BERC

Tennessee Jobless Rate Rises to 21-Year High

2008-08-15T09:52:00.001-05:00

From the Tennessean, August 15, 2008: According to "David Penn, an economist at Middle Tennessee State University, 'The job losses in manufacturing have generated the losses in other sectors as well, and now we have one of the higher unemployment rates in the country.' . . . The professional and business-services job losses came as a result of the drop in manufacturing positions, which Penn

Trade Deficit's Decline Surprises Economists

2008-08-13T07:10:00.004-05:00

(From the Tennessean, August 12, 2008): "Tennessee exports climbed 9.69 percent from January through June of 2008, significantly less than the nation as a whole, which saw exports climb 18 percent during that time period, according to Middle Tennessee State University economist Steve Livingston." (more) (http://tennessean.com/apps/pbcs.dll/article?AID=/20080813/BUSINESS01/808130388)

Database Update

2008-08-08T19:06:00.001-05:00

All databases maintained by Albert E. DePrince, Jr., have been updated through August 8, 2008, including the annual revisions for the NIPA (GDP) data and the productivity data.

Building Permits Database Update

2008-08-04T09:25:00.002-05:00

Tennessee, Midstate, and Nashville MSA building permit database is updated: http://www.mtsu.edu/~berc/database.html

RuCo Unemployment Rate Highest in Nearly 18 Years

2008-08-04T08:04:00.001-05:00

From Murfreesboro Post (July 27, 2008): “'It is hard to pinpoint' the reason for the increase, said David Penn, executive director of the Business and Economic Research Center at MTSU. 'It is surprising how much it has jumped in the last couple of months.' Penn said the jump could be caused by more people moving into the county looking for work, or those self-employed in real estate, restaurants

Nissan Workers Could Have Difficulty in Finding New Jobs

2008-08-04T08:03:00.001-05:00

From Murfreesboro Post (July 30, 2008): “'Right now it is a tough environment in searching for jobs unless you have some special skills such as healthcare,' said David Penn, director of the Business and Economic Research Center at MTSU. But he said Nissan’s Wednesday morning announcement isn’t 'terribly unexpected' with the downturn of truck and sport utility vehicle sales and nearly $4 gasoline

Ups and Downs of Gas Prices

2008-08-04T08:02:00.001-05:00

From News Channel 5 (August 1, 2008): According to David Penn, director of Middle Tennessee State University's Business and Economic Research Center, "Compared to a month ago prices are down about 5 percent.... That translates at about $3 less per fill up.... But you're still spending $15 more per tank than you did a year ago." (more)

Buyouts vs. Layoffs: Reputations behind Most Cash Options

2008-08-04T08:00:00.003-05:00

From the Daily News Journal (August 3, 2008): According to David Penn, director of MTSU's Business and Economic Research Center, "'It's in (the company's) long-run interest to treat their employees well.' Essentially, 'it's about being a good corporate citizen and being smart, and about looking in the long run on how you want to treat your employees.' That said, employees who take a buyout won't

Study Blames China Trade for Tenn. Job Losses

2008-07-30T06:04:00.001-05:00

From a Tennessean article (June 30, 2008): "MTSU political science professor Steven Livingston said he is skeptical of the data, saying it would be difficult to tabulate exactly how many jobs are lost to trade with China. Livingston, who views the EPI as a 'long-term opponent of free trade' and the group that helped fund the study as supportive of restrictions on trade with China, said the study

June Economic Indicators

2008-07-29T14:20:00.003-05:00

For the Nashville-Davidson-Murfreesboro MSA (.xls), including taxable sales for May (latest available) (http://www.mtsu.edu/~berc/updates.html)

VW Opens Door for Auto Jobs across Tennessee

2008-07-27T08:09:00.001-05:00

From the Tennessean (July 27, 2008): "'The trick will be to attract suppliers for the auto companies that are diversified enough to make products for other industries as well,' said economist David Penn of Middle Tennessee State University.... Whether or not the Volkswagen plant attracts more auto-industry expansion to Tennessee, the move should help the state recruit other industries, MTSU's

Global Commerce Spring 2008

2008-07-25T08:30:00.002-05:00

"Tennessee Whiskey Exports: The New Old Reliable": Steven Livingston writes, "April exports are up 12.6 percent, a pretty good performance — but one that pales before the 20.51 percent gain posted by the nation."

