As Richard Nixon said, "We are all Keynesians now."
South Carolina’s unemployment rate fell sharply in September – dropping from 9.6 percent to 9.1 percent – according to statistics from the S.C. Department of Employment and Workforce (SCDEW). That’s the largest single-month drop since 1983, agency director Abraham Turner says.
The Palmetto State also saw a modest uptick in the size of its labor force – adding 2,500 workers in September after shedding more than 12,000 the previous month. In August, South Carolina’s labor participation rate dipped to an all-time low of 58.3 percent.
That’s the good news …
The bad news? With the exception of a negligible increase in manufacturing jobs last month, these employment gains were exclusively the result of public sector expansion. Government added a whopping 15,500 positions in September – a 4.7 percent increase from the previous month. That explosion of taxpayer-funded hiring offset private sector job losses in leisure and hospitality (-5,800), trade, transportation and utilities (-2,500), business and professional services (-2,100) and construction (-1,900).