Virginia’s seasonally adjusted rate of unemployment drops to lowest level since 2008

Governor Terry McAuliffe announced today, Jan. 27, that Virginia’s seasonally adjusted unemployment rate decreased 0.2 percentage point in December to 4.8 percent and was down 0.4 percentage point from December 2013.

Seasonally adjusted nonfarm employment was up 6,000 jobs between November 2014 and December 2014 to 3,797,300, surpassing the pre-recession peak

December’s decrease was the third consecutive monthly decline, dropping the unemployment rate to its lowest rate since October 2008.

In December, the number of those seeking work declined by 9,190, or 4.3 percent, while household employment increased by 3,459, or 0.1 percent. Once again, the labor force contracted, but only by 5,731, or 0.1 percent. Virginia’s seasonally adjusted unemployment rate continues below the national rate, which fell 0.2 percentage point to 5.6 percent.
       
Virginia’s seasonally adjusted nonfarm employment increased by 6,000 jobs in December to a total of 3,797,300, surpassing the April 2008 pre-recession peak of 3,791,900 jobs. December’s increase was the second consecutive monthly gain and followed November’s upwardly revised job gain of 18,400, which was initially reported as a gain of 11,900 jobs. In December, both the private and public sector experienced employment gains of 3,000 jobs each.
       
From November 2014 to December 2014, seasonally adjusted employment increased in six major industry divisions and decreased in the other five. The largest job increase during December occurred in the leisure and hospitality sector, up 3,300 jobs to 378,100, the third consecutive monthly increase.

Three other industries recorded job gains exceeding 1,000. Total government employment increased by 3,000 jobs to 710,300, following declines totaling 2,000 jobs the previous three months. Jobs gains occurred in all levels of government: local (+1,500 jobs), state (+900 jobs) and federal (+600 jobs).

The next largest job gain occurred in trade and transportation and in private education and health services, with an increase of 1,400 jobs each to 646,300 and 514,600, respectively.  Other gains were 900 jobs in manufacturing to 233,100 and 200 jobs in mining to 10,000. The largest job decrease during December occurred in construction, down 2,200 jobs to 178,100, the second consecutive monthly decline. Other losses were 1,300 jobs in miscellaneous services to 196,300; 400 jobs in professional and business services to 664,300; 200 jobs in finance to 196,600; and 100 jobs in information to 69,600.