Unemployment rates, both locally and nationally, have increased significantly since mid-March due to the coronavirus pandemic and the forced closure of non-essential companies. South Carolina alone has exceeded 600,000 complaints since the beginning of the pandemic.
Last week, the South Carolina Department of Employment and Workforce released this report This one analyzes unemployment complaints, fees + payment data across the state since the beginning of COVID-19 in the USA. We have detailed some of the graphs and numbers below.
SC COVID-19 unemployment in numbers
Unemployment rates + claims
○ 12.1% – April 2020 SC unemployment rate
○ 2.5% – SC of February 2020 unemployment rate
○ 582,265 – SC unemployment claims from mid-March to June 6
○ 76,658 – The difference in unemployment claims between the weeks of April 11, 2009 and April 11, 2020
○ $ 2.011 billion – Total amount of unemployment insurance paid in SC from March 15 to June 8
○ 23% – Complaints from the accommodation + food service sector
○ 18.8% – Complaints from the manufacturing industry
○ 11.9% – Complaints from the health and social care sector
○ 10.7% – Retail industry complaints
○ 2.8% – Complaints from the educational services industry
○ 4.2% – Claims from other industries (including barber shops, nail salons, etc.)
Unemployment Insurance Trust Fund
○ $ 807.5 million – Balance of the Unemployment Insurance Fund on 8 June 2020
○ $ 1.05 billion – Unemployment Insurance Trust Fund Balance on June 30, 2019
Rebuilding the Unemployment Insurance Trust Fund
The SC Department of Employment and Workforce developed two scenarios to rebuild the Unemployment Insurance Trust Fund for $ 1.1 billion – an optimist and a pessimist. Both scenarios assume ~ 13,250 claims will be done every week for four weeks + then ~ 5,000 complaints per week after the first four weeks.
O optimistic scenario assumes that many of those who have filed for unemployment insurance will return to work in June or July. O pessimistic scenario assumes that the majority of unemployment seekers will exhaust 20 weeks of benefits they are eligible. The graphs below show the forecast balances for each scenario over the next year.
O optimistic reconstruction scenario estimates that $ 858.1 million will be needed to replenish the fund by April 30, 2021. pessimistic scenario estimates that $ 1.263 billion it will be necessary until the same date. The graphs below show the projected balances + resources needed for each scenario.