Economic Conditions in South Carolina

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Economic Conditions in South Carolina

• Monthly Indicators
• May 2006

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Indicators were positive this month. Indicators
moving in a positive direction were nonfarm
employment, the unemployment rate and average
manufacturing workweek. The lone indicator
moving in a negative direction was UI initial
claims.
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Current Trends
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South Carolina Monthly Indicators South Carolina Monthly Indicators South Carolina Monthly Indicators South Carolina Monthly Indicators South Carolina Monthly Indicators South Carolina Monthly Indicators South Carolina Monthly Indicators South Carolina Monthly Indicators
Numeric Change Numeric Change Numeric Change
May 2006 Apr 2006 May 2005 May 2005 May 2006 - Apr 2006 May 2006 - Apr 2006 May 2006 - May 2005
Seasonally Adjusted Seasonally Adjusted Seasonally Adjusted Seasonally Adjusted Seasonally Adjusted Seasonally Adjusted Seasonally Adjusted Seasonally Adjusted
Labor Force 2,119,767 2,123,788 2,070,589 -4,021 -4,021 49,178 49,178
Employment 1,981,571 1,983,873 1,935,212 -2,302 -2,302 46,359 46,359
Unemployment 138,196 139,915 135,377 -1,719 -1,719 2,819 2,819
Rate () 6.5 6.6 6.5 Down 0.1 percentage pt. Down 0.1 percentage pt. No change No change
Unadjusted Unadjusted Unadjusted Unadjusted Unadjusted Unadjusted Unadjusted Unadjusted
Nonfarm Employment 1,922,600 1,913,400 1,877,100 1,877,100 9,200 9,200 45,500
Construction 125,100 123,000 117,400 117,400 2,100 2,100 7,700
Manufacturing 259,600 260,400 263,900 263,900 -800 -800 -4,300
Trade, Transp. and Utilities 370,800 368,400 362,200 362,200 2,400 2,400 8,600
Information 28,900 28,200 27,300 27,300 700 700 1,600
Financial Activities 101,700 101,700 97,900 97,900 0 0 3,800
Professional and Business Services 209,000 207,400 203,400 203,400 1,600 1,600 5,600
Education and Health Services 191,700 192,300 185,400 185,400 -600 -600 6,300
Leisure and Hospitality 212,400 208,000 209,300 209,300 4,400 4,400 3,100
Government 339,800 340,400 332,000 332,000 -600 -600 7,800
Nonfarm employment climbed to a record 1.92
million
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South Carolina Unemployment Rates by County May
2006 State Unemployment Rate 6.5
Less Than 5.0
Compared to April 2006, the unemployment rate
fell in 29 of the 46 counties.
Cherokee 7.1
Greenville 4.9
York 6.9
Pickens 6.5
Spartanburg 7.1
Oconee 8.4
Chesterfield 9.6
Lancaster 8.8
Union 11.1
Chester 10.4
Marlboro 10.8
Anderson 7.2
Laurens 5.8
Dillon 8.8
Kershaw 6.0
Fairfield 9.9
Darlington 7.0
Newberry 6.3
Abbeville 8.8
Greenwood 8.5
Lee 7.9
Marion 12.0
Florence 7.7
Saluda 5.6
Richland 5.6
McCormick 11.5
Lexington 4.4
Sumter 7.6
Horry 4.3
Edgefield 7.4
Calhoun 5.8
Williamsburg 9.3
Clarendon 8.1
Aiken 5.8
Georgetown 6.5
Orangeburg 7.8
Barnwell 8.9
Bamberg 8.3
Berkeley 4.8
Dorchester 4.6
Allendale 10.6
Colleton 6.4
Hampton 6.8
Charleston 4.7
Jasper 4.2
Beaufort 3.5
Source SCESC/LMI
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County Analysis
Counties with rates 5 or below Counties with rates between 5 and 10 Counties with rates 10 or above
May 2006 8 32 6
April 2006 8 31 7
Source SCESC/LMI
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Counties With The Highest Unemployment RatesMay
2006
Source SCESC/LMI
8
Counties With The Lowest Unemployment RatesMay
2006
Source SCESC/LMI
9
Unemployment Rates Multi-County Metropolitan
AreasMay 2006
Source SCESC/LMI
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Unemployment Rates by Workforce Investment
Area May 2006
Greenville 4.9
Upstate 7.4
Pendleton District 7.2
Catawba 7.7
Pee Dee 8.5
Upper Savannah 7.2
Midlands 5.2
Santee/Lynches 7.2
Waccamaw 5.2
Lower Savannah 6.9
Trident 4.7
Lowcountry 4.3
Source SCESC/LMI
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Unemployment Rates by Workforce Investment
Area May 2006
The highest WIA unemployment rate was registered
in
Pee Dee 8.5
Source SCESC/LMI
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Unemployment Rates by Workforce Investment
Area May 2006
Lowcountry 4.3
The lowest WIA unemployment rate was recorded in
Source SCESC/LMI
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SC Employment Change for Key SectorsApril 2006
May 2006
Growth this month was led by Leisure and
Hospitality (4,400) and Trade, Transportation
and Utilities (2,400).
Source SCESC/LMI
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Employment Change by Metropolitan Areas April
2006 May 2006
Nearly 6,000 jobs were created in five of the
eight metropolitan areas.
Spartanburg -400 Jobs (0.3)
Greenville 1,400 Jobs (0.4)
Cherokee
Greenville
York
Pickens
Spartanburg
Oconee
Lancaster
Union
Chester
Chesterfield
Marlboro
Florence 700 Jobs (0.8)
Anderson
Laurens
Anderson -500 Jobs (0.8)
Dillon
Kershaw
Fairfield
Darlington
Newberry
Abbeville
Lee
Marion
Greenwood
Florence
Saluda
Richland
McCormick
Lexington
Sumter
Horry
Myrtle Beach 2,200 Jobs (1.8)
Edgefield
Columbia 200 Jobs (0.1)
Calhoun
Williamsburg
Clarendon
Aiken
Sumter (No change)
Georgetown
Orangeburg
Barnwell
Bamberg
Berkeley
Dorchester
Allendale
Colleton
Charleston 1,400 Jobs (0.5)
Hampton
Charleston
Jasper
Beaufort
Source SCESC/LMI
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SC Employment Change for Key SectorsMay 2005
May 2006
Nearly all sectors experienced gains over the
year, led by Trade, Transportation and Utilities
(8,600), Government (7,800) and Construction
(7,700).
Source SCESC/LMI
