economic conditions in south carolina monthly indicators may 2006
TRANSCRIPT
Economic Conditions in South Carolina
Monthly IndicatorsMay 2006
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.
Current Trends…Current Trends…
South Carolina Monthly IndicatorsSouth Carolina Monthly IndicatorsNumeric Change
May 2006 Apr 2006 May 2005 May 2006 - Apr 2006
May 2006 - May 2005
Seasonally Adjusted
Labor Force 2,119,767 2,123,788 2,070,589 -4,021 49,178
Employment 1,981,571 1,983,873 1,935,212 -2,302 46,359
Unemployment 138,196 139,915 135,377 -1,719 2,819
Rate (%) 6.5 6.6 6.5 Down 0.1 percentage pt.
No change
Unadjusted
Nonfarm Employment
1,922,6001,922,600 1,913,400 1,877,100 9,200 45,500
Construction 125,100 123,000 117,400 2,100 7,700
Manufacturing 259,600 260,400 263,900 -800 -4,300
Trade, Transp. and Utilities
370,800 368,400 362,200 2,400 8,600
Information 28,900 28,200 27,300 700 1,600
Financial Activities
101,700 101,700 97,900 0 3,800
Professional
and Business Services
209,000 207,400 203,400 1,600 5,600
Education and Health Services
191,700 192,300 185,400 -600 6,300
Leisure and Hospitality
212,400 208,000 209,300 4,400 3,100
Government 339,800 340,400 332,000 -600 7,800
Nonfarm employment climbed to a record 1.92 million
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
10.6Hampton
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
6.3Abbeville
8.8
Source: SCESC/LMI
Greater Than 10.0%
5.0% to 10.0%
Less Than 5.0%
Compared to April 2006, the unemployment rate fell in 29 of the 46 counties.
Counties with rates 5% or below
Counties with rates between 5% and 10%
Counties with rates 10% or above
May 2006 88 3232 66
April 2006 88 3131 7 7
County Analysis
Source: SCESC/LMI
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
perc
ent
12.0 11.5 11.1 10.8 10.6 10.4
Marion McCormick Union Marlboro Allendale Chester
Counties With The Counties With The Highest Unemployment RatesHighest Unemployment Rates
May 2006May 2006
Source: SCESC/LMI
0.0
1.0
2.0
3.0
4.0
5.0
perc
ent
3.5 4.2 4.3 4.4 4.6
Beaufort Jasper Horry Lexington Dorchester
Counties With The Counties With The Lowest Unemployment RatesLowest Unemployment Rates
May 2006May 2006
Source: SCESC/LMI
4.75.3
7.5
5.34.7
5.3
8.6
5.4
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Charleston Columbia Florence Greenville
pe
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nt
May-06 May-05
Unemployment Rates Unemployment Rates Multi-County Metropolitan AreasMulti-County Metropolitan Areas
May 2006May 2006
Source: SCESC/LMI
Unemployment Rates by Unemployment Rates by Workforce Investment AreaWorkforce Investment Area
May 2006May 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
Unemployment Rates by Unemployment Rates by Workforce Investment AreaWorkforce Investment Area
May 2006May 2006
Pee Dee 8.5
The highest WIA unemployment rate was registered in…
Source: SCESC/LMI
Unemployment Rates by Unemployment Rates by Workforce Investment AreaWorkforce Investment Area
May 2006May 2006
Lowcountry 4.3
Source: SCESC/LMI
The lowest WIA unemployment rate was recorded in…
SC Employment Change for Key SectorsSC Employment Change for Key SectorsApril 2006 – May 2006April 2006 – May 2006
Growth this month was led by Leisure and Hospitality (+4,400) and Trade, Transportation and Utilities (+2,400).
Source: SCESC/LMI
-1,000
0
1,000
2,000
3,000
4,000
5,000
job
s
Construction Manufacturing
Trade, Transportation and Utilities Professional and Business Services
Leisure and Hospitality
Greenwood
Oconee
Anderson
Pickens
Greenville
SpartanburgYork
Laurens
McCormick
Edgefield
Aiken
Lexington
Saluda
Barnwell
Orangeburg
Calhoun
Allendale
Hampton
Jasper Beaufort
Colleton
Bamberg
Charleston
DorchesterBerkeley
Georgetown
WilliamsburgClarendon
Sumter
Florence
Dillon
Lee
Darlington
MarlboroChesterfield
Richland
KershawFairfield
LancasterUnion 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 AreasEmployment Change by Metropolitan AreasApril 2006 – May 2006April 2006 – May 2006
Nearly 6,000 jobs were created in five of the eight metropolitan areas.
