South Carolina’s Employment Situation March 2014

Unemployment Rate Trend Continues Downward

Employment Hits Highest Level Ever
 
COLUMBIA, SC – April 18, 2014 – In March, South Carolina’s seasonally adjustedunemployment rate decreased to 5.5 percent from February’s rate of 5.7percent. The last time the Palmetto State’s rate was at this level wasin March 2008. From February to March 2014, the number of unemployedpersons declined by 5,077, to a level of 119,058.
 
The estimatednumber of employed persons in March was 2,046,002, up 6,560 sinceFebruary. This is the eighth consecutive monthly increase and marks astate historic employment high. From March 2013 to March 2014, anestimated 32,555 people have found work.
 
The labor forceincreased slightly in March, up by 1,483 to 2,165,060. Since March 2013the labor force has declined by nearly 23,982 people.
 
Nationally, the unemployment rate was unchanged at 6.7 percent in March.
 
Nonagricultural Employment by Industry (Seasonally Adjusted1)
 
March’s seasonally adjusted, non-farm payrolls increased by 10,200 over themonth, to reach the level of 1,922,400. This over-the-month change isthe first employment increase since December2013.

• Gainswere reported in Professional and Business Services (+3,900);Construction (+2,500); Education and Health Services (+1,900); Leisureand Hospitality (+800); and Manufacturing (+500), with smaller increases in Other Services (+400); Government (+200); and Trade, Transportation, and Utilities (+100).
• A decrease occurred only in Financial Activities (-100), and Information remained flat.

 
 
Since March 2013, seasonally adjusted non-farm jobs were up 37,600.

• Healthy increases were seen in Leisure and Hospitality (+9,200); Professionaland Business Services (+8,700); Trade, Transportation and Utilities(+5,900); Education and Health Services (+5,500); Manufacturing(+5,400); and Construction (+4,500), with a small gain in Other Services (+200).
• Government (-1,000); Financial Activities (-500); and Information (-200) experienced losses.

 
Nonagricultural Employment by Industry (Not Seasonally Adjusted2)
 
The not-seasonally adjusted, non-farm payroll employment in March increased by 26,000 over the month to 1,917,100. This increase is typical as many private businesses increase hiring at the start of spring. Gains werein Leisure and Hospitality (+9,300); Professional and Business Services(+4,400); Government (+4,300); Trade, Transportation, and Utilities(+2,300); Construction (+2,100); Education and Health Services (+1,700); Manufacturing (+900); Other Services (+800); and Financial Activities(+200). No industries reported losses since last month.

SinceMarch 2013, jobs were up 39,400 overall with gains in Leisure andHospitality (+11,400); Professional and Business Services (+8,000);Trade, Transportation and Utilities (+6,000); Education and HealthServices (+6,000); Manufacturing (+5,100); and Construction (+3,500).There were modest losses over the year in Information (-200); Government (-200); Financial Activities (-100); Natural Resources and Mining(-100).

 
 1Seasonally Adjusted: Seasonal adjustment removes the effects of events that follow a more or less regularpattern each year (i.e. tourist-related hiring and school closings inthe summer). These adjustments make it easier to observe the cyclicaland other nonseasonal movements in data over time.

2Not Seasonally Adjusted: Effects of regular or seasonal patterns have not been removed from these data.
 

DEW Executive Director Cheryl M. Stanton’s Statement
 
March 2014 Unemployment Rate: Lowest the rate has been since March 2008
 
“South Carolina has seen 10 consecutive months of a declining unemploymentrate. The state’s economy is on the right track,” said Cheryl M.Stanton, DEW Executive Director. “More South Carolinians are working now than ever before. Businesses and workforce partners continue to workevery day to make sure we get every South Carolinian back to work.”