South Carolina has realized a reduction in their jobless rates to an amount that has not been seen since 2001.
The states jobless rate has dropped to 5.2% which resembles the country national average. Overall, July saw an increase in close to 3,000 jobs. While the pace of job growth is lower than earlier in the year the unemployment rate dropped further. The jobless rate has now dropped in three straight months and is seen as a real positive for the economy. There are about 2.1 million jobs in the state and 120,000 unemployed individuals in the state of South Carolina.
What has not been noticeable yet has been an uptick in the average wages in the state. Some concerns come as almost two thirds of the newly created jobs come in the public as opposed to private sector. In the private sector the increases have been most prominent in the leisure and hospitality sectors as well as education and finance. These were offset by losses in manufacturing and construction jobs which shed close to a thousand jobs each.
The jobs are not spread evenly across the state. Bamberg county has unemployment of over ten percent which is the highest in the state. Alternatively Lexington county has an unemployment rate of 4.9% which is the lowest in the state.
A statement by the state governor, Nikki Haley indicated that the reason for the increase in jobs and decrease in unemployment is job training initiatives and workplace training programs, which the state believes is really paying off with new jobs and more competitive employees who are attracting businesses to the state.
Compared to the rest of the United States, South Carolina has been outpacing job growth in the rest of the country. The current years job growth of 2.3 percent is much higher than the 1.7 % average for the rest of the country though the gap is closing as employment is accelerating in other parts of the country faster than in South Carolina as the state gets closer to what is considered to be full employment for statistical purposes, approximately 3.5 to 4%.
Still the state has clearly and effectively bounced back from the economic recession and Charlotte has remained a major investment hub for financial companies.