Employment Situation for July 2016

For Immediate Release

Aug. 19, 2016

South Carolina’s Employment Situation July 2016

 Unemployment Rate Drops to 5.2 Percent,

Lowest Rate Since June 2001

South Carolina’s seasonally adjusted unemployment rate for July dropped to its lowest level since June 2001. The rate decreased to 5.2 percent in July from 5.4 percent in June.

Over the month, unemployment declined by 4,858 to 120,788, while employment declined by 2,430 people to 2,182,646. This resulted in a decrease in the labor force of 7,288 people to a total of 2,303,434. July’s numbers registered the third consecutive monthly decrease in the unemployment rate.

Over the year,  the unemployment rate fell 0.5 percentage points from 5.7 percent, with the number of unemployed down 8,310. The number of people employed increased by 60,603, and the labor force rose by 52,293.

Nationally, the unemployment rate remained the same from June to July at 4.9 percent.

Nonfarm Employment by Industry (Seasonally Adjusted1)

July’s seasonally adjusted, nonfarm payrolls increased by 2,700 over the month to a record level of 2,053,300.

The most prominent increases were in Professional and Business Services (+2,300) and Government (+2,100). Growth was also reported in Leisure and Hospitality (+800); Education and Health Services (+400); and Financial Activities (+100). The industries marking declines included Manufacturing (-1,000); Construction (-900); Trade, Transportation, and Utilities (-500); Other Services (-400); and Information (-200).

This month’s seasonally adjusted, nonfarm jobs were up by 46,100 compared to July 2015. Upswings in employment were recorded in Professional and Business Services (+14,400); Education and Health Services (+8,000); Government (+7,400); Construction (+5,500); Trade, Transportation, and Utilities (+3,400); Financial Activities (+3,400); Leisure and Hospitality (+3,000); and Manufacturing (+1,700). Other Services (-500) and Information (-400) fell slightly.

Nonfarm Employment by Industry (Not Seasonally Adjusted2)

With a drop of 14,200, not seasonally adjusted, nonfarm payroll employment in July hit a level of 2,053,100. Traditionally, decreases in employment during the summer months are due to seasonal layoffs and school closings.

Employment gains were noted in Trade, Transportation, and Utilities (+400); Leisure and Hospitality (+400); and Financial Activities (+100). Job loss occurred in Government (-11,200); Manufacturing (-1,500); Education and Health Services (-900); Other Services (-600); Construction (-600); Professional and Business Services (-200); and Information (-100). Mining and Logging remained the same.

Since July 2015, not seasonally adjusted, nonfarm jobs were up 45,400 overall with growth in Professional and Business Services (+14,900); Education and Health Services (+7,200); Government (+7,200); Construction (+5,800); Trade, Transportation, and Utilities (+3,800); Leisure and Hospitality (+3,100); Financial Activities (+2,400); Manufacturing (+2,200); and Mining and Logging (+200). Employment fell in Other Services (-900) and Information (-500).

1Seasonally 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.

 

2Not Seasonally Adjusted: Effects of regular or seasonal patterns have not been removed from these data.

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