SC Economic Indicators.May2006

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South Carolina Economic Indicators, May 2006

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SC Economic Indicators.May2006

  1. 1. Economic Conditions in South Carolina Monthly Indicators May 2006
  2. 2. 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.
  3. 3. Current Trends…
  4. 4. Nonfarm employment climbed to a record 1.92 million Numeric Change 7,800 -600 332,000 340,400 339,800 Government 3,100 4,400 209,300 208,000 212,400 Leisure and Hospitality 6,300 -600 185,400 192,300 191,700 Education and Health Services 5,600 1,600 203,400 207,400 209,000 Professional and Business Services 3,800 0 97,900 101,700 101,700 Financial Activities 1,600 700 27,300 28,200 28,900 Information 8,600 2,400 362,200 368,400 370,800 Trade, Transp. and Utilities -4,300 -800 263,900 260,400 259,600 Manufacturing 7,700 2,100 117,400 123,000 125,100 Construction 45,500 9,200 1,877,100 1,913,400 1,922,600 Nonfarm Employment Unadjusted No change Down 0.1 percentage pt. 6.5 6.6 6.5 Rate (%) 2,819 -1,719 135,377 139,915 138,196 Unemployment 46,359 -2,302 1,935,212 1,983,873 1,981,571 Employment 49,178 -4,021 2,070,589 2,123,788 2,119,767 Labor Force Seasonally Adjusted May 2006 - May 2005 May 2006 - Apr 2006 May 2005 Apr 2006 May 2006 South Carolina Monthly Indicators
  5. 5. South Carolina Unemployment Rates by County May 2006 State Unemployment Rate = 6.5% Greenwood 8.5 Oconee 8.4 Anderson 7.2 Pickens 6.5 Greenville 4.9 Spartanburg 7.1 York 6.9 Laurens 5.8 McCormick 11.5 Edgefield 7.4 Aiken 5.8 Lexington 4.4 Saluda 5.6 Barnwell 8.9 Orangeburg 7.8 Calhoun 5.8 Allendale 10.6 Hampton 6.8 Jasper 4.2 Beaufort 3.5 Colleton 6.4 Bamberg 8.3 Charleston 4.7 Dorchester 4.6 Berkeley 4.8 Georgetown 6.5 Williamsburg 9.3 Clarendon 8.1 Sumter 7.6 Florence 7.7 Dillon 8.8 Lee 7.9 Darlington 7.0 Marlboro 10.8 Chesterfield 9.6 Richland 5.6 Kershaw 6.0 Fairfield 9.9 Lancaster 8.8 Union 11.1 Chester 10.4 Horry 4.3 Cherokee 7.1 Marion 12.0 Newberry 6.3 Abbeville 8.8 Source: SCESC/LMI Less Than 5.0% Compared to April 2006, the unemployment rate fell in 29 of the 46 counties. Greater Than 10.0% 5.0% to 10.0%
  6. 6. County Analysis Source: SCESC/LMI 7 31 8 April 2006 6 32 8 May 2006 Counties with rates 10% or above Counties with rates between 5% and 10% Counties with rates 5% or below
  7. 7. Counties With The Highest Unemployment Rates May 2006 Source: SCESC/LMI
  8. 8. Counties With The Lowest Unemployment Rates May 2006 Source: SCESC/LMI
  9. 9. Unemployment Rates Multi-County Metropolitan Areas May 2006 Source: SCESC/LMI
  10. 10. Unemployment Rates by Workforce Investment Area May 2006 Midlands 5.2 Upper Savannah 7.2 Lower Savannah 6.9 Lowcountry 4.3 Pendleton District 7.2 Greenville 4.9 Trident 4.7 Santee/Lynches 7.2 Waccamaw 5.2 Pee Dee 8.5 Catawba 7.7 Upstate 7.4 Source: SCESC/LMI
  11. 11. Unemployment Rates by Workforce Investment Area May 2006 Pee Dee 8.5 The highest WIA unemployment rate was registered in… Source: SCESC/LMI
  12. 12. Unemployment Rates by Workforce Investment Area May 2006 Lowcountry 4.3 Source: SCESC/LMI The lowest WIA unemployment rate was recorded in…
  13. 13. SC Employment Change for Key Sectors April 2006 – May 2006 Growth this month was led by Leisure and Hospitality (+4,400) and Trade, Transportation and Utilities (+2,400). Source: SCESC/LMI
  14. 14. Greenwood Oconee Anderson Pickens Greenville Spartanburg York Laurens McCormick Edgefield Aiken Lexington Saluda Barnwell Orangeburg Calhoun Allendale Hampton Jasper Beaufort Colleton Bamberg Charleston Dorchester Berkeley Georgetown Williamsburg Clarendon Sumter Florence Dillon Lee Darlington Marlboro Chesterfield Richland Kershaw Fairfield Lancaster Union Chester Horry Cherokee Marion Newberry Abbeville Charleston +1,400 Jobs (0.5%) Columbia +200 Jobs (0.1%) Anderson -500 Jobs (0.8%) Florence +700 Jobs (0.8%) Greenville +1,400 Jobs (0.4%) Myrtle Beach +2,200 Jobs (1.8%) Spartanburg -400 Jobs (0.3%) Sumter (No change) Source: SCESC/LMI Employment Change by Metropolitan Areas April 2006 – May 2006 Nearly 6,000 jobs were created in five of the eight metropolitan areas.
  15. 15. SC Employment Change for Key Sectors May 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
