Tennessee unemployment rate remains at 5.6 percent

23 Dec 2015 | Author: | No comments yet »

Applications for Jobless Benefits Fall.

That rate, the lowest since the summer of 2008, came as the economy added 3,700 jobs in a range of sectors, including leisure and hospitality, corporate services and construction. WASHINGTON — The number of Americans filing for unemployment benefits last week fell from a five-month high, suggesting sustained labor market healing. During the past 12 months, Georgia’s economy has added 92,900 jobs, trimming the unemployment rate from 6.7 percent, said Mark Butler, labor commissioner for the state. “We have had a very good year as far as job growth goes,” said Butler, noting the state’s 2.2 percent growth rate. “Georgia continues to grow jobs faster than the nation, which has a 1.9 percent growth rate.” New claims for unemployment insurance were up 14 percent during the month and 18 percent from the same month a year ago.

Initial claims for state unemployment benefits dropped 11,000 to a seasonally adjusted 271,000 for the week ended Dec. 12, the Labor Department said on Thursday. “The labor market continues to stay tight with demand for workers strong and pockets of actual shortages in many industries,” said Chris Rupkey, chief financial economist at MUFG Union Bank in New York. Higher rates can eventually crimp economic growth, but the Fed argued that it wants to head off inflation and believes that the labor market has become relatively tight. In Georgia, the jobless rate has slowly fallen from a high of 10.5 percent, although it is not quite back to the 5.0 percent just before the recession. A separate report from the Philadelphia Federal Reserve showed its gauge of manufacturing activity in the region fell to -5.9 this month from 1.9 in November. The Federal Reserve on Wednesday delivered a vote of confidence in the economy’s health, raising short-term interest rates for the first time since June 2006.

The current account deficit, which measures the flow of goods, services and investments into and out of the country, increased 11.7 percent to $124.1 billion, the largest shortfall since the fourth quarter of 2008.“With rates of return in foreign economies likely to remain depressed for the foreseeable future,” said Jay Bryson, global economist at Wells Fargo in Charlotte, N.C., “we look for the dollar to strengthen further in the coming quarters.” While the data is not precise, that mismatch implies that many of the jobs are low-paying or part-time and that many Georgians are working more than one.

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