South Carolina’s Employment Situation October 2016

Employment Continues Climb, Unemployment Rate Falls Again

The South Carolina unemployment rate continued its downward trend in October as employment levels reached another record high.

The seasonally adjusted unemployment rate fell to 4.7 percent in October from 4.9 percent in September, the lowest level since March 2001. October’s decrease marks the sixth consecutive month the unemployment rate has dropped.

Employment increased by 6,885 in October to a record level of 2,193,017 while the number of unemployed declined by 3,433 to 108,508, the lowest level since August 2001. This resulted in an increase in the labor force of 3,452 to 2,301,525.

Since October 2015, the number of employed people has increased 59,347, and the labor force has increased by 43,460. The number of unemployed fell by 15,887.

Nationally, the October jobless rate decreased to 4.9 percent from 5 percent in September.

DEW Executive Director Cheryl Stanton’s Statement:

“South Carolina’s economy is growing and prospering as a record number of people are working now than at any time in our state’s history. The state’s unemployment rate continues to fall, but we know we still have work to do finding jobs for the more than 108,000 unemployed,” said Cheryl Stanton, executive director for the S.C. Department of Employment and Workforce. “Recently, we announced cutting the 2017 unemployment tax rate for the third consecutive year. By reducing the tax burden on businesses, they are able to reinvest in their companies and provide more opportunities for South Carolinians.”

 

 

Nonfarm Employment by Industry (Seasonally Adjusted¹)

October’s seasonally adjusted, nonfarm payroll level decreased 9,900 from September to a level of 2,061,000.

Decreases were recorded in Education and Health Services (-2,000); Manufacturing (-1,900); Leisure and Hospitality (-1,800); Financial Activities (-1,600); Government (-1,400); and Trade, Transportation, and Utilities (-1,300). Additional losses were seen in Other Services (-700) and Information (-300), with growth reported in Construction (+500) and Professional and Business Services (+500).

Compared to October 2015, seasonally adjusted, nonfarm jobs were up 40,000. Growth was noted in Professional and Business Services (+14,800); Education and Health Services (+9,600); Trade, Transportation, and Utilities (+6,400); Manufacturing (+2,900); Construction (+2,300); Financial Activities (+2,000); Leisure and Hospitality (+1,800); Government (+700); and Other Services (+100). Information (-1,000) saw a drop in employment.

 

Nonfarm Employment by Industry (Not Seasonally Adjusted²)

Not seasonally adjusted, nonfarm payroll employment in October increased 400 over the month to a level of 2,069,700. Employment usually increases during the month of October as state and local schools complete staffing.

Contributing to the increase was employment gains in Government (+2,600); Professional and Business Services (+2,500); Construction (+1,700); and Education and Health Services (+1,600), in addition to Trade, Transportation, and Utilities (+300); and Mining and Logging (+100). Information remained flat.

However, nonfarm employment loss occurred in the Leisure and Hospitality (-5,200); Manufacturing (-1,300); Other Services (-1,200); and Financial Activities (-700).

Since October 2015, not seasonally adjusted, nonfarm jobs were up 42,700 overall. Over-the-year growth was recorded in Professional and Business Services (+14,900); Education and Health Services (+9,700); Trade, Transportation, and Utilities (+5,300); Manufacturing (+3,300); Construction (+3,100); Financial Activities (+2,800); Leisure and Hospitality (+2,000); Government (+1,800); Mining and Logging (+400); and Other Services (+300). Information (-900) fell slightly.

 

 

About DEW

The S.C. Department of Employment and Workforce (DEW) is putting South Carolinians to work. The agency invests in building a pipeline of quality workers, matches workers with jobs, and is a bridge for individuals who find themselves out of work for no fault of their own. This promotes financial stability and economic prosperity for employers, individuals and communities. DEW is dedicated to advancing South Carolina through services that meet the needs of the state’s businesses, jobseekers and those looking to advance their careers.