ENNESSEE T ECONOMIC OVERVIEW February 2000 Index as of May 2000 TENNESSEE months. Initial claims for unemployment insurance fell 35.0 percent (SAAR), posting its second loss in five months. The two components serving to depress the index were average weekly manufacturing hours and the U.S. leading index. In February, the former slipped 13.8 percent (SAAR) posting its first loss of 2000 and its seventh loss in a year, and the U.S. leading index dipped 3.3 percent (SAAR) marking its first loss since September of 1999. A glance at the national economy shows personal income climbed 5.1 percent (SAAR) in February to eclipse the $8.08 trillion mark. While U.S. consumer sentiment slipped 7.2 percent (SAAR) to mark its seventh loss since February of last year, retail sales nonetheless rose 8.8 percent (SAAR) to further its upward trend. In the national labor market, the unemployment rate dropped one-tenth of a FIGURE 1 Monthly Percent Change in the Tennessee Leading Index (Seasonally Adjusted at Annual Rate) he index of leading economic activity for Tennessee rose at a seasonallyadjusted annual rate (SAAR) of 6.3 percent in February to mark its third increase in four months. The index, a measure of expected economic activity in six to nine months, rose on the strength of three of its five components. Inflation-adjusted taxable sales soared 152.7 percent (SAAR) in February for its third increase in four months, while construction employment climbed 24.6 percent (SAAR) to mark its tenth increase in eleven (Continued on page 2.) T INSIDE TN ECONOMIC DATA . . . . . . . . . . . . 3 U.S. ECONOMIC DATA . . . . . . . . . . . 4 MSA PERSPECTIVE . . . . . . . . . . . . . . 5 CHATTANOOGA . . . . . . . . . . . . . . . . . 6 KNOXVILLE . . . . . . . . . . . . . . . . . . . . . 7 MEMPHIS . . . . . . . . . . . . . . . . . . . . . . 8 NASHVILLE . . . . . . . . . . . . . . . . . . . . . 9 TRI-CITIES . . . . . . . . . . . . . . . . . . . . 10 SELECTED CBER PUBLICATIONS . 11 CENTER FOR BUSINESS AND ECONOMIC RESEARCH COLLEGE OF BUSINESS ADMINISTRATION THE UNIVERSITY OF TENNESSEE http://cber.bus.utk.edu (Continued from page 1.) FIGURE 2 Tennessee Quarterly Leading Index percentage point to 4.0 percent in February. Nonagricultural employment rose 3.7 percent in February, and manufacturing employment rose 1.0 percent (SAAR). The Tennessee labor market was a mixed bag in February. While the unemployment rate remained unchanged at 3.5 percent, manufacturing employment slipped 3.0 percent (SAAR) to mark its fourth consecutive decline. Nonagricultural employment rose 1.9 percent (SAAR) in February to post its fifth gain in as many months. February saw the state’s leading index rebound nicely from January’s decline. Inflation-adjusted taxable sales and initial claims for unemployment insurance showed significant improvement, and in general, the labor market performed well. The state’s manufacturing sector, however, continues to be problematic. In February, 1,300 manufacturing jobs were lost. News that the U.S. leading index declined in February for the first time since September of last year should temper overly optimistic expectations of growth. Expect the state economy to show modest strength in the months to come. FIGURE 3 Total Nonagricultural Employment FIGURE 4 Real Personal Income (1996 Dollars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ebruary brought good news to all five Tennessee Metropolitan Statistical Areas (MSAs) as all areas saw significant gains in their respective indices. Knoxville, the Tri-Cities, Memphis, and Nashville enjoyed double-digit growth, while the Chattanooga index showed slower growth of 5.4 percent (SAAR). Inflation-adjusted taxable sales gained notable ground in February, as all five MSAs recorded impressive gains in this component, ranging from a 325.6 percent (SAAR) increase in the Tri-Cities to a 37.6 percent (SAAR) gain in Memphis. Labor markets remain tight in all of the state’s major metropolitan areas. The unemployment rate of all areas but the Tri-Cities fell in February. At the same time, all areas lost nonagricultural jobs. Only Knoxville saw a gain in its manufacturing employment level. The jobs data suggest that further drops in the unemployment rate may be unlikely. FIGURE 6 MSA Employment Growth February 2000 FIGURE 5 MSA Index Growth February 2000 FIGURE 7 MSA Unemployment Rate February 2000 F (seasonally adjusted) Tennessee’s