South Carolina unemployment rises slightly, market remains strong [Video]

COLUMBIA, S.C. — South Carolina’s unemployment rate ticked up in October, with 4,000 more people unemployed compared to the previous month, according to new data released Thursday. Despite this increase, experts say the labor market remains resilient.

The state’s unemployment rate now stands at 4.7%, up from 4.5% at the beginning of the year, according to Dr. Joey Von Nessen, a research economist at the University of South Carolina’s Darla Moore School of Business.

“Historically, during economic expansions, South Carolina’s unemployment rate averages around 6%. So, even at 4.7%, the labor market remains in strong shape compared to past trends,” Von Nessen said.

Von Nessen explained that while unemployment has risen slightly, several factors are contributing to the current state of the labor market. Higher interest …