South Carolina’s unemployment rate is now more than 10 percent and it would appear we are on the way to every single person in the state being without work, according to a story in The State.
“South Carolina has the fastest growing unemployment rate in the country, and economists do not see an end to the cycle of job losses spreading across the state,” reads the lead paragraph in today’s article on SC’s jobless rate.
Really? Economists do not see an end to the cycle? If that’s the case, this downturn is going to make the Great Depression look like a walk in the park.
Perhaps what the writer might have meant to say was that economists do not see an end to the rising unemployment rate trend anytime soon.
However, Sam McClary, labor market analyst at the SC Employment Security Commission, appears extremely pessimistic, as well.
Job losses continue to spread throughout the state’s economy as all employment sectors trim payrolls, the paper paraphrased him as saying.
“It’s a never-ending cycle,” he said.
That doesn’t sound like a cycle. A cycle would be, say, workers being laid off regularly, then rehired some time later.
Unmentioned in The State’s story was the 11 percent workforce reduction that the paper itself announced Tuesday.