Monday, February 20, 2017

Tennessee economic report
The latest economic report, compiled by the UT Center for Business and Economic Research shows that the Tennessee economy slowed some in 2016, but still performed well for the year. The slower performance was due largely to weaker growth for the national economy. Personal income, was up 3.6 percent, matching the rate of growth for the nation. The state’s labor market has shown continued momentum, with employment up 2.4 percent for the year compared to 1.8 percent growth for the U.S. The state’s manufacturing sector showed a robust 2.7 percent growth while the nation’s manufacturing sector lost jobs last year. In Tennessee, the number of unemployed people fell 10.3 percent in 2015 and 18.1 percent in 2016. Somewhat stronger growth, coupled with rising energy prices, will put upward pressure on inflation. The Consumer Price Index is likely to rise 2.5 percent this year compared to only 1.3 percent growth last year.


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