The South Carolina Leading Index (SCLI) fell in September to a value (following revisions) of 102.51, according to the state Department of Commerce.
SCLI metrics were mixed in September.
Unemployment claims were 12.0 percent lower than in August. The number of issued housing permits fell 15.6 percent month-over-month while valuation for the permits fell 12.8 percent.
Average weekly manufacturing hours were unchanged. The Dow Jones Composite Average was down 10.5 percent.
The Conference Board's national Leading Economic Index decreased in September, following revisions, to 115.9. The Conference Board notes the increasing possibility of a recession by the end of the year.
South Carolina’s total non-seasonally adjusted nonfarm employment fell by 3,900 net jobs to 2,239,900 in September, which was 0.2 percent lower than August numbers but 4.3 percent higher than one year ago.
Sectors reporting net job gains for the month included Government (12,300); Educational and Health Services (1,500); Professional and Business Services (1,300); and Information (500).
Net job losses were reported in the Leisure and Hospitality (-11,200); Trade, Transportation, and Utilities (- 5,000); Construction (-2,200); Manufacturing (-500); Other Services (-300); and Finance (-100). Natural Resources and Mining had no net change month-over-month. Compared to one year ago, the state economy added 92,300 net nonfarm jobs.
The average number of initial reported claims for unemployment insurance in the state decreased in September. The average for the month was 1,944 weekly initial claims, down 12.0 percent month-over-month.
In September, the number of building permits issued in South Carolina for new residential construction fell 15.6 percent to 3,204. This figure was down 21.9 percent from one year ago. Valuation for the permits fell 12.8 percent month-over-month and was 9.3 percent lower than one year ago.
Total closings were down 7.5 percent compared to August, while the median sales price was up 1.4 percent. Total closings fell across the six MSAs, with Florence reporting the steepest decline (-15.0 percent).
Median sales price rose in four of the MSAs, with Florence reporting the greatest increase at 15.8 percent.