2013 study of the economic impact of the music industry on Nashville and Middle Tennessee. The Fed chairman warned that the viral epidemic has been endangering a modest economic recovery and that as a result, the Fed plans to keep interest rates pinned near zero well into the future.In a sign of how weakened the job market remains, more than 1.4 million laid-off Americans applied for unemployment benefits last week. Tornado, Virus, Protests Rattle Nashville Rideshare Economy Nashville's Uber and Lyft drivers have had a difficult year. Subjects include unemployment, employment, wages, prices, spending, and benefits. It was the 19th straight week that more than 1 million people have applied for jobless aid. Moody's Analytics provides comprehensive economic data and forecasts at the national and subnational levels. The Nashville Area Chamber of Commerce's research team regularly reviews and reports on regional economic and demographic trends. We engage our region's public and private sectors toward a common goal of creating prosperity for our communities and our residents. The government's estimate of the second-quarter fall in the gross domestic product was the sharpest such drop on records dating to 1947. Middle Tennessee is defined by a diverse economy, low costs of living and doing business, a creative culture and a well-educated population. "The economy," Daco said, "is going to be running on very little fuel at a point when the recovery has really stalled. Between June 21 and July 19, for example, the proportion of Texas bars that were closed shot up from 25% to 73%. CBRE Market Outlook 2014 A look at the office, industrial, retail and multi-family real estate market in Nashville. The economy shrank at a dizzying 32.9% annual rate in the April-June quarter, when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to nearly 15%. Learn more about why Nashville is a great place to call home.When you invest in the Nashville Chamber, you invest in your success, as well as the success of the entire Nashville region. "The risk of temporary job losses becoming permanent is high from repeated closures of businesses. The dates of presidential elections are enshrined in federal law and would require an act of Congress to change.Trump has pressured states to reopen businesses despite concerns that the virus remains a threat to workers and customers at many service industry jobs that require frequent face-to-face contact.The economy shrank at a dizzying 32.9% annual rate in the April-June quarter, when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to nearly 15%. Nashville area, fourth quarter 2019 (U.S. = $1,185; Area = $1,160) Source: U.S. BLS, Quarterly Census of Employment and Wages. Spending by consumers collapsed at a 34.6% annual rate as travel all but froze and shutdown orders forced many restaurants, bars, entertainment venues and other retail establishments to close.Rubeela Farooqi, chief U.S. economist at High Frequency Economics, said the job numbers were disheartening.An additional 830,000 million people applied for unemployment benefits under a new program that extends eligibility for the first time to self-employed and gig workers. Likewise, 75% of California beauty shops were shuttered July 19, up from 40% just a week earlier, according to the data firm Womply.Many economists note that the economy can't fully recover until the pandemic is defeated — a point stressed Wednesday at a news conference by Federal Reserve Chair Jerome Powell. POLICOM recently released its yearly community "economic strength" rankings, and Nashville came in at 4th in the country. This section provides information on economic data solutions. "The pain could soon intensify: A supplemental $600 in weekly federal unemployment benefits is expiring, and Congress is squabbling about extending the aid, which will probably be done at some reduced level of payment.A resurgence of viral cases in the South and the West has forced many bars, restaurants, beauty salons and other businesses to close again or reduce occupancy.
Department of Labor and Workforce Development Jeff McCord, Commissioner 220 French Landing Drive Nashville, Tennessee 37243 (844) 224-5818 "A poorly managed health situation and depressed incomes means the economy risks a double-dip recession without urgent fiscal aid," said Gregory Daco, chief U.S. economist at Oxford Economics. Nashville's music industry is estimated to have a total economic impact of about $10 billion per year and to contribute approximately 56,000 jobs to the Nashville area. Before the coronavirus erupted in March, the number of Americans seeking unemployment checks had never exceeded 700,000 in any one week, even during the Great Recession.And many states have imposed restrictions on visitors from states that have reported high level of virus cases, thereby hurting hotels, airlines and other industries that depend on travel. "We expect it will take years for that damage to be fully recovered. The East Corridor route covers 32 miles and service between stops peaks at 60 miles per hour.Nashville is intersected by three major interstate highways: I-40, I-24, and I-65.