ECONOMIC O V E R V I E W. July 2000 Index as of October (Continued on page 2.) CENTER FOR BUSINESS AND ECONOMIC RESEARCH
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1 TE N N E S S E E ECONOMIC O V E R V I E W July 2000 Index as of October 2000 T E N N E S S E E FIGURE 1 Monthly Percent Change in the Tennessee Leading Index (Seasonally Adjusted at Annual Rate) T ennessee s index fell in July at a seasonally adjusted annual rate (SAAR) of 5.4 percent. This decline in the state s leading index, a barometer of economic activity expected to occur in six to nine months, was the result of downturns in four of the index s five components. The primary contributor to the negative movement of the state index was the loss suffered by inflation-adjusted taxable sales. July s dip in inflation-adjusted taxable sales of 29.8 percent (SAAR) negated last month s surge, dropping taxable sales by $176 million to $5.9 billion. Construction employment also lost ground, falling 8.0 percent (SAAR), with the loss of 900 jobs. Average manufacturing hours worked per week declined 5.9 percent (SAAR) to 40.4 hours per week, the lowest average since CENTER FOR BUSINESS AND ECONOMIC RESEARCH COLLEGE OF BUSINESS ADMINISTRATION THE UNIVERSITY OF TENNESSEE November of last year. And the U.S. leading index continued it s downward slide falling another 1.1 percent for the third consecutive month. The only positive component of the Tennessee index was initial claims for unemployment insurance that fell off 3.8 percent (SAAR) in July. Despite the setbacks in construction employment and average number of weekly manufacturing hours worked, other signals from Tennessee s July labor market were more optimistic. The state unemployment rate shed one-tenth of a percentage point, falling to 3.6 percent in July, remaining below the national unemployment rate of 4.0 percent. Manufacturing employment in Tennessee rebounded from last month s decline with an increase of 500 jobs or 1.2 percent (SAAR), and initial claims for unemployment insurance fell for the second straight month by 3.8 percent (SAAR). Another positive signal from the state s (Continued on page 2.) INSIDE TN ECONOMIC DATA... 3 U.S. ECONOMIC DATA... 4 MSA PERSPECTIVE... 5 CHATTANOOGA... 6 KNOXVILLE... 7 MEMPHIS... 8 NASHVILLE... 9 TRI-CITIES SELECTED CBER PUBLICATIONS. 11
2 (Continued from page 1.) labor market was total nonagricultural employment that managed to inch up 1.0 percent (SAAR) in July with the addition of 2,300 jobs. News from the national labor market is mixed this month. Although U.S. manufacturing employment increased 3.4 percent (SAAR), total nonagricultural employment in the U.S. fell 0.5 percent in July, and the unemployment rate held steady at 4.0 percent, unchanged from last month. Total initial claims for unemployment insurance in the U.S. decreased for the second consecutive month, falling by 12.2 percent (SAAR). On the consumer side of the nation s economy, inflation-adjusted personal income was up 3.6 percent (SAAR) in July. The index of consumer sentiment rebounded from last month s loss of confidence with a strong gain of 23.7 percent (SAAR), while inflation-adjusted retail sales continued to climb, increasing 10.8 percent (SAAR) in July. Except for a slight increase in March, the U.S. leading index has been declining since January. And after advancing steadily for nine consecutive months, the U.S. coincident index was flat in July. Advances in income and industrial production continue to propel the U.S. coincident index, but July s drop in nonagricultural employment dampened the index s momentum. The combined patterns of the nation s leading and coincident indices point to an economy running into growth constraints. This month s slump in Tennessee s leading index is disappointing news. However, since Tennessee s economy tends to reflect trends in the national economy, the state index s decline is not unexpected. Growth restraints pressuring the national economy are also bearing down on the state s economy. Tennessee s strong labor market is a good indicator of the health of the overall economy. Continued low unemployment, coupled with gains in total nonagricultural employment and personal income, indicates that there may still be room for a decent pace of expansion. Expect restrained growth and continued modest expansion in future months. FIGURE 2 Tennessee Quarterly Leading Index FIGURE 3 Total Nonagricultural Employment FIGURE 4 Real Personal Income (1996 Dollars) 2
