Labor Force Hits Record High
In October, South Carolina’s labor force hit an all-time high, while the state’s seasonally adjusted unemployment rate increased slightly to 6.7 percent.
From September to October 2014, the labor force noted an increase of 9,487 people, which marked a historic level of 2,192,212.
The October unemployment rate ticked up from 6.6 percent in September as the estimated number of unemployed was 146,713, an increase of 2,291 people over the month. The number of South Carolinians working grew by an estimated 7,196 people to 2,045,499.
Over the last year, more than 25,000 people have found work. Since October 2013, the labor force has increased by nearly 18,791 people, and the state’s unemployment rate has declined by approximately 0.3 percentage points.
Nationally, the unemployment rate decreased to 5.8 percent in October from 5.9 percent in September.
Nonagricultural Employment by Industry (Seasonally Adjusted)
In October, seasonally adjusted, non-farm payrolls increased by 4,900, to reach 1,949,600.
- Healthy increases occurred in Education and Health Services (+2,600) and Manufacturing (+2,100).
- Additional job gains were reported in Professional and Business Services (+600); Government (+500); and Leisure and Hospitality (+200).
Since October 2013, seasonally adjusted non-farm jobs were up 37,200.
- Industries with noticeable gains were Professional and Business Services (+12,000); Leisure and Hospitality (+8,300); Manufacturing (+7,600); Education and Health Services (+6,100); Trade, Transportation, and Utilities (+4,300); and Government (+2,400). There was a smaller increase in Construction (+300).
- Other Services (-1,600); Financial Activities (-1,500); and Information (-700) declined.
Nonagricultural Employment by Industry (Not-Seasonally Adjusted)
The not-seasonally adjusted, non-farm payroll employment in October 2014 increased 12,700 since September to 1,960,200. Employment usually increases during the month of October as state and local schools complete staffing for the school year.
The rise in employment was primarily due to increases in Government (+4,100); Professional and Business Services (+2,800); Trade, Transportation, and Utilities (+2,700); Education and Health
Services (+2,600); Manufacturing (+1,800); and Construction (+1,100). Leisure and Hospitality (-2,200) along with Other Services (-100) and Information (-100) fell.
From October 2013 to October 2014, not-seasonally adjusted non-farm jobs were up 41,000 overall.
Strong annual gains came from Professional and Business Services (+15,500); Leisure and Hospitality (+8,900); Manufacturing (+7,000); Trade, Transportation, and Utilities (+5,700); Education and Health
Services (+5,500); Government (+2,500); and Construction (+100). The industries showing losses over the year were Financial Activities (-1,900); Other Services (-1,500); and Information (-800).
*Seasonally Adjusted: Seasonal adjustment removes the effects of events that follow a more or less regular pattern each year (i.e. tourist-related hiring and school closings in the summer). These adjustments make it easier to observe the cyclical and other nonseasonal movements in data over time.
**Not Seasonally Adjusted: Effects of regular or seasonal patterns have not been removed from these data.