  16. 16. 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). Employment Change by Metropolitan Areas May 2005 – May 2006 Greenwood Oconee Anderson Pickens Greenville Spartanburg York Laurens McCormick Edgefield Aiken Lexington Saluda Barnwell Orangeburg Calhoun Allendale Hampton Jasper Beaufort Colleton Bamberg Charleston Dorchester Berkeley Georgetown Williamsburg Clarendon Sumter Florence Dillon Lee Darlington Marlboro Chesterfield Richland Kershaw Fairfield Lancaster Union Chester Horry Cherokee Marion Newberry Abbeville Charleston +11,600 Jobs (4.1%) Columbia +11,100 Jobs (3.2%) Anderson -1,500 Jobs (2.4%) Florence +5,600 Jobs (6.6%) Greenville +11,400 Jobs (3.8%) Myrtle Beach +6,400 Jobs (5.4%) Spartanburg -200 Jobs (0.2%) Sumter +900 Jobs (2.2%) Source: SCESC/LMI
  17. 17. Percent Distribution of SC Nonfarm Employment by Industry May 2006 Source: SCESC/LMI
  18. 18. Good News…
  19. 19. SC Nonfarm Employment Source: SCESC/LMI 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.
  20. 20. Manufacturing workweek was 39.8 hours in May 2006, up from 39.3 hours in May 2005. Average Manufacturing Workweek Source: SCESC/LMI
  21. 21. Source: SCESC/LMI 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. SC Unemployment Rate 3 rd Highest In The Nation
  22. 22. Bad News…
  23. 23. 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
  24. 24. National Indicators…
  25. 25. 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 Seasonally Adjusted Unemployment Rates by State and Region May 2006 National Unemployment Rate = 4.6% MA 5.0 RI 5.5 CT 4.0 WA 5.1 OR 5.6 NM 4.2 AK 7.1 HI 3.0 IL 4.6 WV 4.8 AL 3.6 LA 5.2 MT 3.8 ID 3.5 NV 4.0 CA 5.0 AZ 4.2 UT 3.5 WY 3.7 CO 4.5 ND 3.3 SD 2.9 NE 3.2 KS 4.5 OK 4.1 TX 5.1 MN 3.7 IA 3.4 MO 4.4 AR 5.3 WI 4.7 KY 5.6 MI 6.0 FL 3.2 GA 4.9 MS 7.3 SC 6.5 TN 5.4 IN 5.0 OH 5.3 NC 4.6 VA 3.0 PA 4.8 NY 4.6 ME 4.4 VT 3.0 NH 3.3 NJ 5.0 DE 3.8 MD 3.8 DC 5.7 West Region – 4.7% Midwest Region – 4.7% Northeast Region –4.7% South Region – 4.6%
  26. 26. South Carolina’s seasonally adjusted unemployment rate was the third highest at 6.5%. States With The Highest Unemployment Rates (seasonally adjusted) May 2006 Source: Bureau of Labor Statistics
  27. 27. Source: Bureau of Labor Statistics US Unemployment Rate by Major Worker Groups May 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.
  28. 28. Source: Bureau of Labor Statistics US Unemployment Rate by Age and Gender May 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%.
  29. 29. Source: Bureau of Labor Statistics US Unemployment Rate by Age, Race and Gender May 2006 The unemployment rate for African Americans aged 16 to 19 fell 4.5 percentage points to 25.0% in May.
  30. 30. Source: Bureau of Labor Statistics US Unemployment Rate by Educational Attainment May 2006 Employment status of the civilian population 25 years and older by educational attainment Education is the key to labor market success – The unemployment rate for persons with a bachelor’s degree or higher slid 0.1 percentage point to 2.1%.
  31. 31. 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 Distribution of Unemployed Persons By Duration Of Unemployment May 2006
  32. 32. Source: Bureau of Labor Statistics Monthly Job Growth In 2006: Slowing Pace (seasonally adjusted) Nonfarm employment rose for the 33 rd consecutive month, up 75,000 in May. Ignoring months affected by the Gulf Coast hurricanes, May’s gain is the smallest since July 2004.
  33. 33. Source: Bureau of Labor Statistics US Employment Change for Key Sectors April 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).
  34. 34. Source: Bureau of Labor Statistics Percent Distribution of US Nonfarm Employment by Industry May 2006
  35. 35. Unemployment Rates Of Veterans Released May 30, 2006
  36. 36. Source: Bureau of Labor Statistics Unemployment Rates Of Veterans and Nonveterans August 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%).
  37. 37. Source: Bureau of Labor Statistics Unemployment Rates Gulf War-era Veterans and Nonveterans Selected Age Groups August 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%).
  38. 38. Contact LMI South Carolina Employment Security Commission Labor Market Information Department (803) 737-2660 or 1-800-205-9290 www.sces.org/lmi Mike Daniels: [email_address]

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