SC News

SC's unemployment rate starting to 'tick up' amid market uncertainty, economists say

South Carolina Public Radio | By Russ McKinney

Published September 25, 2025 at 12:21 PM EDT

FILE - A hiring sign is displayed at a retail store in Vernon Hills, Ill., Thursday, Aug. 31, 2023. A year ago, Chair Jerome Powell warned that the Fed was prepared to be similarly aggressive toward high inflation, saying its rate hikes would cause “some pain” in the form of higher unemployment. Over time, as the job market has displayed surprising resilience, Powell has adopted a more benign tone. At a news conference last week, he suggested that a soft landing remains a “possible," if not guaranteed, outcome. (AP Photo/Nam Y. Huh, File) — FILE — A hiring sign is displayed at a retail store on Thursday, Aug. 31, 2023.

State economists said Thursday there are more unemployed South Carolinians than there are job openings for the first time since 2020 and the state's unemployment rate is beginning to "tick up."

South Carolina's unemployment rate mirrors the national rate at 4.3%.

In July 2023, the state's unemployment rate was under 3%.

South Carolina Revenue and Fiscal Affairs Office Executive Director Frank Rainwater tells senators about the effects of a bill that would spend $2 billion on income tax cuts and rebates on Thursday, March 3, 2022, in Columbia, S.C. (AP Photo/Jeffrey Collins)

Frank Rainwater, South Carolina's chief economist and director of the Revenue and Fiscal Affairs Office, told the Board of Economic Advisors Thursday that concerns the United States may record a recession, or a significant slowdown, are causing hiring rates to slow.

He said that means businesses are taking longer to hire because of economic uncertainty.

Rainwater also said Thursday that companies are also unsure how tariffs and federal monetary policy will affect business.

Last month, the BEA reported that the state's economy was growing slightly.

And Rainwater said that state tax revenues through August were $7.5 million above expectation.

"We're running on target," Rainwater said in September.