Annual Workforce Report, 2010. The Growth of Tennessee's Workforce for the Short and Long Term, 2010 through 2018, with an Update on Tennessee's Green Economy

摘要

This annual report by the Department of Labor and Workforce Development describes employment in the years 2010 through 2018 in Tennessee. The duration of unemployment is longer than ever in the last quarter century, but unemployment claims, while high, show stabilization and some decline. Total employment in Tennessee has shown some growth in early 2010a much needed respite from the previous two years of uninterrupted decline. Recent data show some improvement among some mildly favorable employment indicators. Consumer confidence is improving, and low interest rates continue to be available. The Gross Domestic Product shows growth. Checking and savings deposits are growing. Consumption shows mild revival. The rate of increase in wages and benefits of workers has slowed in recent years. Goods-producing industries are projected to decline annually at 1.8 percent during 2010- 2011. Service-providing industries are likely to decrease by a modest 0.4 percent. Continued growth is likely in health care; leisure and hospitality; professional, scientific, and technical services; other services; and educational services. Employment in wholesale trade is projected to decline by 0.4 percent. Retail trade is projected to decline 1.4 percent. Manufacturing, information, finance and insurance, transportation and warehousing, management of companies and enterprises, and construction are projected to fall significantly. Some of the declines projected for 2010 and 2011 have already occurred. Revival in consumer confidence with favorable interest rates is usually also favorable to growth in trade employment and may mitigate the decline projected in other industries.