Largest MSAs 5 he index of leading economic activity for the Chattanooga Metropolitan Statistical Area (MSA) climbed 5.4 percent (SAAR) in February on the strength of two of its four components to post its third gain in four months. Inflation-adjusted taxable sales soared 135.4 percent (SAAR) in February to record its second increase in as many months. Further strengthening the index was Tennessee’s leading index, which rose 6.3 percent in February. Dampening the index’s performance were average weekly manufacturing hours and construction employment, both of which lost ground in February. Average weekly manufacturing hours dropped a significant 26.8 percent (SAAR) in February to mark the end of two months of consecutive increases, and construction employment slipped 2.5 percent (SAAR) for its second monthly decline. Employment data not used to construct the index show mixed signals. The unemployment rate shed one-tenth of a percentage point, down from 2.8 to 2.7 percent in February. Nonagricultural employment lost ground when it slipped 1.7 percent (SAAR) in February to end two months of consecutive increases. Manufacturing employment also suffered a setback in February when it fell a notable 5.9 percent (SAAR) to post its seventh decline since February of last year. February saw inflation-adjusted taxable sales help carry Chattanooga’s leading index into positive territory. With losses in construction employment and average weekly manufacturing hours, the Chattanooga labor market showed weaknesses. Losses in manufacturing employment levels sent nonagricultural employment levels in negative territory. The Chattanooga index showed some volatility in the last quarter of 1999 and seems to suffer from the same problem two-thirds of the way through the first quarter of 2000. Expect slow to modest growth in the coming months. T ! "#$%&&&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& , !.01,2. -#3%#%&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& .01,2. --#'%#%&&&&&&&&&& 4!.01,2. -#3%#%&&&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& 4!+!56123,7*/#%&&&&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& , /-.01,2. -#3%#%&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& "811/#9%#%&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& "811/#9%#%&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& = #%1:71-4*,.-0*,+82-( // 0*-. ,4.01,2. -:7*-2 #%1:71-4*,.-0*,+82-( // 0*-. ,4+ 7 FIGURE 8 Chattanooga Quarterly Leading Index 6 he index of leading economic activity f or the Knoxville Metropolitan Statistical Area (MSA) climbed 21.4 percent (SAAR) in February on the strength of all four of its components marking its fourth increase in as many months. Leading the way was inflationadjusted taxable sales, which in February rocketed 200.3 percent (SAAR) for the fourth increase in five months. Construction employment rose a significant 43.0 percent (SAAR) in February posting its second increase in as many months. Average weekly manufacturing hours also rose 6.6 percent (SAAR) for the second consecutive increase. Further strengthening the index was Tennessee’s leading index, which rose 6.3 percent (SAAR) in February for its third increase in four months. Employment data not used to construct the index show mixed signals, consistent with the pattern in other metropolitan areas of the state The unemployment rate shed onetenth of a percentage point, down from 2.9 percent in January to 2.8 percent in February. Nonagricultural employment lost ground in February, down 9.5 percent (SAAR) for its third loss in four months. Manufacturing employment, however, gained ground in February, up from its 10.8 percent (SAAR) loss in January to record a gain of 2.8 percent (SAAR). The situation in manufacturing provides modest encouragement, as this sector has been battered in recent years. The Knoxville leading index has generated notable momentum through the first quarter of 2000. With significant gains in inflation-adjusted taxable sales and construction employment, the index appears strong. The labor market seems strong, as well, buoyed by some surprising strength in manufacturing. The unemployment rate fell in February to a level not seen since October of last year. Expect a continuation of modest growth in the months to come. T ! "#$%&&&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& , !.01,2. -#3%#%&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& .01,2. --#'%#%&&&&&&&&&& 4!.01,2. -#3%#%&&&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& 4!