Evidence of a slowing economy appeared in South Carolina's March unemployment rate, which shot up to 4.4 percent from 3.7 percent in February. Unlike the rest of the state, though, Horry and Georgetown counties saw decreases in unemployment from February to March, a trend that does not surprise economists. Any of the national effects will be masked. March unemployment in Horry County was 3.8 percent, compared with 3.3 percent in the same month a year ago. Recent layoffs at AVX Corp. were among those that caused unemployment numbers to rise from last year in Horry County.
People still have jobs.
The bad national news drove stocks down Thursday. The Dow Jones industrial average fell 80.03 to close at 10,796.65. The tech-heavy Nasdaq composite index dropped 74.40 to 2,146.20. The reports give the Federal Reserve further incentive to cut its benchmark short-term interest rate at its next meeting, on May 15. The Fed has cut the rate from 6.5 percent to 4.5 percent so far this year to try to boost the economy.