Unemployment rate falls to 5.1%, fourth consecutive monthly drop
September 21, 2016
South Carolina’s seasonally adjusted unemployment rate dropped for the fourth consecutive month to 5.1 percent in August from 5.2 percent in July.
Unemployment fell by 3,856 people to 116,998. Employment also decreased by 2,009 to 2,180,876. This resulted in a decline in the labor force of 5,865 to 2,297,874. Since August 2015, employment has increased by 54,553 along with an increase of 45,086 for the labor force. Unemployment fell by 9,467.
Nationally, the unemployment rate remained the same from July to August at 4.9 percent.
“South Carolina’s economy continued its robust growth in August as the state’s unemployment rate fell to the lowest level since May 2001. When businesses decide to expand or locate here, they are showing confidence that a pool of skilled workers is available,” said Cheryl Stanton (pictured), executive director of the S.C. Department of Employment and Workforce. “In the last year, more than 54,000 people have found work and are again providing for themselves. However, we still have work to do in finding jobs for the 117,000 unemployed.”
Nonfarm Employment by Industry (Seasonally Adjusted1)
Seasonally adjusted, nonfarm payroll employment in August increased by 5,700 over the month to a record high level of 2,060,800.
Industries experiencing employment increases were Education and Health Services (+2,600); Trade, Transportation, and Utilities (+1,400); Other Services (+900); Manufacturing (+400); Information (+300); Construction (+200); Financial Activities (+200); and Professional and Business Services (+100). Government employment remained the same, and Leisure and Hospitality (-400) noted a decline.
Compared to August 2015, seasonally adjusted, nonfarm employment increased 50,500 with upswings in Professional and Business Services (+13,100); Education and Health Services (+11,200); Government (+8,800); Construction (+5,400); Trade, Transportation, and Utilities (+4,500); Financial Activities (+3,700); Leisure and Hospitality (+2,100); Manufacturing (+2,000); and Other Services (+300). Information (-700) saw a dip in payroll.
Nonfarm Employment by Industry (Not Seasonally Adjusted2)
From July to August, not seasonally adjusted, nonfarm payroll employment tallied an increase of 1,600 to a level of 2,056,600. Historically, employment experiences growth during August as schools gear up for the fall semester. The rise was due to increases in Education and Health Services (+3,300); Government (+2,000); Other Services (+900); and Financial Activities (+100). Losses occurred in Leisure and Hospitality (-2,500); Professional and Business Services (-1,300); and Construction (-900). There was no movement in Mining and Logging; Manufacturing; Trade, Transportation, and Utilities; and Information during the month of August.
Year over year, not seasonally adjusted, nonfarm jobs improved (+43,700) with growth in Professional and Business Services (+12,600); Education and Health Services (+9,400); Government (+5,300); Construction (+5,200); Trade, Transportation, and Utilities (+3,900); Financial Activities (+2,800); Leisure and Hospitality (+2,600); Manufacturing (+2,200); Mining and Logging (+100); and Other Services (+100). Information (-500) fell slightly.
About SCDEW
The South Carolina Department of Employment and Workforce 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. SCDEW 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.
