Employment Figures Improve Modestly

Columbia SC The latest quarterly South Carolina employment data is a mixture of good news/bad news. Unfortunately over 71,000 employees were laid off by businesses that could not afford to keep them. Another 14,000 people lost their jobs due to businesses shutting down completely. These figures do not take into account the number of out of work independent contractors who are issued a 1099 rather than a W-2.

On the positive side a number of brand new businesses in the state have opened and hired 15,800 employees. The economic recovery is working for some businesses because existing companies added over 75,000 workers to their payrolls in the quarter.

The difference is roughly 6,000 employees on the plus side. Not enough to celebrate with a street party but a step in the right direction for our local economy.

SOURCE: U.S. Bureau of Labor Statistics

Columbia SC Real Estate & Business Report