The South Carolina Leading Index (SCLI) rose in August to a value (following revisions) of 102.71, according to the South Carolina Department of Commerce.
SCLI metrics were mixed. Unemployment claims were 22.6 percent lower than in July. The number of issued housing permits fell 2 percent month-over-month while valuation for the permits rose 0.3 percent. Average weekly manufacturing hours were up 1.5 percent. The Dow Jones Composite Average was down 4 percent.
The Conference Board's national Leading Economic Index decreased in August, following revisions, to 116.2. The Conference Board notes the possibility of a short, mild recession by the end of the year or early 2023.
South Carolina’s total non-seasonally adjusted nonfarm employment rose by 9,600 net jobs to 2,243,000 in August, which was 0.4 percent higher than July numbers and 4.7 percent higher than one year ago.
Sectors reporting net job gains for the month included Government (6,100); Professional and Business Services (4,900); Manufacturing (1,400); Educational and Health Services (1,000); Trade, Transportation, and Utilities (1,000); and Finance (200).
Net job losses were reported in the Leisure and Hospitality (-4,400); Information (-200); Construction (-200); Natural Resources and Mining (-100); and Other Services (-100) sectors.
Compared to one year ago, the state economy added 101,000 net nonfarm jobs.
The average number of initial reported claims for unemployment insurance in the state decreased in August. The average for the month was 2,210 weekly initial claims, down 22.6 percent month-over-month.
In August, the number of building permits issued in South Carolina for new residential construction fell 2 percent to 3,797. That figure was up 4.6 percent from one year ago. Valuation for the permits rose 0.3 percent month-over-month and was 19.5 percent higher than one year ago.
Total closings were up 6.9 percent compared to July, while the median sales price was down 1.8 percent.
Total closings rose in five of the six MSAs, with only Charleston reporting a decline (-3.2 percent). Median sales price rose in three of the MSAs, with Columbia reporting the greatest increase at 0.7 percent.