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The United States saw positive job creation in April, and the labor force’s size finally passed pre-pandemic levels. The U.S. Chamber of Commerce stated that 253,000 jobs were added to the economy in April, far beyond the predicted 180,000 jobs. A growing labor market is favorable. However, it is also a qualifier for the Federal Reserve to raise interest rates as they did on May 3rd from 5 percent to 5.25 percent. Due to record inflation and slow economic growth, the Federal Reserve has rapidly raised interest rates in anticipation of the labor marketing cracking. However, as the Wall Street Journal reported, it has not.

 

Although there was growth in total jobs, there are still 3.75 million more job openings than unemployed workers. Job openings remain high, and quit levels do, too. Employers are continuing to face a workforce shortage. In the Palmetto State, the S.C. Department of Employment and Workforce that the number of people working increased to 2,330,701 in April and the state’s labor force participation rate went up to 56.3 percent from March’s rate of 55.1 percent. DEW also reported that the amount of unemployed people decreased to 75,653 brining the unemployment rate down to 3.1 percent from March’s rate of 3.2 percent.

To read the full story, click here.

The Florence One School District has been incorporating farm-to-school programs into its education for years, but on Thursday, the district began a new chapter in agriculture education.

The agricultural and culinary education center known as The Farm at Florence One officially opened with a ribbon cutting before the district’s Board of Trustees meeting.

The center has been a dream for farm-to-school coordinator Jeff Murrie, who spoke at the ribbon cutting and the board meeting about the farm.

“This site will be the catalyst to bring about many new opportunities to the students of Florence One Schools,” he said. “This truly has been a passion project and will be a legacy for all involved.”

Unity with the Community is an initiative designed to engage the community and strengthen the relationship between the community and law enforcement.  Join them on Saturday, June 3rd at Northwest Park from 10:00 AM – 2:00 PM. There will be one-on-one chats, crime prevention tips and the ability to ask questions and share your concerns.

For more information, click here.

Last week, the South Carolina Board of Economic Advisors (BEA) met to provide an update on the state’s revenue collections and revise their existing economic forecasts. Notably, the BEA raised their FY2023 and FY2024 General Fund Revenue estimates by $564 million and $240 million respectively. The BEA cited continued wage growth and consumer spending as reasons for the increase in collections. They noted that although recent tax reform lowered income tax collections, sales and corporate income tax collections continue to exceed expectations. As pointed out in The State, this additional revenue will give lawmakers some unpredicted wiggle room to negotiate differences between the House and Senate’s FY2023-24 budget proposals. Lawmakers must allocate the revenue and finish the budget plan before the end of the state’s fiscal year (June 30, 2023).

Although the FY2024 estimate was increased by $240 million, the BEA expects an economic slowdown with slower income growth and less consumer spending in the next fiscal year. In the BEA’s May 9 press release, they said, “The BEA remains concerned about persistent inflation, the effects of Federal Reserve interest rate increases, issues within the banking industry, and international conflicts, all leading to deeper concerns about the potential for a recession within the next year.”

The Florence After 5 season kicks off in the 100 block of S. Dargan Street with Too Much Sylvia. On Friday, May 26th, the After 5 event starts at 5:30 p.m. and will run until 8:30 p.m. They will be handing out Florence After 5 magnets at the beer and ticket booths, so be sure to stop by and grab one so you know our band lineup for the season.