3 ! "#$%&&&&&&&&&&&&&&&&&& && &&&&&&&& && &&&&&&&& &&,!.01,2. -#3%#%&&&&&&&&&&&&&&&& && &&&&&&&& && &&&&&&&& &&.01,2. --#'%#%&&&&&&&&&&&&&&&&&& && 4!.01,2. -#3%#%&&&&&&&&&&&&&&&&&& && &&&&&&&& && &&&&&&&& && 4!+!56123,7*/#%&&&&&&&&&&&&&&&&&&& && &&&&&&&& && &&&&&&&& &&, /-.01,2. -#3%#%&&&&&&&&&&&&&&&& && &&&&&&&& && &&&&&&&& && "811/# 9%#%&&&&&& &&&&&&&& && &&&&&&&& && "811/# 9%#%&&& &&&&&&&& && &&&&&&&& && -11./4,* #3%#%&&&&&&&&&&&& && &&&&&&&& && &&&&&&&& && )*/, 1 :,.#;19%#%&&&&&&&&&&&&& &&& '(!)*+<7*-*&&&&&&&&&&&&&&&&& & '(!.<7*-*/-*&&&&&&&&&&&&&& & )*/, 1 :,.#;19%#%&&&&&&&&&&&& &&& '(!)*+<7*-*&&&&&&&&&&&&&&&&& & '(!.<7*-*/-*&&&&&&&&&&&&&& & #%1:71-4*,.-0*,+82-(&&;7*7,48,*--/-:/& #%1:71-4*,.-0*,+82-( //0*-. -,4+ 7& #%1:71-4*,.-0*,+82-( //0*-. -,48,* 5,*64,*:+1,0. ->+/,,4.01,2. -:7*-2& #%1:71-4*,.-0*,+82-(&&0*-. -,4,..*:>;7*7,4:,,.: 12//#;%& &&,-+181& 3
4 && )*/, 1 :,.#; 9%#%&&&&&&&&&&&&&&&& &&& &&&&&&&&&&& &&& &&&&&&&&&&& &&& )*/, /41-,*#$%#%&&&&&&&&&&&&&& &&& &&&&&&&&&&& &&& &&&&&&&&&&& &&&,!.01,2. -# %#%&&&&&&&&&&&&&&&&&&&& &&& &&&&&&&&&&& &&& &&&&&&&&&&& &&&.01,2. --#'%#%&&&&&&&&&&&&&&&&&&&&&&&& ; 6)*. -*/--#'%#%&&&&&&&&&&&&&& &&&, : - "#$%#%&&&&&&&&&&&& &&& &&&&&&&&&&& &&& &&&&&&&&&&& &&&! "#$%#%&&&&&&&&&&&&&&& &&& &&&&&&&&&&& &&& &&&&&&&&&&& &&& 4!.01,2. -# %#%&&&&&&&&&&&&&&&&&&&&&&&&& &&&&&&&&&&& &&& &&&&&&&&&&& &&& -11./4,* #3%#%&&&&&&&&&&&&&& &&& &&&&&&&&&&& &&& &&&&&&&&&&& &&& -11/#; 9%#%&&&&&&&&&&&&&&&&&&&&&& &&& &&&&&&&&&&& &&& &&&&&&&&&&& &&&, / -. -#$%#%&&&&&&&&&&&&&& &&& &&&&&&&&&&& &&& &&&&&&&&&&& &&&?)#;19%#%&&&&&&&&&&&&&&&&&&&&&&&&&& &&& '(!)*+<7*-*&&&&&&&&&&&&&&&&&&&& &&& '(!.<7*-*/-*&&&&&&&&&&&&&&&&& &&& )*/, 1 :,.#;19%#%&&&&&&&&&&&&&&& &&& '(!)*+<7*-*&&&&&&&&&&&&&&&&&&&& &&& '(!.<7*-*/-*&&&&&&&&&&&&&&&&& &&& #%&&0*-. -,4,..*:>;7*7,4:,,.: 12//#;%& #%5@& #%1:71-4*,.-0*,+825@& #%1:71-4*,.-0*,+82;& 4
5 July was a disappointing month for Tennessee s major Metropolitan Statistical Areas (MSAs) as all five experienced downturns in their leading economic indices. Comparatively, the Knoxville MSA fared the best, losing only 3.8 percent (SAAR). The Tri- Cities index slipped 6.4 percent (SAAR), while Chattanooga and Nashville lost 8.2 percent and 8.4 percent (SAAR), respectively. The largest downturn occurred in Memphis where the leading index declined 12.9 percent (SAAR). A drop in inflation-adjusted taxable sales was a detractor for all five area indices. This is disappointing news in that combined MSA sales account for the majority of statewide sales. Construction employment fell off in Knoxville, Memphis, and Nashville, but made very strong advances in Chattanooga and the Tri-Cities of 20.2 percent (SAAR) and 44.5 percent (SAAR), respectively. Conversely, the average number of manufacturing hours worked per week increased in every area except Chattanooga and the Tri-Cities. Figure 6 shows that total nonagricultural employment growth for July was positive in all five Tennessee MSAs, despite setbacks in the manufacturing sector where 700 jobs were lost in each of the Chattanooga and Memphis economies. Another piece of disappointing news from the MSAs in July was the increase in the unemployment rate in every area except the Tri-Cities. The economic data comprising the regional indices includes both advancing and declining series that continue to show signs of volatility indicative of an economy operating at or near full employment. Fluctuations in employment and general economic activity can be expected throughout the MSA areas as the state economy continues to feel the pressure of growth constraints. FIGURE 6 MSA Employment Growth July 2000 FIGURE 5 MSA Index Growth July 2000 FIGURE 7 MSA Unemployment Rate July 2000 (seasonally adjusted) Tennessee s Largest MSAs 5
6 A fter a strong second quarter performance, the index of leading economic activity for the Chattanooga Metropolitan Statistical Area (MSA) fell 8.2 percent (SAAR) in July. Besides posting a disappointment month-tomonth decrease, the Chattanooga index is also 0.2 percent (SAAR) lower than July 1999's index. Three of the four components in Chattanooga s index sustained setbacks this month. Inflation-adjusted taxable sales sank 44.1 percent (SAAR) in July, negating growth from the past two months. The loss of $18 million brought inflation-adjusted taxable sales down to $367 million, the second lowest level this year. Another negative component of the Chattanooga index, the average number of weekly hours worked in manufacturing, fell for the second straight month by 18.5 percent (SAAR). And finally, Tennessee s leading index dipped 5.4 percent (SAAR). The only component of Chattanooga s index to advance in July was construction employment. Rebounding from two consecutive months of declines, construction employment grew by 20.2 percent (SAAR) with the addition of 200 jobs. Additional labor market data not used in the compilation of the Chattanooga index are mixed this month. On the positive side, total nonagricultural employment increased for the third straight month, rising 8.2 percent in July. On the negative side, manufacturing employment plummeted 17.1 percent (SAAR) with the loss of 700 jobs. This is only the second time this year that jobs have been lost in the manufacturing sector in the Chattanooga area. Another negative mover in July was the unemployment rate that inched up one-tenth of a percentage point to 2.8 percent. Chattanooga s economy started 2000 off with a volatile first quarter but gradually improved in the second quarter. Unfortunately, July s downturn negated the gains of the second quarter, and the area s economy begins the third quarter of 2000 on a pessimistic note. Short-term expectations are for periods of flat to slow growth intermingled with periods of slight decline as the economy operates near full employment. 3?! "#$%&&&&&&&&&&,!.01,2. -#3%#%&&&&&&&&.01,2. --#'%#%&&&&&&&&&& 4!.01,2. -#3%#%&&&&&&&&&& 4!+!56123,7*/#%&&&&&&&&&&&, /-.01,2. -#3%#%&&&&&&&& "811/# 9%#%&&&&&& "811/# 9%#%&&& #%1:71-4*,.-0*,+82-(&&;7*7,48,* --/-:/& #%1:71-4*,.-0*,+82-( //0*-. -,4+ 7& FIGURE 8 Chattanooga Quarterly Leading Index 6
7 T he Knoxville Metropolitan Statistical Area (MSA) index of leading economic activity sustained a minor setback in July, falling at a seasonally adjusted annual rate (SAAR) of 3.8 percent after a notable increase the previous month. This decline was engineered by contractions in three of the four components comprising the index. A loss of 200 jobs in the construction sector contributed the most significant hit. In July, construction employment fell 12.4 percent (SAAR). In addition to this month-to-month decline, the year-to-year percent change in construction jobs is down in Knoxville by 1.8 percent (SAAR). Also impacting the index negatively this month were inflation-adjusted taxable sales that slipped 8.4 percent (SAAR) and the Tennessee leading index that fell 5.4 percent (SAAR). The only positive component of Knoxville s index in July was the average number of weekly manufacturing hours that increased 9.5 percent (SAAR). Labor market data not included in the Knoxville leading index were more encouraging. The level of manufacturing employment rose a strong 11.6 percent (SAAR) with the addition of 500 jobs, while total nonagricultural employment advanced 1.3 percent (SAAR). The unemployment rate for the Knoxville area has shown little change in the past year, fluctuating between 2.8 and 2.9 percent. This month, after holding steady at 2.8 percent for two consecutive months, the unemployment rate increased a slight one-tenth of a percentage point back to 2.9 percent. Overall, the first half of 2000 has been disappointing for the Knoxville economy in terms of economic expansion. And the second half of the year is now off to a slow start with the Knoxville index s dip of 3.8 percent (SAAR). However, the year-to-year change in the leading index shows the Knoxville economy to be marginally better now by 0.6 percent (SAAR) than in July of last year. Moreover, the level of economic activity remains high, as illustrated by the area s exceptionally low unemployment rate. Progress in the near term will depend on Knoxville s ability to rebound from recent setbacks in total nonagricultural employment, particularly in the construction sector. ABC! "#$%&&&&&&&&&&,!.01,2. -#3%#%&&&&&&&&.01,2. --#'%#%&&&&&&&&&& 4!.01,2. -#3%#%&&&&&&&&&& 4!+!56123,7*/#%&&&&&&&&&&&, /-.01,2. -#3%#%&&&&&&&& "811/# 9%#%&&&&&& "811/# 9%#%&&& #%1:71-4*,.-0*,+82-(&&;7*7,48,* --/-:/& #%1:71-4*,.-0*,+82-( //0*-. -,4+ 7& FIGURE 9 Knoxville Quarterly Leading Index 7
8 P ushed down by losses in four of its five components, the Memphis Metropolitan Statistical Area (MSA) index of leading economic activity plummeted 12.9 percent (SAAR) in July. This precipitous drop has negated all positive movement made by the index in the past eleven months. July s index of is the lowest seen since last August. The yearto-year change shows the Memphis index to be 0.6 percent (SAAR) below that of last July. The most notable loss this month occurred in the help-wanted index which contracted 43.2 percent (SAAR). After June s weak increase of 8.4 percent (SAAR), inflation-adjusted taxable sales sank 35.9 percent (SAAR) for a loss of $36 million. More negative pressure was applied by the loss of 500 construction jobs for a decrease in construction employment of 20.7 percent (SAAR) and the 5.4 percent (SAAR) fall in the Tennessee leading index. The only advancing component in the Memphis index was the average number of manufacturing hours that rose slightly by 0.3 percent (SAAR) hardly enough to cushion, much less halt the downward slide of the index. Employment data not used to calculate the Memphis index offer little if any encouraging news. After reaching a high of 3.9 percent in September 1998, the Memphis area unemployment rate has hovered around 3.4 percent. For the second consecutive month, the unemployment rate has increased, climbing from 3.6 percent in June to 3.8 percent in July. Manufacturing employment continued to lose ground, dropping 12.5 percent (SAAR) to the lowest level since May Despite setbacks in the construction and manufacturing sectors, total nonagricultural employment was able to expand a slight 0.9 percent (SAAR) in July. This month s decline in the Memphis economic index emphasizes the difficulty in engineering an acceleration in economic growth in times of low unemployment. The situation is not expected to change anytime soon. The short-term outlook for the Memphis regional economy calls for continued up and down movement in key barometers of economic activity and a slow pace of expansion. )3! "#$%&&&&&&&&&&,!.01,2. -#3%#%&&&&&&&&.01,2. --#'%#%&&&&&&&&&& 4!.01,2. -#3%#%&&&&&&&&&& 4!+!56123,7*/#%&&&&&&&&&&&, /-.01,2. -#3%#%&&&&&&&& "811/# 9%#%&&&&&& "811/# 9%#%&&& "#$%#%&&&& #%1:71-4*,.-0*,+82-(&&;7*7,48,* --/-:/& #%1:71-4*,.-0*,+82-( //0*-. -,4+ 7& #%,7*:(, 4* :;,*& FIGURE 10 Memphis Quarterly Leading Index 8
9 T he Nashville Metropolitan Statistical Area (MSA) index of leading economic activity fell again in July by 8.4 percent (SAAR). Since the beginning of this year, Nashville s leading index has only been able to manage a month-to-month increase on one occasion. In February, the index rose 16.3 percent (SAAR), but this gain has since been negated by a continuous string of declines. This month is the first month that the index has been lower than the same month in the previous year. The July 1999 to July 2000 difference was -0.6 percent (SAAR). The continued slide of this month s index was brought about by the poor performance of four of the five component series that comprise the index. The chief loser was Nashville s index of help wanted ads, down 44.0 percent (SAAR) from last month. At 101.0, the help wanted index is at a low not seen since January The second biggest detractor to Nashville s July index was inflation-adjusted taxable sales that dropped 38.2 percent (SAAR). With this month s $59.4 million loss, inflation-adjusted taxable sales have dropped to the lowest level since November The final two negative components of the Nashville index were construction employment, down 0.6 percent (SAAR), and the Tennessee leading index, down 5.4 percent (SAAR). The only bright spot in Nashville s index this month was the 6.3 percent (SAAR) increase in the average number of weekly manufacturing hours worked. Fortunately, other labor market data not used in the calculation of the Nashville leading index offer encouraging signals this month. Manufacturing employment rose by 2.5 percent (SAAR) and total nonagricultural employment gained an impressive 9.7 percent (SAAR) with the addition of 5,300 jobs. While still much lower than the state rate, the Nashville rate of unemployment inched up slightly in July by one-tenth of a percent to 2.6 percent. July s downturn in the Nashville leading index highlights a situation that Nashville and other areas of the state are being faced with sustaining growth in the midst of relative prosperity and full employment. With a low unemployment rate and advancing total employment, there is little cause for alarm. Expect flat growth in the Nashville area in the coming months. 3C! "#$%&&&&&&&&&&,!.01,2. -#3%#%&&&&&&&&.01,2. --#'%#%&&&&&&&&&& 4!.01,2. -#3%#%&&&&&&&&&& 4!+!56123,7*/#%&&&&&&&&&&&, /-.01,2. -#3%#%&&&&&&&& "811/# 9%#%&&&&&& "811/# 9%#%&&& "#$%#%&&&& #%1:71-4*,.-0*,+82-(&&;7*7,48,* --/-:/& #%1:71-4*,.-0*,+82-( //0*-. -,4+ 7& #%,7*:(, 4* :;,*& FIGURE 11 Nashville Quarterly Leading Index 9
10 F ollowing last month s strong gain of 7.5 percent (SAAR), the Tri- Cities index of leading economic activity posted a loss of 6.4 percent (SAAR) in July, falling back to the same level of May This month s loss came as the result of setbacks in three of the leading index s four components. Inflation-adjusted taxable sales dropped 46.1 percent (SAAR) with a month-to-month loss of $16 million. Average weekly hours in manufacturing retreated by 3.7 percent (SAAR) and the Tennessee leading index fell 5.4 percent (SAAR). On a more positive note, construction employment in the Tri-Cities area was up in July by a strong 44.5 percent (SAAR). Unfortunately, this strong gain was not enough to offset the negative pressures of the other components. Labor market data not used to construct the Tri-Cities leading index paint a more optimistic story for the area. Particularly notable, total nonagricultural employment was able to expand by 17.4 percent in July with the addition of 2,600 new jobs. Moreover, manufacturing employment was up this month by 0.3 percent (SAAR) and the unemployment rate fell three-tenths of a percentage point to 4.0 percent. After a slight dip at the beginning of the fourth quarter in 1999, the Tri-Cities economy rebounded with consecutive gains in November and December and ended the year with a leading index of Unfortunately, the area s economy was unable to gain ground in the first quarter and ended back at the same point with the leading index again at Performance of the index improved in the second quarter of 2000, but has now stalled. If the positive signals from the Tri-Cities labor market of advancing total nonagricultural employment and a relatively stable unemployment rate can be maintained, weak to modest growth may be expected in the near term.! "#$%&&&&&&&&&&,!.01,2. -#3%#%&&&&&&&&.01,2. --#'%#%&&&&&&&&&& 4!.01,2. -#3%#%&&&&&&&&&& 4!+!56123,7*/#%&&&&&&&&&&&, /-.01,2. -#3%#%&&&&&&&& "811/# 9%#%&&&&&& "811/# 9%#%&&& #%1:71-4*,.-0*,+82-(&&;7*7,48,* --/-:/& #%1:71-4*,.-0*,+82-( //0*-. -,4+ 7& FIGURE 12 Tri-Cities Quarterly Leading Index 10
11 Center for Business and Economic Research College of Business Administration The University of Tennessee, Knoxville Director William F. Fox Associate Director Matthew N. Murray Assistant Professor Donald J. Bruce Research Associates Vickie C. Cunningham Angela R. Thacker Patricia A. Price Joan M. Snoderly Betty B. Vickers Word Processing Specialist Pat A. Hunley Program Resource Specialist Betty A. Drinnen Graduate Research Assistants Karie A. Barbour Paula Dowell Sanela Porca Student Assistants Jason M. Fletcher Jonathan P. McKernan Ryan L. Russell Lisa J. Wilson For further information, contact CBER at 1000 Volunteer Blvd., Suite 100 Glocker Bldg., Knoxville, TN ; telephone (865) ; fax (865) Data reported herein are seasonally adjusted, and therefore may not be directly comparable to data reported elsewhere. The five seasonally adjusted leading index components are Tennessee construction employment, initial claims for Tennessee