Job force participation remains near 57%
South Carolina’s seasonally adjusted unemployment rate held firm at 5.3 percent in June and has remained unchanged since April, according to a recent report issued by the South Carolina Department of Employment and Workforce.
Statewide, more than 115,000 people were unemployed during June, an increase of 630 people, while the number of employed decreased by 847 people, totaling 2,050,128. Since May, the labor force declined by 217 people to 2,165,711.
The job force participation rate remained a mere 57.8 percent in June after holding steady at 57.9 percent during February, March and April.
Nationally, the unemployment rate improved to 6.1 percent during June from May’s 6.3 percent.
Although there has been no change in South Carolina’s unemployment rate in recent months and the labor force has lost nearly 21,000 over the last year, the Palmetto State’s unemployment rate has improved by 2.5 percentage points since June 2013, as more than 35,000 people have found work.
Clemson economist Bruce Yandle said South Carolina has experienced a positive monthly growth rate in employment since 2009, but at a lower rate than before the recession.
From June 2013 to June 2014, total employment increased 1.7 percent, the largest increase since 2009, he said. Prior to the recession, “we were seeing growth rates a bit larger than 2.0 percent.”
In June, total nonfarm employment gained 4,400 seasonally adjusted jobs throughout South Carolina to reach 1,933,100.
The Greenville MSA has lost 1,400 seasonally adjusted jobs throughout June; the Spartanburg MSA lost 100, while the Anderson MSA added 100.
Since the same month last year, the Greenville MSA has gained 6,900 seasonally adjusted jobs, followed by the Spartanburg MSA’s 2,800 and the Anderson MSA’s 2,200.
Through data not seasonally adjusted, every county in the state but York and Aiken experienced a rise in its unemployment rate during June.
