The Tri-Cities economy added nonfarm jobs at the average rate of 200 a month in August. Compared to August last year there were 1,700 more jobs in the seven-county, two Metropolitian Statistical Area (MSA) region.

TRI-CITIES JOBS TREND – CLICKING ON CHART RENDERS LARGER VERSION

The unemployment rate dropped a half a point to 4% as employment increased by 4,976 while the labor force increased by 1,486 people.

The three-month job creation trend was up 1.04% from June, July and August of last year.

The three-month employment trend was up 1.77% from the same period last year. It is increasing at a slightly faster pace than the job creation trend.

Job gains and losses are uneven and are broken down by MSA as is the average weekly private sector wage performance.

JOHNSON CITY MSA

There were 600 more nonfarm jobs in August than August last year. Employers are adding jobs at the average rate of 129 a month.

The three-month jobs trend was 1.4% higher than last year. It has been positive every month since April 2014.

The unemployment rate was down a half point to 4.1%, and employment was up 1,954, and the labor force was up 545 people compared to August last year.

The employment trend was up 1.9% from last year. It has been positive every month since April 2015.

Job sectors compared to August last year were

• Government, up 2.7%.
• Financial activities, up 2.4%.
• Trade, transportation and utilities, up 2.2%.
• Leisure and hospitality, up 2.1%.
• Professional and business services, up 1.2%.
• Information; education and health services; and other services were unchanged.
• Mining, logging, and construction, down 4.3%.
• Manufacturing, down 5.2%.

PRIVATE SECTOR PAY

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Average private sector wages continued increasing in August with a 10.4% gain over August last year. Last month’s average was $671 a week compared to $608 last year. It was the 25^th straight month the average has seen a year-over-year increase. When compared to other Tennessee metro areas Johnson City ranks 7^th in the state and the third lowest in Northeast Tennessee. Johnson City’s average is $125 a week less than the state average.

KINGSPORT-BRISTOL

August saw a strong gain that balanced three months of weak performance. Compared to last year there were 1,700 more nonfarm jobs. So far, this year, the economy has been adding new jobs at the average rate of 63 a month.

The three-month job trend was up for the third month in August after bottoming at 0% in May.

August’s unemployment rate was down a half-point to 4%. Employment was up 3,022 compared to last year, and the labor force had a 941-person increase.

The employment trend saw its strongest gain since January 2012, up 1.7% from August last year.

Job sectors compared to August last year were

• Leisure and hospitality, up 11.3%.
• Other services, up 3.8%.
• Financial activities, up 2.8%.
• Professional and business services and government – unchanged.
• Education and health services down 0.5%.
• Manufacturing, down 1%.
• Trade, transportation, and utilities, down 1.2%.
• Mining, logging, and construction, down 1.4%.
• Information, down 6.7%.

PRIVATE SECTOR PAY

Average weekly private sector wages were down for the eighth straight month, and the August average was 3.3% lower than August last year. Last month average was $621 a week compared to $642 last year. When compared to the state average, Kingsport-Bristol workers average $175 a week less pay, and the MSA has the lowest average wage among the state’s metro areas.

CITY-COUNTY UNEMPLOYMENT RATES

TENNESSEE

Bristol – Down 0.5% to 3.3%.

Johnson City – Down 0.6% to 3.8%.

Kingsport – Down 0.5% to 4.1%.

Carter Co. – Down 0.5% to 4.4%

Hawkins Co. – Down 0.7% to 4%.

Johnson Co. – Down 0.5% to 3.6%.

Sullivan Co. – 0.6% to 3.9%.

Unicoi Co. – Down 0.5% to 5.3%.

Washington Co. – Down 0.5% to3 .8%.

VIRGINIA

Bristol – Down 0.1% to 4.7%.

Norton – Down 0.4% to 5.6%.

Lee Co. – Down 0.1% to 5.5%.

Scott Co. – Down 0.2% to 3.9%.

Washington Co. Down 0.2% to 4.1%.

Wise Co. – Down 0.4% to 7%.

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Data sources: August 2017 Bureau of Labor Statistics payroll and household surveys. Unless specified otherwise the nonfarm jobs and labor data are preliminary and not seasonally adjusted. Prelimianry data is revised in the following month’s reports. Trend observatins are based on a three month roling average of the not seasonally adjusted data and revised with current data each month.

Categories: CORE DATA, LABOR MARKET