Of the state’s four major economic indicators, one improved and three worsened during the third quarter. Non-agricultural employment was up 0.3 percent. The value of residential building permits, which reflect construction plans, slipped 1.2 percent, and new claims for unemployment benefits rose 8.2 percent. The average manufacturing workweek slipped to 42.4 hours during the quarter.
Nationally, non-agricultural employment was up 0.1 percent during the third quarter. For the 12-month period, non-agricultural employment increased 2.3 percent in South Carolina, outpacing the 2.1 percent job growth nationwide.
South Carolina manufacturing employment was off 0.5 percent in the third quarter. Only the electrical machinery sector recorded employment gains. Job growth was lower in the food processing, chemicals, textiles and apparel sectors.
Non-manufacturing employment in South Carolina increased 0.5 percent during the third quarter, with wholesale/retail trade, government, services and contract construction all reporting gains.
South Carolina’s seasonally adjusted unemployment rate for the third quarter averaged 3.9 percent, up 0.1 of a percentage point from the revised figure for the second quarter of 2000. The national rate was 4 percent, unchanged from the previous quarter.
The Wachovia South Carolina Business Index measures the state’s economic activity quarterly. Using 1987 as a base of 100, the index reflects changes in the real value of goods and services produced in the state. Data are adjusted to smooth the effects of historical seasonal fluctuations and other statistical aberrations.
