July marked the fewest layoffs in year as the nation’s unemployment rate dipped to 9.4 percent. Some economy watchers say that is another sign that the recession is easing off.
The US Labor Department Friday reported that paychecks were a little better and so were hours worked.up after sinking to a record low in June, and paychecks grew after having fallen or flat lined in some cases.
South Carolina’s unemployment rate is 12.1 percent — one of the worst in the nation because of our reliance on manufacturing.
Coastal Carolina University Research Economist Don Schunk recently told the South Carolina Radio Network that in order for the state’s maufacturing economy to get stronger, in the long term, workers need be adaptable.
“We need to recognize that the most important skill that workers can have is the ability to learn new skills. If we can provide people with a good quality general education that they can take with them and keep adapting to a changing economy, that’s the best way to go, other than focus resources on providing specialized skills at a young age,” says Schunk.
The state’s manufacturing sector has been hard hit by this recession. In a report to the state’s Board of Economic Advisors, Schunk says he expects the state and national economies to stop declining by the end of 2009, but jobs will likely lag behind here.
He expects employment to reach 13% or 14% by the end of 2009 and 15% by the summer of 2010.