Slowing Employment Figures, Consumer Spending Weigh on Index
Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, released numbers ending October 2016 which show slowing employment and lower consumer spending. Meanwhile the Tallahassee International Airport saw the most traffic in more than eight years.
“In the last full month of data before the election results, the TEI fell sharply to the lowest levels of the year, making it negative four out of the last five months,” said TEI Founder Brett F. Ewing. “The index was weighed down by consumer spending categories, including household appliances, shoes stores, home furnishings and apparel sales, which all dropped on a month-to-month and year-over-year basis.”
The index points fell 11.67 points from 55.04 in September to 43.28 in October.
“It was another disappointing month for the TEI with the first year-over-year rise in reemployment assistance claims in more than two years,” said Lance Mitchell, Director of Research at the TEI. “But we did see some pockets of resilience headed up by strong realtor sales and existing family home sales prices, which both saw double digit year-over-year gains. The Tallahassee International Airport also serviced the most passengers in over eight years and easily the most since gaining the international designation.”