Unemployment is going to continue to get worse before it gets better, according to Coastal Carolina University research economist, Dr. Don Schunk.
Two key industries for the Grand Strand are, of course, retail and hospitality.
The latest release from the South Carolina Employment Commission shows in January; 11,700 jobs were lost in retail and 5,600 were lost in hospitality throughout the state.
Karen Green was of those thousands recently laid off in January from her job in the bakery at the Market Common Piggly Wiggly. She was very disappointed having to leave her job after one and a half years of service. Green says she planned on retiring there.
"They didn't have anything wrong with our job performance, it had nothing to do with that. They basically said they had to downsize because of the economy," Green said.
Dr. Schunk says at this point the job losses are spreading to almost every industry across the state, including those key industries for the Grand Strand.
"All those kinds of things that we rely on heavily along the Grand Strand are really at sort of the epicenter of what's happening right now, because of the sharp pullback in consumer confidence and consumer spending," Dr. Schunk said.
Dr. Schunk also adds it could be until late 2010 or 2011 before the economy itself really starts to positively grow again.
The unemployment rate in South Carolina will certainly continue to grow over the course of 2009, and may keep growing for another 18 months, according to Dr. Schunk.
Both South and North Carolina are at the top of how quickly the unemployment rates have increased from last year.
In January 2008, the South Carolina rate was at 5.7%, and in January 2009 it is at 10.4%, according to the latest release from the South Carolina Employment Commission.
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