SC Workforce: Still Shrinking
ANOTHER RECORD-LOW LABOR PARTICIPATION RATE FOR PALMETTO STATE
Once again, it is NOT a great day in South Carolina for workers … despite the best efforts of “Jobs Governor” Nikki Haley to put a positive spin on the state of the Palmetto economy.
According to the latest data, South Carolina’s labor participation rate hit a new record low of 58 percent in December – its fourth straight monthly decline. For those of you keeping score at home, that figure is five percentage points below the national labor participation rate of 63 percent – which itself has been hovering at low levels not seen since the 1970s.
Bad, bad, bad …
Labor participation in South Carolina under Haley peaked at 60.9 percent in June 2011 but has been falling precipitously ever since. Similarly, the national rate has been declining steadily since U.S. President Barack Obama took office in January 2009.
Surprisingly, Haley was called to account last month by the Associated Press – which published a story questioning her administration’s job claims (numbers the governor has previously been busted fudging).
But for the most part South Carolina’s shrinking workforce has been ignored by the mainstream media …
Here are the disappointing numbers, though:
SC LABOR PARTICIPATION RATES
December – 58.0 percent
November 58.1 percent
October – 58.2 percent
September – 58.4 percent
August – 58.4 percent
July – 58.5 percent
June – 58.7 percent
May – 58.8 percent
April – 58.9 percent
(For historical labor participation rate data, click here).
Haley likes to brag about the Palmetto State’s declining unemployment rate, but at this point it’s painfully obvious that’s being driven by a rapidly shrinking workforce.
But hey … let’s keep letting our corrupt politicians throw money at select corporations and see if that eventually works.