Thursday, December 26, 2013

Nashville unemployment rate posts big drop from 6.7% to 5.8%

Managing Editor-Nashville Business Journal

Davidson County's unemployment rate dropped to 5.8 percent in November, according to new data from the Tennessee Department of Labor and Workforce Development, down from 6.7 percent in October.
The new data shows that unemployment decreased in 93 counties in November, increased in one and remained flat in one.
Davidson County posted the eighth-lowest unemployment rate in the state in November, and the lowest of the state's major metropolitan areas. Williamson County posted the state's lowest unemployment rate, at 5 percent, down from 5.7 percent in October.
Around the region, Cheatham County's unemployment rate dropped to 5.5 percent, down from 6.3 percent in October; Maury County's rate dropped to 8 percent, down from 9 percent; Montgomery County's rate fell to 7.8 percent, down from 8.6 percent; Robert County's rate fell to 5.7 percent, down from 6.4 percent; Rutherford County's rate fell to 5.6 percent, down from 6.4 percent; and Wilson County's rate fell to 5.4 percent, down from 6.6 percent.
Tennessee's statewide unemployment rate for November was 8.1 percent, down from 8.5 percent in October. November's national unemployment rate was 7 percent, down from 7.3 percent. via @nashvillebiz
In its housing outlook for 2014, Forbes has ranked the Nashville metropolitan statistical area as the fourth-best U.S. market in which to buy a home next year, noting a growing local economy and housing prices that are still under-valued despite a recent uptick.

Friday, December 20, 2013

U.S. growth revised higher, economy on firmer footing, GDP grew at 4.1%

(Reuters) - The U.S. economy grew at its fastest pace in almost two years in the third quarter, the government said on Friday as it revised its estimates of business and consumer spending higher.The broad revisions hinted at some underlying strength, which could help the economy better absorb the blow from an anticipated cutback in inventory accumulation this quarter.

The Federal Reserve on Wednesday gave the economy a vote of confidence, announcing it would reduce its $85 billion monthly bond purchases by $10 billion starting in January.

Gross domestic product grew at a 4.1 percent annual rate instead of the 3.6 percent pace reported earlier this month, the Commerce Department said in its third estimate.

That was the quickest pace since the fourth quarter of 2011 and an acceleration from the April-June quarter's a 2.5 percent.

Economists had expected third-quarter GDP growth would be unrevised at a 3.6 percent rate.
"This is a fairly solid report, said Ryan Sweet, senior economist at Moody's Analytics in West Chester, Pennsylvania, adding that the mix of factors in the report was more positive than expected. via @reuters