Jan
08

SC Ranks 3rd on Recession Scorecard

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Through October, South Carolina’s unemployment rate fell 3.4 percentage points from its all-time high of 12% during the last two months of 2009. Since then, the state began a slow recovery. By October 2012, in just under three years time, another 75,000 workers in the state had found employment. Manufacturing jobs, which steadily declined through the 2000s, have also slowly recovered in the state in recent years. Mass layoffs, defined by the BLS as occurring when at least 50 new unemployment insurance claims are filed against an employer in a five-week period, declined from a high of 493 in 2009 to 225 in 2011. In the first 10 months of 2012 there were just 147 such events.

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