+!56123,7*/#%&&&&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& , /-.01,2. -#3%#%&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& "811/#9%#%&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& "811/#9%#%&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& = #%1:71-4*,.-0*,+82-( // 0*-. ,4.01,2. -:7*-2 #%1:71-4*,.-0*,+82-( // 0*-. ,4+ 7 FIGURE 9 Knoxville Quarterly Leading Index 7 he index of leading economic activity for the Memphis Metropolitan Statistical Area (MSA) rose 14.3 percent (SAAR) in February on the strength of four of its five components to post its sixth gain in as many months. The Memphis help-wanted index soared 245.7 percent (SAAR) in February for the first gain since October of 1999. Inflationadjusted taxable sales grew 37.6 percent (SAAR) for the third increase in four months. Construction employment rose a significant 17.4 percent (SAAR) in February to record its sixth consecutive increase. Finally, Tennessee’s leading index further strengthened the Memphis index with a 6.3 percent (SAAR) increase in February. On the down side, average weekly manufacturing hours slipped 9.2 percent (SAAR) continuing the roller-coaster trend that began in June of last year. Employment data not used to construct the index show mixed signals. The unemployment rate fell one-tenth of a percentage point, down from January’s mark of 3.4 percent to 3.3 percent in February. Nonagricultural employment was down 1.7 percent (SAAR) in February to end two months of consecutive growth. A prime contributor was the manufacturing sector which shed a notable 8.8 percent (SAAR) of its jobs in February for its third decline in four months. February saw the Memphis index sustain six months of broad-based gains. The area’s unemployment rate fell to its lowest point in five months, although losses in the manufacturing sector continue to be a problem for the region. Volatility in the helpwanted index provides little firm guidance on the future path of the local labor market. However, the six months of index expansion suggests the potential for further growth in the months to come. T ! "#$%&&&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& , !.01,2. -#3%#%&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& .01,2. --#'%#%&&&&&&&&&& 4!.01,2. -#3%#%&&&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& 4!+!56123,7*/#%&&&&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& , /-.01,2. -#3%#%&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& "811/#9%#%&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& "811/#9%#%&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& 3105 - "#$%#%&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& = #%1:71-4*,.-0*,+82-( // 0*-. ,4.01,2. -:7*-2 #%1:71-4*,.-0*,+82-( // 0*-. ,4+ 7 #%,7*:=(, 4* :;,* FIGURE 10 Memphis Quarterly Leading Index 8 he index of leading economic activity for the Nashville Metropolitan Statistical Area (MSA) rose 12.8 percent (SAAR) in February on the strength of four of its five components to post its ninth gain since February of last year. Inflation-adjusted taxable sales soared 205.2 percent (SAAR) in February to record the third increase in five months. Nashville’s help-wanted index climbed 9.9 percent (SAAR) in February to mark the end of two months of consecutive decline. Tennessee’s leading index climbed 6.3 percent (SAAR) in February and construction employment rose a modest 0.3 percent (SAAR) to mark its fifth increase in seven months. However, average weekly manufacturing hours slipped 8.4 percent (SAAR) in February for the fourth decline in five months. Employment data not used to construction Nashville’s index show mixed signals. On the upside, the unemployment rate shed two-tenths of a percentage point in February. On the downside, nonagricultural employment lost 2.4 percent (SAAR) to post its third loss in four months and manufacturing employment slipped 7.0 percent (SAAR) in February for its third loss in four months. Nashville’s leading index rebounded strongly from January’s loss to resume an upward trend firmly established in June of 1999. In February, the area’s unemployment rate fell to a level not seen since August of last year, despite persistent problems in the manufacturing sector of the labor market. February was particularly kind to the taxable sales component of Nashville’s index, with its biggest gain of the year. Despite the area’s strengths, tight labor markets will hem in growth through the summer. Expect the economy to remain strong with somewhat slower rates of growth on key economic barometers. T ! "#$%&&&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& , !.01,2. -#3%#%&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& .01,2. --#'%#%&&&&&&&&&& 4!.01,2. -#3%#%&&&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& 4!