The Tallahassee Economic Index (TEI) fell 7.33 points in July to 68.58, following a 15.75 point increase in June, and a 1.25 point drop in May.
Says Brett F. Ewing, Founder of the Tallahassee Economic Index:
“In July we had a large spike in the amount of initial claims for reemployment assistance, which is one of our favorite leading economic indicators. Normally this big of an increase would be a warning sign for the economy, but the data for this figure has been especially choppy lately, so we will wait for a more clearly defined trend before we call it a signal.”
“The number of construction permits—which is the most leading indicator in that sector—saw a sharp drop on a monthly and yearly basis” says Lance Mitchell, Director of Research at the TEI. “This is something we are also seeing on a national basis, and if sustained, could bring down other areas that use new construction for growth such as lumber, furniture, and household appliances.”
TEI Mission: To establish an index that tracks and predicts economic growth in the city of Tallahassee. This will be accomplished using data collected from official sources in Leon County.