South Carolina heralds unemployment stats; some economists see numbers differently

South Carolina officials trumpeted the latest unemployment figures Friday, noting a 0.4 percent month-to-month drop was the largest one-month decline in more than 30 years during August.

The Department of Employment and Workforce reported Friday that the seasonally adjusted unemployment rate dropped from 6.4 percent in July to 6 percent in August. It was the third straight month that unemployment has dropped and the largest one-month decline since 1983.

Regionally, Chester County saw the largest drop – 0.5 percent – from 8.9 percent in July to 8.4 percent in August. York County was 6.4 percent to 6 percent while Lancaster was 6.8 percent to 6.5 percent.

Nationally, the rate declined from 5.3 percent in July to 5.1 percent in August.

As encouraging as the numbers sound, some economists say they are not the best measure of the region or South Carolina’s economic health.

Mark Vitner, senior economist for Wells Fargo, said Friday the unemployment rate is the least important data to consider. The information is based on a survey done for the federal Bureau of Labor Statistics. The samples 60,000 households nationwide. In South Carolina about 1,000 households are surveyed.

Louis Pantuosco, economic professor at Winthrop University, said Saturday he understands some of Vitner’s concerns.

To get better picture of the state’s economic health you need to look at the labor participation rate – another BLS statistic – and wage growth.

South Carolina labor participation for 2015 has ranked among the worst in the country at about 59 percent. The participation rate refers to the number of people who are either employed or are actively looking for work.

The labor participation graph, “is scary, it’s been going straight down,” Pantuosco said.

The number of people who are no longer actively searching for work is not included in the rate. The number of retirees in a state can lower the number and during hard economic times many workers often get discouraged and stop looking for employment.

The Department of Employment and Workforce reported the number of people unemployed dropped by almost 8,000 during August while 2,700 new jobs were created in August. The difference between the two numbers is likely people who dropped out of the workforce or stopped looking for work, the department said.

Total employment has increased to almost 2.1 million people, and during the past year, the state’s labor force has grown by almost 52,000 workers.

“These numbers reflect the fact that more South Carolinians are working than any time in history,” Gov. Nikki Haley said in a statement.

Vitner also said the unemployment rate only measures whether you are working or not. Nationally the population has risen by 28 million since the recession started in December 2007, he said. Over the same time frame 2.3 million jobs have been added nationally, Vitner said, and of that, 2.2 million are part-time jobs.

Business News

▪ Piedmont Medical Center recently celebrated the college graduation of five employees:

▪ Sarah Brehm, bachelor of science in healthcare administration.

▪ Ramah Dixon, bachelor of science in nursing.

▪ Jennifer Hempton, bachelor of science in nursing.

▪ Sarah Proffitt, bachelor of science in nursing.

▪ Marcus Barnes, bachelor of science in healthcare administration.

The five graduations from the Baptist Heath Systems’ School for Health Professions are through a partnership with PMC’s parent company Tenet Healthcare.

Eligible PMC employees who want to further their education can have 100 percent of their tuition covered through Tenet’s Invest in U program. PMC provided its students with $2,000 to help cover the cost of books.

▪ Chester attorney Megan Gaston has been named to the board of directors of the Good Samaritan Medical Clinic in Chester. The clinic is a nonprofit providing free primary healthcare to low income and uninsured residents of Chester.

▪ Nation Ford High School in Fort Mill and the Applied Technology Center in Rock Hill are competing to enter the Quaker State “Best in Class Challenge.” This 6-week competition will feature high school auto shop classes across the United States restoring, tuning and customizing a pre-owned car into a showroom-ready, creative representation of their school. The school have until Saturday to secure as many votes as possible.

To vote go to www.popularmechanics.com/qsbestinclasschallenge. One vote per person.

▪  MinuteClinic, has opened a new walk-in clinic inside the CVS/pharmacy store in Clover at 4724 Charlotte Highway. It is the fourth MinuteClinic location in York County.

The MinuteClinic in Clover operates 8:30 a.m. to 7:30 p.m. Monday through Friday; 9 a.m. to 5:30 p.m. Saturday; and 10 a.m. to 5:30 p.m. Sunday.

MinuteClinic nurse practitioners offer family health care and can diagnose, treat and write prescriptions for common family illnesses such as strep throat and ear, eye, sinus, bladder and bronchial infection as well as minor wounds, abrasions, skin conditions and joint sprains. Common vaccinations are also offered.

No appointments are required at MinuteClinic and most health insurance is accepted. For patients paying cash or credit, treatment prices are posted at each clinic and on www.minuteclinic.com. The cost for most treatments start at $79.

▪  Staging Concepts, a designer and manufacturer of staging equipment and railing systems, based in Minneapolis, Minn., has acquired Architectural Railings & Grilles (ARG) of Fort Mill.

ARG manufactures modular and custom stainless steel railing systems and fabricates aluminum rails for commercial high-rise construction projects. ARG expects its current team of 20 employees to expand over the coming months as a result of the acquisition.

“ARG has an excellent reputation for dependable service and reliability, as well as a broad range of turnkey capabilities,” said John Lewis, CEO of Staging Concepts. “This acquisition creates a strong opportunity for continued growth through leveraging sales infrastructures, reputations, and relationships across the combined business. The additional commercial railing offerings will contribute to a more consistent backlog and pipeline, and we look forward to additional opportunities as we begin to work together.”

Staging Concepts, which goes to market with its railing products as SC Railing Company, will immediately gain more than 20 additional product lines to bolster their ArchitectuRAIL stainless steel and glass line of modular railing systems. The company will also gain new market presence in aluminum railings for high-rise residential buildings.

This story was originally published September 19, 2015 at 10:16 PM with the headline "South Carolina heralds unemployment stats; some economists see numbers differently."