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Executive Director William Floyd's May 2024 Employment Statement

Tue, 06/25/2024

Employment and Workforce Executive Director William Floyd’s Statement

May 2024 Employment Situation

Columbia, S.C. –  “In May, employers reported an increase of 3,300 in payroll, and the number of employed rose by about 2,000 people, continuing the record climb to 2,406,502. The labor force also grew by nearly 6,000 as more people entered the workforce looking for employment, with the labor force participation rate holding at 57.2%. While still low, the unemployment rate ticked up to 3.4% from last month's estimate of 3.2%,” said S.C. Department of Employment and Workforce (DEW) Executive Director William Floyd. “The Federal Reserve raised interest rates in 2022 and 2023 aimed at reducing inflation. The state’s unemployment rate might now be reflecting the result of those actions, and we see this in the national numbers as well. We will continue closely monitoring our state’s unemployment rate.”

“When working with jobseekers, we frequently see that unemployment leads to opportunity. South Carolina has the fifth-highest job opening rate in the country. Business is booming with new and expanding needs. And there are schools, training programs, assessments, and more to help jobseekers pivot their skills to fill these jobs,” said Floyd.

“South Carolina’s dynamic employment landscape is ripe with prospects and career growth, and the resources of the SC Works centers are ready to help connect individuals looking for work with businesses actively hiring,” concluded Floyd.