South Carolina’s Employment Situation July 2014

Unemployment Rate Shifts Upward

In July, South Carolina’s seasonally-adjusted unemployment rate increased to 5.7 percent from 5.3 percent in June, marking a shift upward after little change during the second quarter of the year. The number of unemployed persons grew by 9,124 to 124,670. Working South Carolinians dropped by 6,442 people to 2,043,602. From June to July, the labor force noted an increase of 2,682 to a level of 2,168,272.

Since July 2013, about 28,740 people have found work, and the labor force decreased by 15,142. Additionally, over the year, the state’s unemployment rate has declined by approximately 2 percentage points.

Nationally, the unemployment rate increased to 6.2 percent in July from 6.1 percent in June.

 

Nonagricultural Employment by Industry (Seasonally Adjusted1)

July’s seasonally adjusted, non-farm payrolls fell by 4,600 over the month to a level of 1,928,400.

• Drops in Professional and Business Services (-3,800), Education and Health Services (-1,700), Manufacturing (-1,000), Information (-500), and Other Services (-300) fueled the overall decrease.
• The largest job gain was in Leisure and Hospitality (+1,000) with additional smaller increases in Construction (+600); Trade, Transportation, and Utilities (+600); Financial Activities (+400); and Government (+100).

Between July 2013 and July 2014, seasonally adjusted non-farm jobs were up 32,300.

• Industries with noticeable gains were Leisure and Hospitality (+7,800); Manufacturing (+6,800); Professional and Business Services (+5,800); Education and Health Services (+5,100); and Trade, Transportation, and Utilities (+4,800). Government climbed (+2,100) along with Construction (+1,400).
• Financial Activities (-1,200); Other Services (-200); and Information (-200) experienced declines over the year.

 

Nonagricultural Employment by Industry (Not Seasonally Adjusted2)

July’s non-farm payroll employment (not seasonally adjusted) decreased 20,900 since June 2014 to 1,928,500. Seasonal layoffs and school closings are traditional this time of year.

Although July’s overall total employment declined, modest gains were recorded in Leisure and Hospitality (+1,700); Construction (+300); and Trade, Transportation, and Utilities (+100). Losses were noted in Government (-15,100); Professional and Business Services (-3,800); Manufacturing (-1,700); and Education and Health Services (-1,600) as public and private educational institutions continue their summer decline. Modest dips occurred in Information (-500) as well as Other Services (-300).

The over the year, not seasonally adjusted non-farm jobs were up 37,500 overall. Industries marking firm annual gains were Leisure and Hospitality (+9,600); Professional and Business Services (+7,800); Manufacturing (+7,100); Trade, Transportation, and Utilities (+5,700); Education and Health Services (+5,400); Government (+2,400); and Construction (+1,700). There was a large decrease in Financial Activities (-2,000) and smaller losses in Other Services (-200) and Information (-100) over the year.

 

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DEW Executive Director Cheryl M. Stanton’s Statement

July 2014 Employment Situation

“South Carolina has many reasons to remain positive about the economic future for our state despite this month’s slight uptick in the unemployment rate,” said DEW Executive Director Cheryl M. Stanton. “More than two million people are working in South Carolina, just below historic highs reached earlier this year. Over the last year, more than 28,000 people have found work, and the state’s unemployment rate has declined by approximately 2 percentage points.”