South Carolina’s Employment Situation – August 2015

Largest Unemployment Rate Decline Since August 1983
Employment Total Sets Another Record

South Carolina’s seasonally adjusted unemployment rate recorded the largest one-month decline since 1983, falling from 6.4 percent in July to 6.0 percent in August. This marked the rate’s third consecutive monthly drop.

Employment set a new record in August, increasing 2,771 to 2,113,743 people. Labor force shrank marginally, down 5,139 to 2,249,028 people. The number of unemployed individuals decreased by 7,910 to 135,285 from July to August. This is the largest ever one-month drop in the data series since its inception in 1976.

From August 2014 to August 2015, the state’s employment level increased by 58,987 people; the labor force grew by 51,997; and the number of unemployed people decreased by 6,990.

Nationally, the unemployment rate fell from 5.3 percent in July to 5.1 percent in August.

 

Nonagricultural Employment by Industry (Seasonally Adjusted¹)

Seasonally adjusted, nonfarm payrolls increased from July to August by 4,300, to reach a record level of 2,007,900.

• South Carolina’s most noteable increases occurred in Government (+1,400) and Manufacturing (+1,000) with additional gains in Other Services (+700); Construction (+600); Financial Activities (+400); Education and Health Services (+300); Leisure and Hospitality (+300); and Professional and Business Services (+200).
• Industries reporting losses were Information (-400) and Trade, Transportation, and Utilities (-200).

Compared to a year ago, seasonally adjusted, nonfarm jobs were up 58,400.

• The industries with the largest increases were Professional and Business Services (+12,600); Trade, Transportation, and Utilities (+12,400); Leisure and Hospitality (+11,300); Construction (+7,500); Education and Health Services (+7,500); Government (+4,600); and Manufacturing (+1,900).
• Modest gains were seen in Information (+300); Other Services (+300); and Financial Activities (+200).

 

Nonagricultural Employment by Industry (Not Seasonally Adjusted²)

The not seasonally adjusted, nonfarm payroll employment in August reported an over-the-month increase of 1,600 to a level of 2,005,100. Historically, employment has experienced growth during the month of August as schools gear up for the semester. The rise in employment was due to increases in Government (+2,800); Education and Health Services (+1,900); and Manufacturing (+1,200), along with modest gains in Construction (+700) and Financial Activities (+100). The most significant losses were reported in Leisure and Hospitality (-3,200); Trade, Transportation, and Utilities (-900); Information (-600); Professional and Business Services (-600); and Other Services (-500).

Overall, from August 2014 to August 2015, not seasonally adjusted, nonfarm jobs were up 55,100. Industries marking strong annual gains were Professional and Business Services (+13,300); Trade, Transportation, and Utilities (+11,500); Leisure and Hospitality (+11,100); Construction (+6,700); Education and Health Services (+6,700); Government (+4,600); and Manufacturing (+1,900). Information (+200); Financial Activities (+200); and Other Services (+100) recorded smaller gains. Natural Resources and Mining declined (-200).

 

 

 

 

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DEW Executive Director Cheryl M. Stanton’s Statement

August 2015 Employment Statement

“It has been 32 years since our unemployment rate has seen a one-month decline this dramatic. That coupled with our record high employment, are indicators that South Carolina has a quality workforce. It is exciting to think that more South Carolinians than ever before are working and providing for their families. While we need to celebrate this, we also must continue to invest in developing a pipeline of trained workers to meet the needs of the state’s current and future employers.”

 

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