Unemployment rate drops to lowest in five years | News
The state’s seasonally adjusted unemployment rate fell significantly in April to 8.0 percent from March’s 8.4 percent estimate. This is the lowest rate since October 2008 and represents the largest month-to-month decrease since May 1987.
The number of employed people increased by 2,935 from March to April to 1,995,078. This is the tenth consecutive monthly increase in people finding work across the state. The estimated number of unemployed persons was 174,352. Nationally, the unemployment rate declined slightly to 7.5 percent.
"This drop in unemployment is yet another piece of great news for South Carolina," said Governor Nikki Haley. "Our outstanding companies, our loyal and dedicated workforce, and our competitive business environment have our economy turning again. There's no doubt that South Carolina is on the move, and we couldn't be more excited about the great things in store for our state."
Employment by Industry
Non-farm jobs (not seasonally adjusted) increased 15,100 from March to April to a total of 1,889,500. Growth was concentrated in service-providing industries with Leisure and Hospitality leading the way.
· With a gain of 8,700 jobs, Leisure and Hospitality reported an increase for the third consecutive month, as employers continued their seasonal hiring in the coastal areas and the state capital. This hiring was primarily in Accommodation and Food Services. In addition, the Retail Trade subsector expanded. Improvements in April were also reported in Professional and Business Services (+2,700); Trade, Transportation, and Utilities (+2,300), Construction (+1,300), Education and Health Services (+1,300), and Financial Activities (+700).
· Only the Manufacturing industry reported a loss (-900) as employment in both durable and non-durable goods fell.
Since April 2012, non-seasonally adjusted non-farm jobs in the state were up 26,200.
· The Leisure and Hospitality industry led the gain (+10,400). Government (+5,900); Trade, Transportation, and Utilities (+4,700); and Financial Activities (+4,100) also reported growth.
· Increases in Construction (+3,000) and Manufacturing (+1,000) assisted in job expansion.
· Professional and Business Services (-4,800) saw the largest decline since a year ago, and there was a modest decrease in Mining and Logging (-100).
“South Carolina’s April unemployment rate is outstanding news as we continue along the road of economic recovery. The 0.4 percent decrease from March marks the largest month-to-month drop since May 1987, and the number of South Carolinians finding work continues to increase each month. As the Palmetto State’s unemployment rate closes in on the national average, DEW remains dedicated to helping both businesses and jobseekers.”