SC Employment Change for Key SectorsSC Employment Change for Key SectorsMay 2005 – May 2006May 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
-6,000
-4,000
-2,000
0
2,000
4,000
6,000
8,000
10,000
job
s
Construction Manufacturing
Trade, Transportation and Utilities Financial Activities
Professional and Business Services Education and Health Services
Leisure and Hospitality Government
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).
Greenwood
Oconee
Anderson
Pickens
Greenville
SpartanburgYork
Laurens
McCormick
Edgefield
Aiken
Lexington
Saluda
Barnwell
Orangeburg
Calhoun
Allendale
Hampton
Jasper Beaufort
Colleton
Bamberg
Charleston
DorchesterBerkeley
Georgetown
WilliamsburgClarendon
Sumter
Florence
Dillon
Lee
Darlington
MarlboroChesterfield
Richland
KershawFairfield
LancasterUnion 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
Employment Change by Metropolitan AreasEmployment Change by Metropolitan AreasMay 2005 – May 2006May 2005 – May 2006
Percent Distribution of Percent Distribution of SC Nonfarm Employment SC Nonfarm Employment
by Industryby IndustryMay 2006May 2006
Government17.7%
Leisure and Hospitality11.0%
Education and Health Services10.0%
Professional and Business Services
10.9% Financial Activities5.3%
Information1.5%
Trade, Transportation and Utilities19.3%
Manufacturing13.5%
Construction6.5%
Source: SCESC/LMI
Good News…Good News…
1.80
1.81
1.82
1.83
1.84
1.85
1.86
1.87
1.88
1.89
1.90
1.91
1.92
1.93
May-04 Aug-04 Nov-04 Feb-05 May-05 Aug-05 Nov-05 Feb-06 May-06
millio
n
SC Nonfarm EmploymentSC 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.
38.4
38.6
38.8
39.0
39.2
39.4
39.6
39.8
40.0
40.2
40.4
40.6
40.8
41.0
May-04 Aug-04 Nov-04 Feb-05 May-05 Aug-05 Nov-05 Feb-06 May-06
hour
sManufacturing workweek was 39.8 hours in May 2006, up from 39.3 hours in May 2005.
Average Manufacturing WorkweekAverage Manufacturing Workweek
Source: SCESC/LMI
4.44.64.85.05.25.45.65.86.06.26.46.66.87.07.27.4
May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 May-06
pe
rce
nt
SC US
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 RateSC Unemployment Rate33rdrd Highest In The Nation Highest In The Nation
Bad News…Bad News…
SC Weekly UI Initial Claims
0
2,500
5,000
7,500
10,000
12,500
15,000
17,500
5/2
8/0
5
6/2
5/0
5
7/2
3/0
5
8/2
0/0
5
9/1
7/0
5
10
/15
/05
11
/12
/05
12
/10
/05
1/7
/06
2/4
/06
3/4
/06
4/1
/06
4/2
9/0
6
5/2
7/0
6
Total initial claims were 5,459 for the week ending 5/28/06, up 3.0% compared to a year ago.
Source: SCESC/LMI
National Indicators…National Indicators…
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.
MA5.0
RI5.5
CT 4.0
WA5.1
OR5.6
NM4.2
AK7.1
HI3.0
IL4.6 WV
4.8
AL3.6
LA5.2
MT3.8
ID3.5
NV4.0
CA5.0
AZ4.2
UT3.5
WY3.7
CO4.5
ND3.3
SD2.9
NE3.2
KS4.5
OK4.1
TX5.1
MN3.7
IA3.4
MO4.4
AR5.3
WI4.7
KY5.6
MI6.0
FL3.2
GA4.9
MS7.3
SC6.5
TN5.4
IN5.0
OH5.3
NC4.6
VA3.0
PA4.8
NY4.6
ME4.4
VT3.0
NH3.3
NJ5.0DE3.8
MD3.8
DC5.7
West Region – 4.7%
Midwest Region – 4.7%
Northeast Region –4.7%
South Region – 4.6%
Source: Bureau of Labor Statistics
Seasonally Adjusted Unemployment Ratesby State and Region
May 2006 National Unemployment Rate = 4.6%
South Carolina’s seasonally adjusted unemployment rate was the third highest at 6.5%.
