Virginia unemployment dips to lowest rate since 2007

Virginia Gov. Ralph Northam announced Aug. 17 that Virginia’s seasonally adjusted unemployment rate decreased in July to 3.1 percent and was down 0.6 percentage point from a year ago.

According to a news release, July’s seasonally adjusted unemployment rate, of 3.1 percent, is the lowest rate since the August 2007 rate of 3.1 percent. In July, the labor force expanded by 7,790, which was the sixth consecutive monthly increase, and at 4,356,623, set a new record high.

Household employment increased by 12,146, which was the seventh consecutive monthly increase, and at 4,223,275, also set a new record high. The number of unemployed continued to drop, declining by 4,356 to 133,348. Virginia’s seasonally adjusted unemployment rate continues to be below the national rate, which was down 0.1 percentage point in July to 3.9 percent, the news release said.

“Virginia’s unemployment rate is at its lowest level in over a decade, and this administration is working hard to keep that number going down,” the governor was quoted as saying. “As governor, it is my mission to build economic opportunity for all Virginians, no matter who you are or where you live.”

“The continued decline in our unemployment rate shows that the Commonwealth’s investments in workforce development are paying off,” said Chief Workforce Development Advisor Megan Healy. “Behind the numbers are many stories of individual Virginians finding good jobs and getting ahead.”

Virginia’s nonfarm payroll employment is 62,600 jobs higher when compared to July 2017. Over-the-year employment growth in Virginia has been positive for 52 consecutive months and has exceeded 1.0 percent the past four months. Nationally, total nonfarm employment was up 1.6 percent from a year ago. 

In July, the private sector recorded an over-the-year gain of 65,500 jobs, while employment in the public sector declined by 2,900 jobs.

For a greater statistical breakdown, visit the Virginia Employment Commission’s website at http://www.vec.virginia.gov  .

Full Release

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