Private-sector job growth in the Nashville area fell to 0.9 percent year over year in August, the lowest number since March of 2010. Yes, we've heard for months that many local companies are sitting on their hands waiting for the political and fiscal uncertainty to be cleared up. But can we really expect a sentiment shift in 2013 powerful enough to lift job growth back above 2 percent?
Check out this chart in detail and much more data at the BERC/TACIR site.
Recently released U.S. Department of Labor statistics show the average weekly pay in Davidson County rose 9 percent in the first quarter of 2012 compared to the same period for 2011. The county's increase ranks above that of the U.S. average of 5.4 percent.
Nationally, Davidson County ranked 18th highest in average pay growth, placing in the top 6 percent of large counties in the U.S. Knox (Knoxville), Hamilton (Chattanooga) and Davidson counties placed in the highest 20 percent in pay growth, while Rutherford, Shelby (Memphis) and Williamson counties placed in the top 45 percent.
Tennessee average weekly pay rose 6.8 percent over the year, ranking the state eighth highest among the 50 states. By contrast, North Dakota rose 14.6 percent, the highest average pay growth, while New York experienced the lowest growth at negative 0.8 percent over the year.
The latest SurePayroll numbers on hiring and wages at the nation's small businesses show that the upcoming presidential election is wearing down confidence across the board. Only 45 percent of those surveyed said they were optimistic, down from 60 percent in June. SurePayroll says 20 of the country's largest cities saw small-biz hiring fall last month — Nashville was one of them — while only 11 posted gains. Here's a full city-by-city rundown.
The trend is unmistakable: Job growth in the Nashville MSA has petered out as 2012 has progressed. The data housed at MTSU's Business and Economic Research Center is clear on that. But look beyond the top line and there is some solace to be had.
Our four largest private-sector employment groups — education/health, professional/business services, retail and leisure, which combine for more than half our jobs base — all grew by at least 1 percent in the year ended Aug. 30. Worth noting is that health and education jobs grew at their fastest pace in 10 months while retail hiring held its own during a summer that was rough on many other sectors. (Word that HCA will bring hundreds of new jobs to Midtown over the next few years will help sustain that trend.)
Admittedly, even those numbers are no great shakes. But they do offset losses in other sectors such as government, finance and wholesale trade. And you can't help but think that the slam-the-brakes slowdown in professional services hiring growth has something to do with the looming fiscal cliff. Resolve that issue and there's a good chance we bounce back to growth of 4 percent or more.
For the third time this year, global tech services company Xerox is adding to its local call center management operations. Xerox officials want to hire 50 employees immediately for their new center in the Highland Ridge Office Park on Marriott Drive. The company is adding customer service reps, quality assurance analysts, technical analysts and service center managers. They will join the 160 other employees hired locally this year.
The team at MTSU's Jones College of Business hosted its 20th Economic Outlook Conference Friday. Among the presenters was Business and Economic Research Center Director David Penn, who told attendees that there are a number of good things happening locally — the housing market is continuing to heal, our manufacturers are growing and retail sales growth is strong — but that there are plenty of factors that can derail growth in the coming years. Here are a few slides that caught our eye. The full presentation is here.
The U.S. Labor Department will release two more sets of jobs market numbers between now and Election Day and President Obama will be looking for much better than he got this morning. Yes, the unemployment rate dropped to 8.1 percent but only because the labor force participation rate fell to its lowest point in three decades. CNNMoney's Chris Isidore writes about the many young people dropping out of the job market, while writers at Bloomberg look at how the Romney campaign will benefit from the weak numbers. Meanwhile, the broader U6 unemployment rate — which includes people not actively looking for work — dipped to 14.7 percent but has been churning since the beginning of the year.
- BRASWELL, ROBERT
- GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR
- GARRETT, TIMOTHY M EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR
- GARRETT, JOHNNY C IV EXECUTOR; GARRETT, JOHNNY C EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR