Center for Business and Economic Research | The University of Tennessee, Knoxville

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2013 Economic Report to the Governor

As the U.S. and Tennessee economies continue to dig out from the Great Recession, they will be digging at a slower pace this year than last. State nonfarm employment is expected to advance 1.0 percent in 2013. Tennessee’s unemployment rate will drift down to 7.9 percent in 2013 yet remain above pre-recession levels this year and next. While state total tax collections performed well in FY2012, state taxable sales will likely take a severe hit due to the payroll tax increase. In a special chapter on e-commerce, CBER estimates Tennessee lost approx $401 million in 2010 due to noncompliance with sales and use tax laws and predicts these annual losses will continue to grow.

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Tennessee 2010 at a Glance

Tennessee has seen an 11.5% overall growth in population since 2000. The older population in the state also has increased 21.3% since then, outpacing the nation. These and other demographic trends can be examined through several free resources being offered to the media and interested residents by the Tennessee State Data Center.

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The Impact of TennCare

The purpose of this annual study is to determine the insurance status of Tennessee residents, their use of medical facilities, and how satisfied they were with services received. This year, the number of uninsured Tennesseans has dropped to its lowest total since 2008, while the rate of uninsured children increased slightly from last year by 0.3 percent.

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Position Announcement

Research Assistant Professor/ Executive Research Consultant

revised: March 12, 2013
posted: March 8, 2012

News & Events...

CBER director Bill Fox received The Macebearer Award during The University of Tennessee's Annual Honors Banquet. The Macebearer—the top faculty honor—carries the mace, an ornate scepter, and leads the faculty in processionals during commencement exercises for a full academic year. The honor comes with a $5,000 award. Dr. Fox has traveled to more than forty countries on five continents to advise governments on tax policy. Stateside, he’s consulted with U.S. governors, legislatures, tax commissions, and big business. His work has received close to $36 million in funding and helps to bridge academia and practice. Through his leadership, CBER has grown both in size and stature, making it one of UT’s most prominent and respected programs.

Current Economic Indicators
Tennessee Unemployment Rate (SA) 0.1 pt (7.9% (p) Mar 2013)
Tennessee Nonfarm Payroll Employment (SA) 6,600(p) in Mar 2013
Tennessee Unemployment Insurance Claims 3.7% (19,677 Initial Claims, Mar 2013)
U.S. Unemployment Rate (SA) 0.1 pt (7.5% Apr 2013)
U.S. Nonfarm Payroll Employment 165,000(p) in Apr 2013
U.S. Unemployment Insurance Claims 18.1% (598,261 Initial Claims, Mar 2013)
U.S. Total Private Average Hourly Earnings $0.04(p) in Apr 2013
U.S. Consumer Confidence® Index 6.2 pts (Apr 2013 Index 68.1, 1985=100)
U.S. Leading Index 0.1% (Mar 2013 Index: 94.7, 2004=100)
U.S. Consumer Price Index 0.2% (Mar 2013 SA Index 232.3)
p preliminary / SA seasonally adjusted / pts points month-to-month change: increase decrease no change