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TN Unemployment Ticks Up Slightly in May

Press release from the Tennessee Department of Labor and Workforce Development; June 19, 2014:

NASHVILLE – Tennessee Labor & Workforce Development Commissioner Burns Phillips announced today the Tennessee preliminary unemployment rate for May is 6.4%, a tenth of one percentage point higher than the 6.3% April revised rate. The U.S. preliminary rate for May is 6.3%, same as the U.S. April revised rate.

Economic Summary:

  • Over the past year, Tennessee’s unemployment rate decreased from 8.4% to 6.4% while the national rate decreased from 7.5% to 6.3%.
  • Total nonfarm employment increased 6,700 jobs from April to May. The largest increases occurred in leisure/hospitality, retail trade, and local government.
  • Over the year, nonfarm employment increased 56,900 jobs. The largest increases occurred in professional/business services, leisure/hospitality, and trade/transportation/utilities.

For a schedule of media release dates, please visit http://www.tn.gov/labor-wfd/news/tfs.shtml.

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June 11th Straight Month of ‘Positive Growth’ in TN Revenue Collections

Press release from the Tennessee Department of Finance & Administration; July 11, 2013:

NASHVILLE – Total Tennessee tax collections for June were weak, but exceeded budgeted expectations. Finance and Administration Commissioner Larry Martin reports that overall June revenues were $1.2 billion, which is $3.2 million more than the state budgeted. It marks the 11th consecutive month this year in which total collections have experienced positive growth.

Sales tax collections in June were flat, while corporate tax collections exceeded the budgeted estimate. All other tax sources, taken as a group, were above the budgeted estimates.

“The year-to-date growth rate for all taxes remains low and points to an economy that is still anemic and recovering slowly,” Martin said. “For the remainder of this year, we will continue to closely monitor collections and expenditures.”

On an accrual basis, June is the eleventh month in the 2012-2013 fiscal year.

The general fund was over collected by $8.9 million, and the four other funds were under collected by $5.7 million.

Sales tax collections were $0.1 million less than the estimate for June. The June growth rate was positive 1.18%. For eleven months revenues are under collected by $27.8 million. The year-to-date growth rate for eleven months was positive 1.67%.

Franchise and excise taxes combined were $2.3 million above the budgeted estimate of $338.9 million. The growth rate for June was negative 8.85%. For eleven months revenues are over collected by $278.9 million and the year-to-date growth rate was 8.76%.

Privilege tax collections were $0.9 million above the June estimate. For eleven months collections are $30.1 million above the budgeted estimate.

Business tax collections were $1.2 million more than the June estimate. Year-to-date collections for eleven months are $1.4 million above the budgeted estimate.

Inheritance and estate tax collections were $7.9 million above the June estimate. For eleven months collections are $35.4 million above the budgeted estimate.

Tobacco tax collections were $2.4 million below the budgeted estimate of $27.8 million. For eleven months revenues are under collected by $11.0 million.

Gasoline and motor fuel collections for June were under collected by $4.0 million. For eleven months revenues are under collected by $22.5 million.

All other taxes for June were under collected by a net of $2.6 million.

Year-to-date collections for eleven months were $322.8 million more than the budgeted estimate. The general fund was over collected by $328.6 million and the four other funds were under collected by $5.8 million. The FY 2013 revised budget assumed an over collection of $305.9 million in General Fund Taxes. Therefore, the amount of over collection, August through June, compared to what’s in the revised FY 2013 budget is $16.9 million ($322.8 million minus $305.9 million).

The budgeted revenue estimates for 2012-2013 are based on the State Funding Board’s consensus recommendation of December 19th, 2011 and adopted by the second session of the 107th General Assembly in April 2012. They are available on the state’s website at http://www.tn.gov/finance/bud/budget.html.

The State Funding Board met on December 14, 2012 to hear updated revenue projections from the state’s various economists. The board met again on December 19th and adopted revised revenue ranges for 2012-2013. The revised ranges assume an over collection from the July 2012 budgeted estimate in the amount of $203.0 million to $287.3 million in total taxes and in the amount of $224.2 million to $305.9 million in general fund taxes for the current fiscal year.

