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Economic Conditions in South Carolina

Economic Conditions in South Carolina. Monthly Indicators May 2006. Indicators were positive this month. Indicators moving in a positive direction were nonfarm employment, the unemployment rate and average manufacturing workweek.

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Economic Conditions in South Carolina

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  1. Economic Conditions in South Carolina Monthly Indicators May 2006

  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. Current Trends…

  4. Nonfarm employment climbed to a record 1.92 million

  5. Greater Than 10.0% 5.0% to 10.0% 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 Union 11.1 Chester 10.4 Lancaster 8.8 Chesterfield 9.6 Marlboro 10.8 Anderson 7.2 Laurens 5.8 Fairfield 9.9 Kershaw 6.0 Dillon 8.8 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 Clarendon 8.1 Williamsburg 9.3 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

  6. County Analysis Source: SCESC/LMI

  7. 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

  10. 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

  11. Unemployment Rates by Workforce Investment Area May 2006 The highest WIA unemployment rate was registered in… Pee Dee 8.5 Source: SCESC/LMI

  12. Unemployment Rates by Workforce Investment Area May 2006 Lowcountry 4.3 The lowest WIA unemployment rate was recorded in… Source: SCESC/LMI

  13. 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

  14. 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 Union Chester Lancaster Chesterfield Marlboro Florence +700 Jobs (0.8%) Anderson Laurens Anderson -500 Jobs (0.8%) Fairfield Kershaw Dillon Darlington Newberry Abbeville Lee Marion Greenwood Florence Saluda Richland Myrtle Beach +2,200 Jobs (1.8%) McCormick Lexington Sumter Horry Edgefield Columbia +200 Jobs (0.1%) Calhoun Clarendon Williamsburg 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

  15. 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

  16. Spartanburg -200 Jobs (0.2%) Greenville +11,400 Jobs (3.8%) Cherokee Greenville York Pickens Spartanburg Oconee Union Chester Lancaster Chesterfield Marlboro Florence +5,600 Jobs (6.6%) Anderson Laurens Anderson -1,500 Jobs (2.4%) Fairfield Kershaw Dillon Darlington Newberry Abbeville Lee Marion Greenwood Florence Saluda Richland Myrtle Beach +6,400 Jobs (5.4%) McCormick Lexington Sumter Horry Edgefield Columbia +11,100 Jobs (3.2%) Calhoun Clarendon Williamsburg Aiken Sumter +900 Jobs (2.2%) Georgetown Orangeburg Barnwell Bamberg Berkeley Dorchester Allendale Colleton Charleston +11,600 Jobs (4.1%) Hampton Charleston Jasper Beaufort Source: SCESC/LMI 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).

  17. Percent Distribution of SC Nonfarm Employment by IndustryMay 2006 Source: SCESC/LMI

  18. Good News…

  19. 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

  20. Average Manufacturing Workweek Manufacturing workweek was 39.8 hours in May 2006, up from 39.3 hours in May 2005. Source: SCESC/LMI

  21. 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

  22. Bad News…

  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. National Indicators…

  25. South Region – 4.6% Northeast Region –4.7% Midwest Region – 4.7% West Region – 4.7% NH 3.3 WA 5.1 ME 4.4 MT 3.8 VT 3.0 ND 3.3 MA 5.0 RI 5.5 MN 3.7 OR 5.6 ID 3.5 SD 2.9 WI 4.7 NY 4.6 MI 6.0 WY 3.7 CT 4.0 PA 4.8 IA 3.4 NE 3.2 NJ 5.0 NV 4.0 OH 5.3 UT 3.5 IL 4.6 IN 5.0 DE 3.8 CO 4.5 CA 5.0 WV 4.8 KS 4.5 VA 3.0 MD 3.8 MO 4.4 KY 5.6 DC 5.7 NC 4.6 TN 5.4 AZ 4.2 OK 4.1 NM 4.2 AR 5.3 SC 6.5 GA 4.9 AL 3.6 MS 7.3 AK 7.1 TX 5.1 LA 5.2 FL 3.2 HI 3.0 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

  26. States With The Highest Unemployment Rates(seasonally adjusted)May 2006 South Carolina’s seasonally adjusted unemployment rate was the third highest at 6.5%. Source: Bureau of Labor Statistics

  27. 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

  28. 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

  29. 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

  30. US Unemployment Rate by Educational AttainmentMay 2006 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%. Employment status of the civilian population 25 years and older by educational attainment Source: Bureau of Labor Statistics

  31. 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

  32. 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, May’s gain is the smallest since July 2004. Source: Bureau of Labor Statistics

  33. 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

  34. Percent Distribution of US Nonfarm Employment by IndustryMay 2006 Source: Bureau of Labor Statistics

  35. Unemployment Rates Of VeteransReleased May 30, 2006

  36. 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

  37. 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

  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: mdaniels@sces.org

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