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The South Carolina jobless rate jumps back to 12.1%
South Carolina’s unemployment rate last month is still at state all-time high of 12.1 percent. Numbers have swelled the SCES unemployment system as more citizens are having a hard time finding work in this two year old recession. South Carolinas unemployment rate had reached 12.1 percent in June 2009 before sliding as more people stopped looking for work (causing the numbers to look better). The state’s jobless rate rose nearly a half-percentage point from September’s revised reading of 11.7 percent.South Carolina continues to have the nation’s fifth-highest unemployment rate. The state has shed 60,500 jobs from a year ago and nearly 95,000 since December 2007 when the recession began.
The national unemployment rate last month rose above 10 percent for the first time in 26 years.
But with the housing market still depressed many people are still having a hard time finding success for many as construction and manufacturing continued cutbacks, according to labor market analysts for the S.C. Employment Security Commission (SCES).
Economists believe that Jobless rates are expected to keep rising as employment is one of the last indicators that the recession is over. Businesses owners are expected to be slow about hiring until improvements in the economy are kept up for a few quarters.
This month, President Barack Obama signed a $24 billion economic stimulus bill that included another 20 weeks of jobless benefits for S.C. workers.
Those out of work in South Carolina now are eligible for The federal extensions for up to 99 weeks – nearly two years – of unemployment checks with the help of five separate, federally funded extensions.Those federal extensions are set to end Dec. 31. Workers receiving federal benefits before the end of the year would continue to get them but would not be eligible for another extension.
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