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July Brings in $9.9M More Taxes Than State Budgeted

Press release from the Tennessee Department of Finance & Administration; August 9, 2012: 

NASHVILLE – Tennessee revenue collections continued their upward trend in July, but at a much slower pace compared to recent months. Finance and Administration Commissioner Mark Emkes today announced a net positive growth of 4.46% over July collections of one year ago. Overall July revenues were $880.9 million, which is $9.9 million more than the state budgeted.

July marks the 12th consecutive month this year in which total collections have exceeded the budgeted estimates. July sales tax collections represent consumer spending that took place in the month of June.

“We continue to believe the growth in sales and corporate tax collections indicates a very slow economic recovery in Tennessee, but we also continue to see mixed results at the national level,” Emkes said. “The latest published leading economic indicators show that the U.S. economy decelerated in the second quarter, which causes concern at the state level.

“We’ll close fiscal year 2012, which ended June 30, with a revenue surplus which will help maintain a balanced budget in fiscal 2012-2013.”

On an accrual basis, July is the twelfth month in the 2011-2012 fiscal year.

The general fund was over collected by $2.7 million, and the four other funds were over collected by $7.2 million.

Sales tax collections were $14.7 million more than the estimate for July. The July growth rate was 3.30%. For twelve months revenues are over collected by $241.8 million. The year-to-date growth rate for twelve months was positive 6.57%.

Franchise and excise taxes combined were $0.8 million under the budgeted estimate of $55.5 million. The growth rate for July was positive 8.64%. For twelve months revenues are over collected by $308.2 million and the year-to-date growth rate was positive 22.26%.

Inheritance and estate tax collections were $10.1 million below the July estimate. For twelve months collections are $37.9 million above the budgeted estimate.

Privilege tax collections were $1.1 million above the July budgeted estimate. For twelve months collections are $9.0 million more than the budgeted estimate, and the year-to date growth rate was positive 11.71%.

Business tax collections were $1.0 million less than the July estimate. Year-to-date collections for eleven months are $15.9 million below the budgeted estimate.

Tobacco tax collections were $2.6 million below the budgeted estimate of $25.9 million. For twelve months revenues are under collected by $18.5 million.

Gasoline and motor fuel tax collections for July were over collected by $3.4 million. For twelve months revenues are under collected by $5.1 million.

All other taxes for July were over collected by a net of $5.2 million.

Year-to-date collections for twelve months were $563.8 million more than the budgeted estimate. The general fund was over collected by $543.0 million and the four other funds were over collected by $20.8 million. The FY 2012 revised budget assumed an over collection of $209.6 million in General Fund Taxes. Therefore, the amount over collected above and beyond what’s already in the budget is $333.4 million ($543.0 million minus $209.6 million).

The budgeted revenue estimates for 2011-2012 are based on the State Funding Board’s consensus recommendation of April 15, 2011 and adopted by the first session of the 107th General Assembly in May. They are available on the state’s website at http://www.tn.gov/finance/bud/budget.shtml.

The State Funding Board met on December 9th and 14th to hear updated revenue projections from the state’s various economists. The board met again on December 19th and adopted revised revenue ranges for 2011-2012. The revised ranges assume an over collection of $187.8 million to $220.5 million in total taxes and $177.0 million to $209.6 million in general fund taxes from the fiscal year 2011-2012 budgeted estimate. The revised estimates are reflected on pages A-74 and A-76 in the 2012-2013 Budget Document.

Year-to-date collections for 2011-2012 are subject to final accrual adjustments.

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TNDP: Unemployment Rise Proof GOP ‘Failed to Focus’ on Jobs Legislation

Statement from the Tennessee Democratic Party; July 19, 2012: 

NASHVILLE – Tennessee Democratic Party Chairman Chip Forrester issued a statement today after the Tennessee Labor & Workforce Development announced the state unemployment rate for June increased to 8.1 percent, up from the May revised rate of 7.9 percent.

“June’s unemployment increase is further proof that Tennessee’s economy is suffering because the majority party failed to focus on jobs and failed to protect the middle class. Instead they prioritized rewarding their special interest campaign donors and wasted our time and money arguing extreme legislation that hurts our families.

“After two years of complete Republican control — wages are falling, fewer people are earning paychecks than just a few months ago, and more people are giving up their search for a quality job. We’ve seen enough do-nothing leadership in Tennessee, and it’s obviously time for a new path forward.”

Background

June Unemployment Rate Increases to 8.1 Percent. [TN.gov, 7/19/12]