KNOXVILLE -- The University of Tennessee's new business and economic outlook concludes that the worst is over for Tennessee, but better economic times are still a few years away.
"After an 18-month recession that officially ended in June 2009, the recovery has begun, but it is moving forward slowly," wrote Matt Murray, author of the new report by the UT Center for Business and Economic Research titled "The Tennessee Business and Economic Outlook: Fall 2010." "The recession was the longest and deepest since the Great Depression and will have a lasting impact on budgets at all levels of government in the U.S."
The economy will see modest improvements over the next year, but won't be at the prerecession levels of 2007 until at least the 2013-14 fiscal year. The report looks at both the U.S. and state economies and notes that the Tennessee economy has largely tracked the national economy with some exceptions, such as employment.
The UT report said the state's drop in jobs was due in large part to a 14.2 percent cut in the state's manufacturing sector -- about 3 percentage points above the national average.
Read the full report at the Memphis Commercial Appeal Web site.
CLICK HERE for a full copy of the report.