South Carolina’s unemployment rate remained stuck at 8.1 percent for the third consecutive month in August, while the state’s labor force continued shrinking. More than 1,500 Palmetto State residents left the ranks of the gainfully employed last month – while just under 1,200 joined the unemployment line according to data released by the S.C. Department of Employment and Workforce (SCDEW).
The other 300 or so workers? They left the labor force altogether – part of a disturbing downward trend in labor participation.
In fact earlier this week FITS exclusively reported on South Carolinas July labor participation rate – which hit a record low of 58.5 percent. The national rate – which is at its lowest level since 1978 – is 63.2 percent.
The ongoing slippage in South Carolina’s employment situation coincides with the launch of Gov. Nikki Haley’s 2014 reelection bid – a campaign built exclusively on her alleged “economic development” successes.
But aside from expanding government and throwing tax dollars at select corporations, where is the “success?”
A report released earlier this year ranked South Carolina as one of the worst states in America try and make a living. Other recent reports showed the Palmetto State as having a terrible business tax climate as well as zero upward mobility for its citizens.
And while Haley has been more than willing to grow government and dole out incentives, a recent analysis of private sector job creation among America’s governors ranked her No. 34 out of 45 (five governors were excluded from the study because they took office in 2013). One of those five governors, North Carolina’s Pat McCrory, recently signed a massive $2.5 billion tax cut – which will only further diminish South Carolina’s competitive position.