July 26, 2014

SC jobless rate drops to 8.6 percent

The South Carolina Department of Employment and Workforce reports that the state’s seasonally adjusted unemployment rate dropped significantly in October to 8.6 percent, down from the September estimate of 9.1 percent.

The number of unemployed people decreased over the month by more than 10,800 to 183,024, SCDEW officials said. While the number of employed people climbed by over 14,700 to 1,954,801, the labor force saw a modest increase of nearly 3,900 to 2,137,825. Since October 2011, the unemployment rate has fallen 1.5 percentage points.

Nationally, the unemployment rate moved slightly higher from 7.8 percent in September to 7.9 percent in October, primarily driven by an increase in the labor force of 578,000 people. Approximately 410,000 more people found work; nearly 170,000 more people began searching and were unable to find work during the month.

Nonagricultural employment (not seasonally adjusted) in South Carolina saw an increase of 11,100 over the month to 1,874,900. Since October 2011, the number of jobs in the state was up 34,500 (about 1.9 percent). The number of jobs was up nationally by approximately 1.5 percent from a year ago.