State unemployment rate increased in April
Staff report
Friday, May 16, 2008
South Carolina's unemployment rate edged up to 5.9 percent in April from 5.7 percent the previous month, as the ranks of the jobless grew by 3,300 while the size of the labor force remained largely static, new figures show. The state Employment Security Commission attributed most of the increase to 2,400 job losses in the construction trade, which is suffering from the housing slump. April marked the sixth straight month of contraction in the building industry. Construction jobs are down by 7,300 from last April, the commission said. At the same time, the state's non-farm employment sector grew by 14,400 in April to 1.97 million, largely on the strength of 8,800 seasonal gains in the leisure and hospitality industry. Other gainers included professional and business services (up 3,500) and the financial sectors (up 1,500). Manufacturing also posted a rare but small gain of 200 jobs over the month. Charleston County, in a tie with Lexington County, had the lowest jobless rate in the state at 3.9 percent, down from 4.1 percent in March. Berkeley County edged down to 5.0 percent from 5.1 percent, and Dorchester County was unchanged at 4 percent. Allendale County topped the list at 13.5 percent. The national unemployment rate was 5.0 percent in April. "The state's economy faces a tough road over the next few months," the employment commission said. "Gas prices rapidly approaching $4.00 a gallon could hamper seasonal growth in tourist-related industries, and further declines in construction jobs will likely keep upward pressure on the state's unemployment rate." For more details, see Saturday's Post and Courier.
|
Posted by Girleygirl on May 16, 2008 at 10:05 a.m. (Suggest removal)
GO figure...but our economy is on a slow down right now so we should be great, groovy, and wonderful real soon!! <sarcasm included>
Posted by whome on May 16, 2008 at 1:46 p.m. (Suggest removal)
The state attributes the increase to the decline in the construction industry. Two scary points. First, independent contractors and undocumented workers are under-reported as part of jobless claims. Second, as such, the downstream effects of these unemployed workers, as much of their incomes tend to be used in consumer spending, will be magnified. Get ready for the ride.
Posted by summerville_guy on May 16, 2008 at 3:18 p.m. (Suggest removal)
At least Pedro has gainful employment!