Employment hits new record as labor force grows
While the number of people working in South Carolina hit a new record and the size of the workforce rose, the seasonally adjusted unemployment rate increased slightly in January.
Employment rose by 9,373 in January from December 2016 to 2,209,235 people, and the labor force increased by 12,614 to 2,310,701 people. The unemployed rate rose 0.1 percent to 4.4 percent in January from 4.3 percent in December 2016. The number of unemployed increased by 3,241, to 101,466 people.
Over the past year, employment gains totaled 42,022 and unemployment decreased by 23,683. Since January 2016, the labor force has grown by 18,339.
Nationally, January’s unemployment rate was 4.8 percent, up from 4.7 percent in December 2016.
Nonfarm Employment by Industry (Seasonally Adjusted1)
January seasonally adjusted, nonfarm payroll employment increased by 5,300 over the month, to a record level of 2,076,000.
- South Carolina saw job gains in Professional and Business Services (+4,000); Financial Activities (+2,800); Other Services (+1,300); Education and Health Services (+500); and Information (+300).
- Decreases occurred in the Leisure and Hospitality (-1,600); Trade, Transportation, and Utilities (-1,300); Government (-600); Manufacturing (-100); and Construction (-100) sectors.
Compared to January 2016, seasonally adjusted, nonfarm jobs were up 40,500.
- Industries with increases were Trade, Transportation, and Utilities (+7,700); Education and Health Services (+7,600); Construction (+7,100); Professional and Business Services (+5,600); Manufacturing (+4,400); Financial Activities (+3,100); Government (+2,400); Leisure and Hospitality (+1,200); Other Services (+600); and Information (+500).
Nonfarm Employment by Industry (Not Seasonally Adjusted2)
Not-seasonally adjusted, nonfarm payroll employment decreased by 42,800 from December 2016 to January 2017 to a total of 2,038,600.
Gains were reported in Financial Activities (+600); Other Services (+400); and Mining and Logging (+100). Industries reporting decreases were Trade, Transportation, and Utilities (-15,700); Leisure and Hospitality (-8,900); Government (-6,800); Professional and Business Services (-6,400); Education and Health Services (-3,500); Manufacturing (-1,400); and Construction (-1,100). Information saw a slight decline of (-100).
The over the year, not-seasonally adjusted, nonfarm jobs were up 41,600. Gains were reported in Trade, Transportation, and Utilities (+9,500); Education and Health Services (+7,200); Construction (+6,600); Professional and Business Services (+5,500); Manufacturing (+4,600); Financial Activities (+2,700); Government (+2,300); Leisure and Hospitality (+1,300); Other Services (+1,200); Information (+400); and Mining and Logging (+300).
1Seasonally Adjusted: Seasonal adjustment removes the effects of events that follow a more or less regular pattern each year (i.e. tourist-related hiring and school closings in the summer). These adjustments make it easier to observe the cyclical and other nonseasonal movements in data over time.
2Not Seasonally Adjusted: Effects of regular or seasonal patterns have not been removed from these data.
NOTE: Due to Metropolitan Statistical Areas (MSAs) redefinition and data adjustment due to benchmarking, the following areas have been reinstated as MSAs eligible for seasonal adjustment: Greenville, Myrtle Beach and Spartanburg. Only MSAs identified by the U.S. Office of Management and Budget (OMB) as meeting the latest published standards from Census Bureau data are seasonally adjusted. The standards for defining the areas are reviewed and revised once every 10 years, prior to each decennial census. Between censuses, the definitions are updated annually to reflect the most recent Census Bureau population estimates.