Annual growth in retail trade employment was more than 4.0 percent by late 1996. In 1997, retail trade employment is expected to continue to grow at an annual rate of more than 3.0 percent each quarter. Services employment is also very strong. Services employment grew at an annual rate of 4.5 percent or more each quarter of 1996. While these high rates of growth may not continue, the current forecast projects services employment will grow at an annual rate of nearly 4.0 percent in 1997.
Manufacturing continues to be a soft spot in the South Carolina economy.
In recent years, declines in nondurable manufacturing have been offset by greater gains in the durable manufacturing sectors. But in 1996, the state suffered job losses in the durable sectors as well. February 1996-December 1996, durable manufacturing did not increase. Total employment in durable manufacturing sectors in December was 2.2 percent below the level of December 1995. It remains to be seen whether these job losses will be permanent, but we do anticipate they will be offset at least in part by new employment in 1997.