Nashville-Davidson, Tennessee 2021-08-02 01:06:46 –
What about Tennessee’s economy? Many are doing well when compared to the COVID-19 lows of many economic indicators such as employment, which is the new Sycamore Institute. report show.
However, as of late June data, there are other issues, such as 40% fewer SMEs in Tennessee than before the pandemic. This takes into account that 99% of the state’s private sector workers work in small and medium-sized enterprises, which are defined as enterprises with less than 500 employees.
“A lot is happening here,” said Brian Strassle, Director of Foreign Affairs at the Sycamore Institute. “There is no decent story about the economy so far.”
The Sycamore Institute is a nonpartisan public policy research group that aims to inform policy makers and the general public on complex policy issues.
As of the end of June, Tennessee’s unemployment rate was 4.9 percent, 1 percentage point lower than the national average and 1 percentage point higher than the pre-pandemic figure in February 2020. Mandi Peregrine, the policy director of the Sycamore Institute, is historically a number. “
“Although the workforce has declined due to population growth, the Tennessee workforce is actually a bit larger than it was before the recession,” said Peregrine.
The report showed that low-paying jobs in the leisure and restaurant industry were hit hardest. And despite the record number of new business licenses launching this year, Tennessee’s business in the leisure and hospitality industry is 52% less than it was before the pandemic. The number is 61% nationwide.
According to the report, the data also said, “Many new businesses are in communities with a high proportion of black residents, and federal stimulus funds may have helped people fund these efforts. It shows that.
“If that’s the direction people want to go, I think there are many policies to support entrepreneurship,” Peregrine said. “If you are told that you don’t want to go back to work at a restaurant, we have a policy to help you improve your work skills.”
Peregrine pointed out that the eviction moratorium for peasants is expected to end at the end of July, which could also affect the workforce and citizens.
Another policy that can have long-term implications is the state Reduce spending Part of the $ 730 million reserve for Temporary Assistance for Poor Families (TANF) to support labor development
“Part of that includes doing a pilot program to try to understand what to do with this money in the long run to help people don’t need that much help,” says Stratessle. I did.
Another major factor is that employees are hesitant to change jobs or re-employ, from the risks of COVID-19 to childcare issues, while reassessing their long-term goals during a pandemic.
This is part of why Governor Bill Lee ended his participation in the state’s federal supplementary unemployment insurance on July 3. This insurance paid an additional $ 300 each week. This decision is currently being challenged in a class action in federal court.
“Now companies that are losing employees will have to adapt,” Peregrine said. “And to some extent, they did. During the COVID period, they found ways to work without workers in some situations, but I think there will be more adaptations in some industries. “
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Report: Many Tennessee Economic Indicators Trend up, Others Mixed Source link Report: Many Tennessee Economic Indicators Trend up, Others Mixed