Virginia unemployment rate low and steady

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Virginia’s unemployment rate remains at 2.9 percent.

That’s the lowest rate since June of 2007 and is lower than the national rate of 3.7 percent.

Governor Ralph Northam calls it “is a clear sign that the work we are doing to increase Virginia’s economic competitiveness is paying off….I am pleased to see our historically low unemployment rate hold steady.” “With the recent announcement that Amazon will locate a significant new headquarters in Virginia, we will continue to further diversify our economy, boost critical investments in education, and enhance our transportation infrastructure—all of which will help drive growth in every part of the Commonwealth,” Northam says.

In Northern Virginia the workforce grew by 19,300 jobs over the past year, a jump of 1.3 percent.

According to Virginia officials, the Commonwealth has the lowest seasonally adjusted unemployment rate among the Southeast states. Virginia has the third best rate among the states east of the Mississippi. Virginia is ranked ninth in the nation for the seasonally adjusted unemployment rate.

Virginia’s non-farm payroll employment is 71,400 jobs higher when compared to October of 2017. Over-the-year employment growth in Virginia has been positive for 55 consecutive months and has continued to strengthen over the last several months. For October, Virginia’s over-the-year growth of 1.8 percent was the same as the national rate.

In October, the private sector recorded an over-the-year gain of 90,200 jobs, while employment in the public sector declined by 18,800 jobs. Compared to a year ago, on a seasonally adjusted basis, nine of the eleven major industry divisions experienced employment gains, while the other two experienced employment losses.

 

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Ed Tobias
Ed Tobias brings more than four decades of reporting and news management experience to his work at FairfaxNews. Tobias managed news coverage for Associated Press Radio for over twenty years.  This included coverage of the 9/11 attacks, the Iraq War, Hurricane Katrina, the death of Princess Diana, the Challenger and Columbia shuttle disasters and national election primaries, conventions and campaigns.  He was part of the team that built AP’s on-line video operation. Prior to joining AP, Tobias was News Director at all-news WTOP in Washington, D.C. He has won two Ohio State Awards for his reporting and producing and he led coverage that won an Edward R. Murrow Award.