South Carolina’s Employment Situation – October 2019

 

 

• Number of South Carolinians Working Continues Record Setting Pace
• Unemployment Rate Remains at All Time Low

 

Employment and Workforce Executive Director Dan Ellzey’s Statement on October 2019 Employment Situation:

“The news is astounding. An unemployment rate of 2.6 percent. More than 58,000 new jobs created in 2019. More than 12,000 people removed from the unemployed ranks during this year. This is the best news that employees could possibly get. For employers, the news is split. The incredibly low unemployment rate will make it more difficult to find employees. On the other hand, our agency’s announcement of a 34 percent tax rate cut for unemployment insurance will save South Carolina businesses approximately $68 million,” said Dan Ellzey, executive director of the S.C. Department of Employment and Workforce. “To help employers find employees, our agency is actively working to identify and train employees to fill the open positions. Whether it is ‘smart training,’ flexible shift options or other innovative approaches toward finding employees, we are working hard on the issue and we invite business to bring us their challenges. We will build a tailored program to find and prepare jobseekers for their work.”

 

I. Household Survey¹

Employment: The monthly survey of households across the state estimated the number of South Carolinians working moved substantially higher, establishing a new record of 2,318,762.

• That is a considerable increase of 7,191 people over September 2019.
• That is also a significant increase of 64,392 people over October 2018.

Unemployment: Unemployment estimates decreased to 62,363 people.

• That is a decrease of 6,823 people since September 2019 and a decrease of 12,567 over October 2018.
• With that decrease, the state’s seasonally adjusted unemployment rate moved lower over the month, from 2.9 percent in September to an historic low of 2.6 percent in October.
• Nationally, the unemployment rate increased from 3.5 percent in September to 3.6 percent in October.

Labor force: The state’s estimated labor force (people working plus unemployed people looking for work) increased modestly to 2,381,125.

• That is an increase of 368 people since September 2019.
• That is an increase of 51,825 individuals over October 2018.

II. Current EmploymentSurvey²

Nonagricultural Employment by Industry (Seasonally Adjusted³)

The Current Employment Survey of businesses in South Carolina marked an increase of 4,200 nonfarm payroll jobs over the month to a record high level of 2,185,000.

• Industries reporting increases in employment were reported Leisure and Hospitality (+2,300); Trade, Transportation, and Utilities (+2,200); Financial Activities (+1,100); Education and Health Services (+700); Government (+600); Construction (+500); and Other Services (+300).
• Decreases were noticed in the Professional and Business Services (-2,600); Manufacturing         (-700); and Information (-200) industries.

From October 2018 to October 2019, South Carolina’s economy has added 30,800 seasonally adjusted nonfarm jobs.

• Industries with strong growth were Leisure and Hospitality (+8,000); Trade, Transportation, and Utilities (+7,900); Manufacturing (+6,700); Government (+6,600); Education and Health Services (+3,900); Other Services (+1,800); Financial Activities (+1,100); and Construction (+1,000).
• Decreases were seen in Professional and Business Services (-5,400); and Information (-1,000).

Nonagricultural Employment by Industry (Not Seasonally Adjusted²)

Not seasonally adjusted, nonfarm payroll employment increased by +11,800 from September 2019 to October 2019 for a total of 2,188,100. The most prominent gains were in the Government (+3,700) and Trade, Transportation, and Utilities (+3,700) industries.

• Other industries that saw increases were Education and Health Services (+2,000); Financial Activities (+1,200); Construction (+1,100); Professional and Business (+1,100); Leisure and Hospitality (+600); and Other Services (+200).
• Industries reporting declines were Manufacturing (-1,700) and Information (-100). Mining and Logging remained flat.

Since October 2018, not seasonally adjusted, nonfarm jobs were up 29,600 overall in South Carolina.

• Industries marking strong annual gains were Trade, Transportation, and Utilities (+8,500); Leisure and Hospitality (+7,600); Government (+6,800); Manufacturing (+6,200); Education and Health Services (+3,700); Other Services (+1,600); Financial Activities (+1,100); Construction (+1,100); and Mining and Logging (+200).
• Industries reporting an over the year decline were Professional and Business Services (-6,200) and Information (-1,000).

 

About the S.C. Department of Employment and Workforce

The S.C. Department of Employment and Workforce is putting South Carolinians to work. The agency has four missions: (1) workforce development; (2) free job match employment services; (3) unemployment insurance; and (4) labor market information. All four missions contribute to workforce development. The agency is dedicated to advancing South Carolina through services and programs that meet the needs of our businesses, jobseekers and those looking to advance their careers.