+!56123,7*/#%&&&&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& , /-.01,2. -#3%#%&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& "811/#9%#%&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& "811/#9%#%&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& 3105 - "#$%#%&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& = #%1:71-4*,.-0*,+82-( // 0*-. ,4.01,2. -:7*-2 #%1:71-4*,.-0*,+82-( // 0*-. ,4+ 7 #%,7*:=(, 4* :;,* FIGURE 11 Nashville Quarterly Leading Index 9 T he index of leading economic activity for the Tri-Cities Metropolitan Statistical Area (MSA) rose 15.6 percent (SAAR) in February on the strength of two of its four components to post its eighth increase in nine months. Serving to strengthen the index were inflation-adjusted taxable sales and Tennessee’s leading index, both of which saw significant gains in February. Up 325.6 percent (SAAR), inflation-adjusted taxable sales rose for only the second time in the past five months. Tennessee’s leading index climbed 6.3 percent (SAAR) in February. On the down side, average weekly manufacturing hours fell 10.8 percent (SAAR) for its first decline since June of 1999. And construction employment lost 8.9 percent (SAAR) for its first slip since August of last year. Employment data not used to construct the Tri-Cities index show mixed signals. The area’s unemployment rate moved up two-tenths of a percentage point, up from January’s mark of 3.6 percent to February’s 3.8 percent. Nonagricultural employment fell 8.4 percent (SAAR) in February for its third decline in four months as manufacturing employment fell 4.9 percent (SAAR) in February for its fourth loss in five months. The Tri-Cities index has generated notable momentum in the past year. Rebounding nicely from January’s loss, the index resumed its uninterrupted upward trend began last June with a significant gain in inflation-adjusted taxable sales for the month of February. The labor market, however, shows some signs of weakening. In February, the area’s unemployment rate rose with losses in nonagricultural employment levels. The key weak spot in the region continues to be the manufacturing sector, where monthly job losses have been commonplace. The regions ability to expand despite these losses in testimony to its underlying strength. Slow growth is likely in the cards through the summer. ! "#$%&&&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& , !.01,2. -#3%#%&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& .01,2. --#'%#%&&&&&&&&&& 4!.01,2. -#3%#%&&&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& 4!+!56123,7*/#%&&&&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& , /-.01,2. -#3%#%&&&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& "811/#9%#%&&&&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& "811/#9%#%&&& '(!)*+, -(&&&&&&&&&&& '(!., -(/-*&&&&&&&& = #%1:71-4*,.-0*,+82-( // 0*-. ,4.01,2. -:7*-2 #%1:71-4*,.-0*,+82-( // 0*-. ,4+ 7 FIGURE 12 Tri-Cities Quarterly Leading Index 10 Center for Business and Economic Research College of Business Administration The University of Tennessee, Knoxville Director William F. Fox Associate Director Matthew N. Murray Assistant Professor Donald Bruce Research Associates Mark Boyer Vickie Cunningham Patricia Price Joan Snoderly Betty Vickers Word Processing Specialist Pat Hunley Program Resource Specialist Betty Drinnen Graduate Research Assistants Karie Barbour Paula Dowell Lee Greer David Guo Kathleen Hoffman Sanela Porca Wei Zhao For further information, contact CBER at 1000 Volunteer Blvd., Suite 100 Glocker Bldg., Knoxville, TN 37996-4170; telephone (865) 974-5441; fax (865) 974-3100. Data reported herein are seasonally adjusted, and therefore may not be directly comparable to data reported elsewhere. The five seasonally adjusted leading index components are Tennessee construction employment, initial claims for