For the second month in a row, the South Carolina Leading Index – a measure of several key economic indicators for the state – has shown a loss, suggesting that the predicted pace of recovery has moderated, according to the latest South Carolina Economic Outlook published by the SC Department of Commerce.
July’s reading of the SCLI shows a loss of 0.24 points to 100.75. This is double the decline of 0.12 points recorded in June, said David Clayton, director of the research division at the Department of Commerce.
“While above the 100 mark, forecasting improving economic conditions for the state, the expected pace of recovery has moderated,” Clayton said.
One positive among the key S.C. indicators was the uptick in the South Carolina Stock Index, which gained 6.43 points in July, closing at 104.61. But “in the labor market, an 11 percent increase in initial claims for unemployment insurance coupled with a 3.9 percent reduction in the average manufacturing workweek pushed the SCLI lower,” Clayton said.
Other key indicators for the state in July included:
- State personal income – down 1 percent to $163.3 billion in the first quarter of 2013
- Labor force – down 0.2 percent, decreasing by 3,962 to 2,161,969 (seasonally adjusted)
- Unemployment rate – up 0.1 percent, increasing from 8 percent to 8.1 percent in July
- Single-family home sales price – down 1.1 percent, decreasing by $1,800 to $163,000 in July
- Residential building permits – down 2.2 percent, decreasing by 45 permits to 2,018 permits issued in July
“However, year over year, both the housing and labor market indicators have improved significantly,” said Clayton.
For the full report, visit sccommerce.com/data-resources.