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Employment Change by Metropolitan Areas May 2005
May 2006
Over the year, Charleston MSA added 11,600 jobs,
primarily in Leisure and Hospitality (2,700).
Greenville MSA grew by 11,400 jobs, primarily in
Professional and Business Services (4,100).
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Percent Distribution of SC Nonfarm Employment
by IndustryMay 2006
Source SCESC/LMI
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Good News
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SC Nonfarm Employment
Nonfarm employment continues to rise, up 9,200 to
a record 1,922,600 in May. Over the past twelve
months, the economy has generated 45,500 jobs.
Source SCESC/LMI
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Average Manufacturing Workweek
Manufacturing workweek was 39.8 hours in May
2006, up from 39.3 hours in May 2005.
Source SCESC/LMI
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SC Unemployment Rate3rd Highest In The Nation
SC unemployment rate edged down 0.1 percentage
point to 6.5 in May. The national unemployment
rate slid 0.1 percentage point to 4.6, the
lowest level since May 2001.
Source SCESC/LMI
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Bad News
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SC Weekly UI Initial Claims
Total initial claims were 5,459 for the week
ending 5/28/06, up 3.0 compared to a year ago.
Source SCESC/LMI
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National Indicators
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Seasonally Adjusted Unemployment Rates by State
and Region May 2006 National Unemployment Rate
4.6
A total of 24 states and the District of Columbia
recorded over-the-month unemployment rate
increases, 21 states registered rate decreases,
and 5 states had no change.
Source Bureau of Labor Statistics
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States With The Highest Unemployment
Rates(seasonally adjusted)May 2006
South Carolinas seasonally adjusted unemployment
rate was the third highest at 6.5.
Source Bureau of Labor Statistics
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US Unemployment Rate by Major Worker GroupsMay
2006
The unemployment rate for persons of Hispanic
origin fell to 5.0, the lowest level since the
department began collecting the data in 1973.
Source Bureau of Labor Statistics
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US Unemployment Rate by Age and GenderMay 2006
The unemployment rate for women aged 16 to 19
fell 1.3 percentage points to 11.7 while the
jobless rate for men aged 16 to 19 held steady at
16.2.
Source Bureau of Labor Statistics
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US Unemployment Rate by Age, Race and GenderMay
2006
The unemployment rate for African Americans aged
16 to 19 fell 4.5 percentage points to 25.0 in
May.
Source Bureau of Labor Statistics
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US Unemployment Rate by Educational
AttainmentMay 2006
Education is the key to labor market success The
unemployment rate for persons with a bachelors
degree or higher slid 0.1 percentage point to
2.1.
Employment status of the civilian population 25
years and older by educational attainment
Source Bureau of Labor Statistics
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Distribution of Unemployed PersonsBy Duration Of
UnemploymentMay 2006
For the month, 35.7 of unemployed persons were
jobless less than 5 weeks while 18.8 were
jobless 27 weeks or more. The average duration of
unemployment was 17.1 weeks, up from 16.8 weeks
in April.
Source Bureau of Labor Statistics
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Monthly Job Growth In 2006 Slowing Pace
(seasonally adjusted)
Nonfarm employment rose for the 33rd consecutive
month, up 75,000 in May. Ignoring months affected
by the Gulf Coast hurricanes, Mays gain is the
smallest since July 2004.
Source Bureau of Labor Statistics
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US Employment Change for Key SectorsApril 2006
May 2006
Education and Health Services expanded 41,000,
primarily in Health Care and Social Assistance
(21,900). Professional and Business Services
added 27,000 jobs, mostly in Professional and
Technical Services (19,700).
Source Bureau of Labor Statistics
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Percent Distribution of US Nonfarm Employment
by IndustryMay 2006
Source Bureau of Labor Statistics
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Unemployment Rates Of VeteransReleased May 30,
2006
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Unemployment RatesOf Veterans and
NonveteransAugust 2005 (Unadjusted)
In August 2005, the unemployment rate for
veterans of the U.S. Armed Forces was 3.9
compared to 4.7 for nonveterans. Among men, the
rate for veterans was significantly lower than
nonveterans (3.7 versus 4.4). However, among
men 18 to 24 years old, veterans had a higher
jobless rate than nonveterans (17.2 versus
10.4).
Source Bureau of Labor Statistics
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Unemployment RatesGulf War-era Veterans and
NonveteransSelected Age GroupsAugust 2005
(Unadjusted)
In August 2005, the unemployment rate for the
Gulf War-era veterans (from August 1990 forward)
was 5.2 compared to 4.7 for nonveterans. Gulf
War-era veterans aged 18 to 24 had a higher
unemployment rate (18.7) than young nonveterans
(9.9).
Source Bureau of Labor Statistics
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Contact LMI
South Carolina Employment Security
Commission Labor Market Information
Department [phone] or 1-800-205-9290 www.sc
es.org/lmi Mike Daniels mdaniels_at_sces.org