployment rate increased 0.3 percent to 7.0, up from 6.7 in September.
Clarksville, TN – The retail sales and industrial production reports had similar stories – gains in June were disappointing relative to expectations, but figures for April and May were revised higher. These data (which are subject to revision) are consistent with a sharp rebound in economic activity in 2Q14 (following weather–related weakness in 1Q14), but also suggest some loss of momentum heading towards 3Q14.
The Producer Price Index and import price reports showed no appreciable pipeline pressures for inflation.
Clarksville, TN – Next week, the economic calendar picks back up. Retail sales are likely to be the highlight, boosted by stronger vehicle sales in June. Ex-autos, sales results for April and May were disappointing – so we’ll be on the lookout for a rebound (or possibly some revision to the previous figures).
Industrial production data and residential construction figures have some potential to move the markets – they should point to stronger growth in 2Q14.
Clarksville, TN – The June Employment Report was stronger than expected. Nonfarm payrolls rose by 288,000 (median forecast: +215,000), with widespread gains across sectors (April and May were revised a net 29,000 higher).
The unemployment fell to 6.1% (from 6.3%), although the employment/population ratio edged up only slightly (to 59.0%, vs. 58.9% in May and 58.7% a year ago – still suggesting plenty of slack in the labor market). Average hourly earnings rose 0.2% in June, up 2.0% y/y (the CPI rose 2.1% over the 12 months ending in May).
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%.
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