South Carolina Economic Outlook

The South Carolina Leading Index (SCLI) fell in June to a value (following revisions) of 102.37.  SCLI metrics were mixed in June. Unemployment claims were 25.0 percent higher than in May. The number of issued housing permits fell 11.3 percent month-over-month while valuation for the permits fell 8.2 percent. Average weekly manufacturing hours were up 2.4 percent. The Dow Jones Composite Average was up 6.4 percent.

South Carolina’s total non-seasonally adjusted nonfarm employment rose by 8,500 net jobs to 2,313,200 in June, which was 0.4 percent higher than May numbers and 3.8 percent higher than one year ago. Sectors reporting net job gains for the month included Leisure and Hospitality (6,100); Trade, Transportation, and Utilities (1,800); Finance (1,300); Other Services (1,200); Information (1,000); Manufacturing (100); and Natural Resources and Mining (100). Net job losses were reported in the Government (-3,900), Professional and Business Services (-2,400); and Construction (-2,200) sectors. Educational and Health Services had no net change month-over-month. Compared to one year ago, the state economy added 83,600 net nonfarm jobs.

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