(The Center Square) — Rising prices and difficulty hiring workers continue to challenge South Carolina companies, a business group said Tuesday.
“South Carolina’s tourism sector is having a great summer, but inflation is still a cause for concern,” National Federation of Independent Business State Director Ben Homeyer said in a release. “Our small business members hope the worst is behind us, but we still aren’t where we should be. Rising prices create uncertainty, and that affects small businesses as well as their customers.”
As The Center Square reported last week, South Carolina’s hotels and vacation rentals experienced record revenues for fiscal 2023, helping bring in more money for the state.
Nationally, the business group said the NFIB Small Business Optimism Index rose in July to 91.9. Despite the uptick, it remained below the 49-year average of 98 for 19 straight months.
A recent report from WalletHub found that Palmetto State ranked 16th among the states with the highest job resignation rates. Neighboring Georgia ranked 10th, and North Carolina ranked 24th.
Numbers the U.S. Bureau of Labor Statistics released in late July indicated “modest increases” in job openings, hiring and people quitting during that month, while layoffs were at near-historically low levels. South Carolina officials said the numbers suggest Palmetto State businesses are confident about the future and job seekers had options.
“Layoffs across the nation have made headlines this year, but our state’s layoff rate has remained low and steady, and we have more than enough available positions to help those individuals find their next job,” S.C. Department of Employment and Workforce Executive Director William Floyd said in an announcement at the time.