Tennessee unemployment insurance, the U.S. leading index, inflation-adjusted taxable sales and Tennessee manufacturing hours. See the Fall 1988 issue of the Survey of Business or the 1994 Economic Report to the Governor for a complete discussion of the methodology underlying the Tennessee economic indices. Selected Economic Publications from CBER The Location Decision of Automotive Suppliers in Tennessee and the Southeast. June 1999. A Profile of the Automobile Sector in the U.S., and Southeastern States. June 1999. Examining Supply Gaps and Surpluses in the Automotive Cluster in Tennessee. May 1999. The Economic Benefits of the U.S. Department of Energy for the State of Tennessee, Fiscal Year 1998. April 1999. An Economic Report to the Governor of the State of Tennessee on the State’s Economic Outlook. Annual. A Study of the Changing Staffing Patterns in the Tennessee Department of Human Services in Response to Families First. August 1998. Adequacy of Tennessee’s Unemployment Insurance Trust Fund. July 1998. Attitudes of Families First Recipients. May 1998. The Impact of TennCare: A Survey of Recipients. March 1998. Tennesseans’ Attitudes Toward Learning and the Workplace. March 1998. Economic Effects of the Spallation Neutron Source (SNS) and the Joint Institute for Neutron Sciences (JINS) on the State of Tennessee. February 1998. Economic Effects of The University of Tennessee, Knoxville Athletic Department. September 1997. Business Recruitment and its Impact on the Knoxville and Knox County Economies. May 1997. An Economic and Fiscal Analysis of Industrial Development in Anderson County. March 1997. Analysis of the Basic Education Formula: Evaluation of its Stability, Equity, and Adequacy. February 1997. Tennessee Statistical Abstract. January 1997. Biennial. Occupational Wage and Benefit Survey. January 1997. The Nature and Consequences of Economic Development in the Loudon County Economy. April 1996. Aid to Families with Dependent Children: 1995 Case Characteristics Study. January 1996. Survey of Health Care Status. November 1995. Natural Gas Transportation Constraints in Tennessee. August 1995. A Survey to Determine Insurance Status of Tennessee Residents. August 1994. Economic Impact of The University of Tennessee on the State of Tennessee: Academic Year 1992/93. June 1994. Measuring the Extent of Health Insurance Coverage in Tennessee. November 1993. Employment Security Issues. June 1993. Monopoly Leveraging Theory: Implications for Post-Divestiture Telecommunications Policy. March 1993. Design of Economic Development Incentives. November 1992. Factors to Consider in the Design of Economic Development Incentives. September 1992. Rural Economic Prospects: Implications of Economic Forecasts for the South. April 1992. Evaluation of the Methodology for Computing the Standard of Need for the Aid to Families with Dependent Children Program in Tennessee. November 1991. INTERESTED IN TRACKING THE TENNESSEE ECONOMY? In addition to the Tennessee Economic Overview, CBER publishes the Tennessee Business and Economic Outlook, a quarterly forecast update of the Tennessee and U.S. economies. CBER also produces the Southeast Economic Outlook, which can be found in the Southeast Section of the Wall Street Journal. This article provides an economic forecast for Tennessee and selected Southeastern states. 11 NOW AVAILABLE! 2000 TENNESSEE STATISTICAL ABSTRACT Updated with the most current statistical information! A valuable reference for speakers, writers, executives, public officials or anyone with questions about Tennessee. If you conduct business, work, study or live in Tennessee, the Tennessee Statistical Abstract is the reference you cannot afford to be without. Economic and demographic data are presented in easy-to-read tables, maps and graphs for Tennessee counties and cities, as well as Southeastern states. The Abstract may be purchased as a soft-bound book or on diskette in Lotus™. Please contact the Center for Business and Economic Research at (865) 974-5441 to order your copy now. For further Tennessee economic data, please visit our Internet site at http://cber.bus.utk.edu. Center for Business and Economic Research College of Business Administration The University of Tennessee 100 Glocker Building Knoxville, Tennessee 37996-4170 Nonprofit Org. U.S. Postage Paid Permit #481 Knoxville, TN
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