BUT THAT’S NOT THE REAL PROBLEM WITH THE PALMETTO ECONOMY …
South Carolina’s unemployment rate rose from 5.3 percent in June to 5.7 percent in July – although as we’ve mentioned on multiple previous occasions this widely-watched economic indicator isn’t the true test of a state’s jobs situation.
The Palmetto State has seen its unemployment rate sliced nearly in half over the last five years – which on the surface is good news.
The problem? Our state’s labor participation rate has shrunk to a record low of 57.8 percent. In fact more than 15,000 fewer South Carolinians were in the work force last month than at the same time a year ago.
Recovery? Not so much …
Which explains the Palmetto State’s surge in government dependency.
S.C. Gov. Nikki Haley – who brands herself America’s “Jobs Governor” – has been busted inflating the state’s employment numbers on several previous occasions (including HERE and HERE). But her real trick has been touting the state’s declining unemployment rate. That’s deceptive, because as we’ve pointed out repeatedly the drop-off hasn’t been due to an influx of new jobs (or new hiring by existing businesses), but rather the result of tens of thousands of working age South Carolinians leaving the workforce .
Oh, and the jobs Haley has “brought” to South Carolina – taxpayers have had to pay for them .
Which defeats the purpose, if you ask us …
Anyway … Haley’s political opponents moved quickly this week to point out the rise in the unemployment rate. They also took note of Haley’s conspicuous silence on the data – a notable contrast to her giddy “It’s a Great Day in South Carolina” pronouncements whenever the rate goes down.
That’s not the issue, though. The issue is the underlying labor market … which is something Haley’s opponents could have been slamming her on for months.
Frankly, the whole debate is disappointing on so many levels …
As a member of the S.C. House of Representatives from 2005-11, Haley was an aggressive proponent of individual income tax relief aimed at empowering the consumer economy and generating organic job growth and capital investment. Since becoming governor, though, she’s leaned almost exclusively on a command economic model of picking winners and losers with taxpayer dollars – a strategy that has demonstrably failed in the past.
And the present …
If the people of the Palmetto State want a real recovery, they’ll demand an end to the corporate cronyism – and passage of the income tax elimination bill championed by S.C. Sen. Katrina Shealy.
16 comments
Yep. Being ranked as the 8th best state economy out of the 50 states by Business Insider shows how “bad” we are. Why we are even ranked better than NC that Sic Willie loves to extol.
Great job Nikki.While ‘traitor’ Tommy Ervin is focused on instituting STATE SANCTIONED GAY MARRIAGE you have turned the South Carolina economy into one of the best in the nation! Wonder if Ervin will note these FACTS on his new, ‘spiffy’ website?????
In recent months, South Carolina has begun booming its way out from the shadow of the Great Recession. Here’s how the Palmetto State is doing based on our metrics:
South Carolina had the largest drop in its unemployment rate among the states, going from 7.8 percent in June 2013 to only 5.3 percent in June 2014 — a drop that puts South Carolina’s rate under the national average.
Accordingly, South Carolina also had strong payroll jobs growth, adding 42,500 jobs between June 2013 and June 2014, a 2.2 percent increase.
South Carolina’s auto sales have also grown, with a 9.7 percent uptick in per-dealer sales from 2012 to 2013.
http://money.msn.com/investing…
You too can make $4700/month!
Call 1-800-Sik-Cash now!
Where do I apply? Called that number and it was S.C. Socialists for Tom Ervin Headquarters.Got another number? I need a job.
Sandi, you already have a job, and you’re totally not working for Haley, right? *wink* *wink*
I’ll start keeping an eye out for jobs for you around late October if you want, though.
I’ve got a great business plan for Sandi if you can’t score her a job, it’s called “Handi’s by Sandi”.
She doesn’t even have to have a store front, certain street corners of town will do. I’ll assist her for a small fee per service rendered, I’ll just have to bust out my feathered pimp hat and find the old leather long coat.
haley makes you money
Pfft!!! …. Local Business experts across the state predicted unemployment to rise across the state months and months ago. But you don’t read their websites.
You a very uninformed rejected government slacker. The Charleston Navy Yard was the most wasteful Navy Base in the USA. It was shut down for mostly that reason. Five to Ten government employees doing the work of ONE entity is what went on there. And YOU know it. And so DO I. And so do millions of others.
Your “attempts” at ridicule of me are so phony that they are ludicrous. What do your “statements” have to do with the rankings of state economies in Business Insider?.
While you are at it, please supply the data to back up your assertion of the Charleston Navy Yard was the most wasteful Navy Base (note for you, the Navy Base and the shipyard were two separate entities) in the USA. Do you also have a list of the “millions of others”?
When we review the headline unemployment number, it is beneficial to review the “regional unemployment rates.”
For the month of July; GA-increased from 7.4% to 7.8%, NC-increased from 6.4% to 6.5%, SC-increased from 5.3% to 5.7% & TN-increased from 6.6% to 7.1%. SC continues to lead the region in terms of lowest unemployment rate.
Three reasons for a reduction in Labor Force Participation Rate (LFPR); 1) Baby Boomer retirements, 10k/day, 2) longer-term trend has been increasing nonparticipation due to disability, 3) increase in people in college.
LFPR data cited from Shigeru Fujita an economist at the Philadelphia Federal Reserve Bank. http://bit.ly/1sUxgZG
Yes Ben.Thank you. In Ohio Governor Kasich has done a great job with the economy in the state and the unemployment number ticked up from 6% to 6.2%-reason from state is more people are returning to workforce looking for jobs and Obamacare( employer mandate has businesses leary to hire at this time).
haley owns you idiot
Not surprising given that SCDEW Director is taking money from Workforce Investment, closing local workforce training programs and bringing the $s into Columbia. A travesty trhat is very inconsistent with Niktki’s stated support of economic development. What she does ain’t what she says. Let’s hope Shaheen fixes this.
Nikki Haley Wal-Mart called they want that money back and we all want our social security numbers back loser.
Jobs Up, Jobs Down. Jobs Up, Jobs Down …. Low Pay Low Pay Low Pay … Poverty Poverty Poverty …. SC Government Agencies TOP HEAVY … TOP HEAVY … Raises Raises Raise TOP HEAVY … High SC government salaries …. High SC government salaries …… Worthless created Government Agency Jobs …. Play on Computer ALL DAY … click click click,. GET PAID 60,000 a year to CLICK CLICK CLICK …. easy easy easy. Teach a monkey to CLICK CLICK CLICK.
The Haley com says it’s wonderful in SC ?