SCDEW reports largest single-month drop in 35 years
With a drop of 0.7 percent in February, the South Carolina Department of Employment and Workforce is reporting a significant decrease in the state’s seasonally adjusted unemployment rate. The 0.7 percent drop is the largest ever recorded in a single month since the data series began more than 35 years ago.
The seasonally adjusted unemployment rate dropped from 6.4 percent in January to 5.7 percent in February. South Carolina’s February unemployment rate was 1.0 percent better than the national average of 6.7 percent and marked the ninth consecutive month statewide unemployment decreased.
The Palmetto State also experienced the largest one-month drop of unemployed persons with an estimated 13,895, while the number of working South Carolinians rose for the seventh consecutive month to a historic high of 2,039,455.
In a statement issued March 28, Gov. Nikki Haley said the state celebrated both the record decrease in unemployment and the fact that more South Carolinians were working than ever before.
Statewide, nonfarm employment saw 27,500 more seasonally adjusted jobs in February 2014 than in the same time last year, with the leisure and hospitality sector experiencing the greatest increase at 7,700 jobs.
The trade, transportation and utilities industry experienced the second largest boost in seasonally adjusted nonfarm employment with a rise of 5,900, while manufacturing rounded out the top three with an increase of 4,700 seasonally adjusted jobs.
The Upstate also saw an increase in nonfarm employment of seasonally adjusted jobs from February 2013 to February 2014, with the Greenville MSA increasing by 5,900 jobs, the Spartanburg MSA by 3,100 jobs, and the Anderson MSA by 3,000 jobs.
Unemployment rates were down for every county in the state, according to data that had not been seasonally adjusted.
Greenville County employed 8,032 more in the second month of 2014 than in the same time one year ago, while Spartanburg County experienced an increase of 3,392 and Anderson County experienced an increase of 3,432.
Dr. Bruce Yandle, a Clemson University economics professor emeritus, said while all the numbers are estimates based on the national sample and then adjusted with estimates for population, there are no seasonally adjusted numbers for county unemployment.
“It is risky to make heavy interpretation of one month’s data, and we should focus on the trend,” he said. “Raw adjusted data may show a negative or positive move, but when the data is adjusted for what typically occurs across a long period of time, the data may change direction.”
