Regional Economic Conditions January 5, 2017

Real Gross Domestic Product Q3 3.2% FOMC Projection Note: Projection is the median, central tendency, and range from the September 2016 Summary of Economic Projections. Red dots indicate median projections. Projections of change in real gross domestic product (GDP) are from the fourth quarter of the previous year to the fourth quarter of the year indicated. Source: Bureau of Economic Analysis via Haver Analytics & Federal Reserve Board

Real Nonresidential Fixed Investment Q3 0.1% Source: Bureau of Economic Analysis via Haver Analytics

Summary of Economic Projections: Federal Funds Rate Note: Each dot in the chart represents the value of an FOMC participant’s judgment of the midpoint of the appropriate target range (or the appropriate target level) for the federal funds rate at the end of the calendar year. Projections made for the December 2016 meeting. Source: Board of Governors

Carolinas Survey of Business Activity I will talk less about the rest of SE that is out of our District, but know that Georgia and Florida, in particular, are very healthy economies. Source: Federal Reserve Bank of Richmond

SC Industry Structure One night a policeman saw a macroeconomist looking for something buy a light pole.  He asked him is had had lost something there.  The economist said, "I lost my keys over in the alley."  The policeman asked him why he was looking by the light pole.  The economist responded, "it's a lot easier to look over here.“ Sample Upstate SC job announcements in recent years: CompuCom: 1500 over 5-7 years Magna Int’l: 480 over five years One Main Holdins: 175 Giti Tire: 1700 Lash Group: 2400 LPL Financial: 3000 Source: Haver Analytics and Department of Labor

SC Sectoral Job Growth Source: Haver Analytics and Department of Labor

SC Metro Area Job Growth Source: Haver Analytics and Department of Labor

SC Unemployment Rates Source: Haver Analytics and Department of Labor

SC Labor Force Participation Source: Haver Analytics and Department of Labor

SC Initial Unemployment Claims Source: Haver Analytics and Department of Labor

SC Labor Market Measures According the Census Bureau's 2015 American Community Survey, for the population 25 years or older in South Carolina: •9.5 percent had a graduate or professional degree, with median earnings of $52,733. •17.3 percent had a bachelor's degree, with median earnings of $44,151. •30.1 percent had an associate's degree or some college, with median earnings of $31,663. •29.4 percent had a high school diploma or equivalent, with median earnings of $26,184. •13.6 percent had less than a high school diploma, with median earnings of $19,637. Source: Haver Analytics and Department of Labor

Source: Haver Analytics and Department of Labor