News release from Department of Labor and Workforce Development:
NASHVILLE – Tennessee Commissioner of Labor & Workforce Development Karla Davis announced today Tennessee’s unemployment rate for November decreased to 7.6 percent, down from the October revised rate of 8.2 percent. The national unemployment rate for November 2012 was 7.7 percent, 0.2 percentage point lower than the October rate.
Tennessee’s November unemployment rate is the lowest rate since October 2008.
Over the past year, Tennessee’s unemployment rate has declined from 8.7% to 7.6% (-1.1 percentage point) while the national rate declined from 8.7% to 7.7% (-1.0 percentage point).
The number of unemployed persons is the lowest since October 2008.
Total nonfarm employment increased 3,600 jobs from October to November, with increases in trade/transportation/utilities and manufacturing.
Total nonfarm employment increased 25,800 jobs from November 2011 to November 2012, with increases in manufacturing and education/health services. Declines occurred in financial activities and wholesale trade.
News release from Department of Finance and Administration:
NASHVILLE, Tenn. – State Revenue collections for November overall showed less than a percentage point of growth. Finance and Administration Commissioner Mark Emkes today reported today that November collections were $768.2 million, which is 0.35% above November 2011. November collections include sales taxes that reflect consumer spending in October.
“We continue to believe this will be a moderate growth year, and revenue collections are proving that to be the case,” Emkes said. “We remain cautiously optimistic, recognizing that typically about one fourth of all Franchise and Excise collections are realized in the month of April. In light of that, and leading economic indicators, we will remain vigilant in monitoring our spending and revenue patterns for the remainder of this year.
“It’s important to remember we won’t see how after-Thanksgiving retail sales performed until this time next month, when we’ve collected revenues from November spending.”
On an accrual basis, November is the fourth month in the 2012-2013 fiscal year.
NASHVILLE, Tenn. (AP) — Tennessee’s unemployment rate in November dropped 0.4 percent to 9.1 percent, the lowest since January 2009.
State officials said Thursday about 10,000 jobs were created since October with job growth in the service sector such as retail trade and temporary jobs. Eighty-nine hundred jobs were added in retail trade. Professional and business services grew by 7,100 positions.
Jobs losing positions were arts, entertainment and recreation, down by 1,800; wholesale trade, 1,400; and durable goods manufacturing, 400.
The January 2009 figure was 9 percent.
NASHVILLE, Tenn. (AP) — Tennessee sales tax collections were up 5.2 percent in November, and the state’s general fund revenues have exceeded expectations by $69 million since the beginning of the budget year.
Finance Commissioner Mark Emkes stressed Friday that the sales tax collections reflect economic activity in October, meaning the state will have to wait to see the results of the post-Thanksgiving sales until next month.
Emkes announced the most recent revenue figures at a meeting of the State Funding Board. The panel also heard from economists about their projections for the state economy in the next budget year beginning in July.
Republican Gov. Bill Haslam has said he expects to have to fill a funding gap of about $300 million in the upcoming spending year.
Note: THe F&A news release is below.
NASHVILLE, Tenn. (AP) — State Rep. Curry Todd is postponing a fundraiser originally scheduled to take place one week after his first court appearance on drunken driving and gun charges.
The Collierville Republican announced the delay a day after The Associated Press reported the invitation to a $500-per-person event for Todd on Nov. 8 at a Nashville businessman’s home.
Todd said in an email forwarded by the Tennessee Lobbyists Association on Tuesday that the reception had been planned months ago and that his “current circumstances” caused the delay.
Todd, a retired Memphis police officer, stepped down as chairman of the House State and Local Government Committee following an Oct. 11 traffic stop that led to his arrest on charges of drunken driving, refusing a breath test and possessing a firearm while intoxicated.