unemployment insurance, the U.S. leading index, inflationadjusted taxable sales and Tennessee manufacturing hours. See the Fall 1988 issue of the Survey of Business or the 1994 Economic Report to the Governor for a complete discussion of the methodology underlying the Tennessee economic indices. UTK Printing Authorization No. E Selected Economic Publications from CBER The Location Decision of Automotive Suppliers in Tennessee and the Southeast. June A Profile of the Automobile Sector in the U.S., and Southeastern States. June Examining Supply Gaps and Surpluses in the Automotive Cluster in Tennessee. May The Economic Benefits of the U.S. Department of Energy for the State of Tennessee, Fiscal Year April An Economic Report to the Governor of the State of Tennessee on the State s Economic Outlook. Annual. A Study of the Changing Staffing Patterns in the Tennessee Department of Human Services in Response to Families First. August Adequacy of Tennessee s Unemployment Insurance Trust Fund. July Attitudes of Families First Recipients. May The Impact of TennCare: A Survey of Recipients. March Tennesseans Attitudes Toward Learning and the Workplace. March Economic Effects of the Spallation Neutron Source (SNS) and the Joint Institute for Neutron Sciences (JINS) on the State of Tennessee. February Economic Effects of The University of Tennessee, Knoxville Athletic Department. September Business Recruitment and its Impact on the Knoxville and Knox County Economies. May An Economic and Fiscal Analysis of Industrial Development in Anderson County. March Analysis of the Basic Education Formula: Evaluation of its Stability, Equity, and Adequacy. February Tennessee Statistical Abstract. January Biennial. Occupational Wage and Benefit Survey. January The Nature and Consequences of Economic Development in the Loudon County Economy. April Aid to Families with Dependent Children: 1995 Case Characteristics Study. January Survey of Health Care Status. November Natural Gas Transportation Constraints in Tennessee. August A Survey to Determine Insurance Status of Tennessee Residents. August Economic Impact of The University of Tennessee on the State of Tennessee: Academic Year 1992/93. June Measuring the Extent of Health Insurance Coverage in Tennessee. November Employment Security Issues. June Monopoly Leveraging Theory: Implications for Post-Divestiture Telecommunications Policy. March Design of Economic Development Incentives. November Factors to Consider in the Design of Economic Development Incentives. September Rural Economic Prospects: Implications of Economic Forecasts for the South. April Evaluation of the Methodology for Computing the Standard of Need for the Aid to Families with Dependent Children Program in Tennessee. November INTERESTED IN TRACKING THE TENNESSEE ECONOMY? In addition to the Tennessee Economic Overview, CBER publishes the Tennessee Business and Economic Outlook, a quarterly forecast update of the Tennessee and U.S. economies. CBER also produces the Southeast Economic Outlook, which can be found in the Southeast Section of the Wall Street Journal. This article provides an economic forecast for Tennessee and selected Southeastern states. 11
12 NOW AVAILABLE! 2000 TENNESSEE STATISTICAL ABSTRACT Updated with the most current statistical information! A valuable reference for speakers, writers, executives, public officials or anyone with questions about Tennessee. If you conduct business, work, study or live in Tennessee, the Tennessee Statistical Abstract is the reference you cannot afford to be without. Economic and demographic data are presented in easy-to-read tables, maps and graphs for Tennessee counties and cities, as well as Southeastern states. The Abstract may be purchased as a soft-bound book or on diskette in Lotus. Please contact the Center for Business and Economic Research at (865) to order your copy now. For further Tennessee economic data, please visit our Internet site at Center for Business and Economic Research College of Business Administration The University of Tennessee 100 Glocker Building Knoxville, Tennessee Nonprofit Org. U.S. Postage Paid Permit #481 Knoxville, TN
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