By FITSNews || South Carolina’s unemployment rate fell for the fifth consecutive month in June, but the state’s labor force contracted for the fourth straight month. In fact, South Carolina’s labor force has shrunk by more than 25,000 workers over the last six months – not a good sign for the state’s economy.
With so many people giving up the search for work, South Carolina’s unemployment rate fell from a revised 11.1 percent in May to 10.7 percent last month. That’s the seventh-highest rate in the nation.
“The four-month decline in the labor force continues to be a major concern,” said John L. Finan, Executive Director of the Department of Employment and Workforce. “The drop in our state’s jobless rate has been largely driven by the unemployed dropping out of the labor force. We still have a long way to go in increasing consumer confidence which will lead to increased demand and more job growth.”
He’s right.
The fundamentals for a private sector recovery in South Carolina simply aren’t there … at least not at this point. In fact, of the 7,300 jobs added by the private sector in June, 6,200 of them (or 85 percent) were tied to the state’s tourism industry.
In contrast to previous months, government jobs were down sharply in June – although that was the result of schools letting their staffs go for the summer recess. In reality, government has been adding jobs by the thousands over the past two-and-a-half years.
While private sector job losses in South Carolina total well over 130,000 since the recession began in December 2007, the public sector has seen its taxpayer-funded payrolls swell by nearly 25,000 positions over that same time period.
That’s why we repeatedly referred to the federal “stimulus” as nothing but a bureaucratic bailout – because the only “stimulating” it did was in the public sector (i.e. jobs we have to pay for). Government bailouts have clearly done nothing to grow private sector jobs.
WEB EXTRA
June 2010 S.C. Unemployment Report
By eggaday July 21, 2010 at 8:29 am
it is all on purpose people.
the elected elite want the ” small people” to suffer.
in the meantime, the elected elite send all jobs to third world countries creating another third world country right here in America.
Time to clean house and I mean all elected elite. Send them home jobless.
let them understand how it feels to be jobless and hopeless and have no money coming in.
it is after all their turn
By Old Bike Dude July 21, 2010 at 9:11 am
Looks like sic is earning some USINPAC money. All you cotton farmers, textile workers, chemical workers, and research types can say thanks when you head down to the unemployment line cause your job just went to India.
By No Name July 21, 2010 at 10:13 am
Free trade….or fair trade…..the debate begins…..surprising to many may be that one of the best voices….and I do not know if he still has his wits about him…..is old Fritz.
Deflation is coming and Helicopter Ben better have a good inflating plan in hand because Barry is not going to run again and that is the ultimate lame duck.
By snodgrass July 21, 2010 at 5:48 pm
The elites are the power brokers and they’re livin’ large. Why should they be concerned?
When 1% of the population can screw 99% of the population with impunity, it’s kind of hard to call it rape.
By James the Foot Soldier July 21, 2010 at 10:59 pm
“The drop in our state’s jobless rate has been largely driven by the unemployed dropping out of the labor force.”
Excuse me Mr. Wizard – why stop counting an unemployed person if they don’t have a fucking JOB????
America’s true unemployment rate is closer to 20% – and proof positive of the failure of President Obama and his democrat Congress to do ANYTHING right.