The number of South Carolinians who are working has set another record at 2,318,762 employed individuals, an increase of more than 64,000 people over October of this year, according to data from the South Carolina Department and Workforce.
The continued increase in employment mirrors a concurrent – though less substantial – drop in the unemployment numbers, with more than 12,000 individuals being removed from the unemployed ranks over the course of 2019. The total number of unemployed individuals is down to 62,363, bringing the unemployment rate in South Carolina down to 2.6 percent as of October. The national unemployment rate, by comparison, is hovering at around 3.6 percent in the same time frame.
Executive Director of the South Carolina Department of Employment and Workforce Dan Ellzey called the latest figure “astounding.”
“This is the best news that employees could possibly get,” Ellzey said. “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.”
The state’s labor force also saw modestly positive increases, adding 368 people since September, bringing the total work force numbers up to 2.4 million individuals.