The Business Narrative: Employment, Workforce | Greenville Business Magazine

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South Carolina’s seasonally adjusted unemployment rate increased to 4.8 percent in November from 4.7 in October, according to the S.C. Department of Employment and Workforce.

The national unemployment rate increased to 4.2 percent, according to the Current Population Survey.

“South Carolina’s labor force has steadily grown each month throughout 2024. Most recently, during October and November, our labor force increased from 2,531,262 to 2,533,987, marking a strong finish to a successful year,” said DEW Executive Director William Floyd.

After seeing some employment contraction in October 2024 due to Hurricane Helene, South Carolina payrolls grew by an estimated 4,200 month over month.

And steady employment growth was recorded for a variety of industries including Professional and Business Services (+4,400), Leisure and Hospitality (+1,400), and Financial Activities (+700).

“The economy is adjusting to a growing population and the state’s labor market is absorbing new workers over time. Employers are hiring, the workforce is growing, and people are optimistic about job opportunities,” Floyd said.

“While these numbers are indicative of good trends, the state’s labor market is experiencing a unique combination of events,” he said.

“The strong growth in payrolls across almost all sectors signals that businesses are hiring and the economy is expanding. At the same time, the state has seen a high level of population and labor force growth, meaning in part more people are moving here, often seeking better job opportunities and a better quality of life,” Floyd said.

He added, “This surge in the labor force is partly why we are seeing the unemployment rate tick up to this month’s 4.8 percent, as it may take some employers and jobseekers more time to connect during this growth.”