6.0
6.5
7.1
7.3
0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0
Michigan
South Carolina
Alaska
Mississippi
percent
States With The States With The Highest Unemployment RatesHighest Unemployment Rates
(seasonally adjusted)(seasonally adjusted)May 2006May 2006
Source: Bureau of Labor Statistics
Source: Bureau of Labor Statistics
US Unemployment Rate by US Unemployment Rate by Major Worker GroupsMajor Worker Groups
May 2006May 2006
4.6 4.2 4.1
14.0
4.1
8.9
5.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
All Workers Adult men Adult women Teenagers White AfricanAmerican
Hispanicorigin
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nt
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
US Unemployment Rate by US Unemployment Rate by Age and GenderAge and Gender
May 2006May 2006
4.2
16.2
9.1
3.83.0
11.7
7.0
4.0
2.6
4.1
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Total 16 to 19 years 20 to 24 years 25 to 54 years 55 years and over
pe
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nt
Men Women
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
US Unemployment Rate by US Unemployment Rate by Age, Race and GenderAge, Race and Gender
May 2006May 2006
4.1 3.7 3.6
12.7
9.07.2
25.0
8.9
0.0
3.0
6.0
9.0
12.0
15.0
18.0
21.0
24.0
27.0
Total Men Women Both Sexes (16-19)
pe
rce
nt
White African American
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
US Unemployment Rate by US Unemployment Rate by Educational AttainmentEducational Attainment
May 2006May 2006
2.1
3.8
4.4
6.9
0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0
Bachelor's degree andhigher
Some college or associatedegree
HS graduate, no college
Less than a HS Diploma
percent
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%.
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 PersonsDistribution of Unemployed PersonsBy Duration Of UnemploymentBy Duration Of Unemployment
May 2006May 2006
13.7%
18.8%
35.7%
31.8%
Less than 5 weeks
5 to 14 weeks
15 to 26 weeks
27 weeks and over
Source: Bureau of Labor Statistics
0
25
50
75
100
125
150
175
200
thou
sand
s of
jobs
January February March April May
Monthly Job Growth In 2006: Slowing Pace Monthly Job Growth In 2006: Slowing Pace (seasonally adjusted)(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
US Employment Change for Key SectorsUS Employment Change for Key SectorsApril 2006 – May 2006April 2006 – May 2006
-20
-10
0
10
20
30
40
50
thou
sand
s
Manufacturing Trade, Transportation and Utilities
Financial Activities Professional and Business Services
Education and Health Services
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
Percent Distribution of Percent Distribution of US Nonfarm Employment US Nonfarm Employment
by Industryby IndustryMay 2006May 2006
Government16.2%
Leisure and Hospitality9.6%
Education and Health Services13.1%
Professional and Business Services
12.8%
Financial Activities6.2%
Information2.3%
Trade, Transportation and Utilities19.3%
Manufacturing10.5%
Construction5.6%
Unemployment Rates Of VeteransUnemployment Rates Of VeteransReleased May 30, 2006Released May 30, 2006
Source: Bureau of Labor Statistics
Unemployment RatesUnemployment RatesOf Veterans and NonveteransOf Veterans and Nonveterans
August 2005 August 2005 (Unadjusted)(Unadjusted)
3.7
5.9
4.74.4
5.0
3.9
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Total Men Women
pe
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nt
Veterans
Nonveterans
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
Unemployment RatesUnemployment RatesGulf War-era Veterans and NonveteransGulf War-era Veterans and Nonveterans
Selected Age GroupsSelected Age GroupsAugust 2005 August 2005 (Unadjusted)(Unadjusted)
18.7
3.94.9
3.3
1.9
4.7
9.9
5.0
3.73.1 3.2
5.2
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
Total 18-24 25-34 35-44 45-54 55-64
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nt
Gulf War-era veterans
Nonveterans
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%).
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 protected]