Nashville, Tennessee Employment and May Economic Indicators

2008-07-24T07:43:00.005-05:00

Nashville Nonfarm Employment Tennessee Nonfarm EmploymentMay Economic Indicators for the Nashville-Davidson-Murfreesboro MSA (http://www.mtsu.edu/~berc/updates.html)

Minimum Wage Increases

2008-07-24T07:09:00.001-05:00

From Daily News Journal (July 24, 2008): "David Penn, director of MTSU's Business and Economic Research Center, said while the wage increase is a benefit for employees, the timing is unfortunate due to the current economic conditions. 'They (employers) may diminish their workforce,' Penn said, predicting what some employers might do in order to keep their costs under control."

Tennessee: Foreign Investors Stoking Growth

2008-07-13T09:15:00.016-05:00

(Note to e-subscribers: Blog post has article link.) Steven Livingston, editor of Global Commerce, is quoted in a Chattanooga Times Free Press article (July 13, 2008) about the impending decision on the location of a new VW plant: "Tennessee has been a national leader in recruitment of Japanese companies since Nissan was recruited to Smyrna 25 years ago.... 'Because of Nissan and Denso (which

Home Prices Weaken in June

2008-07-10T06:28:00.000-05:00

From the Tennessean (July 10, 2008): "One positive sign in the figures was a slowdown in the growth of inventory, said David Penn, an economist at MTSU. 'It means that the market is still softening, but not as much as it has been,' he said."

May Building Permits

2008-07-07T13:51:00.004-05:00

May Building Permits are uploaded at http://frank.mtsu.edu/~berc/database.html

Updated Databases

2008-06-30T08:16:00.001-05:00

New data for Employment by County and Historical Unemployment Rates has been posted at http://www.mtsu.edu/~berc/database.html.

Jobless Rate Soars in Region

2008-06-27T11:58:00.001-05:00

From the Tennessean (June 27, 2008): "The increase is so large that we have to wait and see if this is an aberration," economist David Penn of Middle Tennessee State University said. "It is inconsistent with the payroll numbers. We're seeing slow growth here, but no huge drop-off as suggested by these spiking unemployment rates."

Tennessee's Business: The Economy

2008-06-23T11:01:00.006-05:00

A new issue of Tennessee's Business ("The Economy") is online. http://www.mtsu.edu/~berc/tennbusiness.html Articles include: "Outlining the State Budget: Taxpayers Expect Us to Live within Our Means” by Phil Bredesen, Governor of Tennessee "Time to Gird for Rough Times: Forecast Commentary" by Rajeev Dhawan, Economic Forecasting Center, Georgia State University "The Southeast Economy: As Goes

Midstate Economic Indicators

2008-06-22T09:21:00.001-05:00

New online design: "The Nashville area economy grew moderately in the first quarter, even with housing construction in free fall."

Job-Seekers May Face Tough Times Ahead

2008-06-22T09:08:00.003-05:00

From the Daily News Journal (June 22, 2008): "The state's unemployment rate increased from 5.4 percent in April to 6.4 percent in May. . . . the largest one-month jump ever recorded. David Penn, director of MTSU's Business and Economic Research Center, . . . said May's figure could be an error because employment by industry doesn't show a big jump [and] data from another month are needed to

Nashville and Tennessee Nonfarm Employment

2008-06-20T16:18:00.005-05:00

Nashville Nonfarm Employment (.xls, June 20, 2008) Tennessee Nonfarm Employment (.xls, June 20, 2008)

Tennessee Job Losses Paint Grim Picture

2008-06-20T09:05:00.001-05:00

From the Tennessean (June 20, 2008): "'This is real bad,'' said David Penn, an economist with Middle Tennessee State University. 'I think all of us were expecting an increase in unemployment, but this was exceeding our expectations. It may be an aberration. Let's hope so.'"

More Nashvillians Cut Spending on Groceries

2008-06-16T08:32:00.000-05:00

From the Tennessean (June 15, 2008): "'We're just continuing to find out how well we can take a punch,' said David Penn, an economics professor at Middle Tennessee State University. 'We've already been battered by higher food and fuel prices, and the news seems to be getting worse.' Penn predicts food prices will continue to rise gradually because of increasing world demand for food from