The unemployment rate represents the number of individuals in the labor force who remain jobless. Each state has its own jobless rate to consider, while the country as a whole also has its percentage to monitor. Some economists claim that the unemployment rate is not the best way to measure the economy, especially because of all the variables that contribute to the numbers. For example, being unemployed is calculated by those who are actively seeking work, but remain without a job. Those who retire, leave the work force on their own accord or who work temporarily are not considered in these statistics. Individuals must have actively sought out employment within the past four weeks to be considered unemployed. Despite the variables involved, the jobless rate is still an important tool to measure the overall strength and job growth in the economy. State governments consider this figure in reference to the unemployment insurance program.
What is the unemployment rate in South Carolina? As of May 2017, the unemployment rate in South Carolina had hit a low of 4.1 percent. This is the lowest jobless rate that the state of South Carolina has been in 17 years. Two of the biggest sectors contributing to the unemployment rate in South Carolina are leisure and hospitality. Manufacturing and construction have also provided help with job growth over the past year. While the overall job growth has been great for those seeking employment, the state still has unemployed workers in South Carolina who have difficulty finding new positions, especially with so many options out there.
Those in South Carolina who remain unemployed despite the improvement in economic strength, may be able to benefit from the temporary wage assistance and reemployment services. The state offers unemployment insurance benefits for those residents who meet all the eligibility requirements. The nearly 96,500 unemployed residents of the state can apply for the program and learn about the reemployment services available to help them transition to a different industry, if necessary.