Virginia’s nonfarm payroll employment is 33,700 jobs higher when compared to November of 2016. Over-the-year employment growth in Virginia has been positive for 44 consecutive months.
In November, Virginia’s over-the-year growth was 0.9 percent. Nationally, total nonfarm employment was up 1.4 percent from a year ago. Virginia’s seasonally adjusted unemployment rate was up a slight 0.1 percentage point in November to 3.7 percent, but was down 0.4 percentage point from a year ago. Virginia’s seasonally adjusted unemployment rate continues to be below the national rate, which was unchanged in November at 4.1 percent.
“When I took office, Virginia’s unemployment rate was 5.4 percent and, today, that rate has dropped to 3.7 percent – a rate not seen in the Commonwealth since April 2008,” said Governor McAuliffe. “Paired with yesterday’s announcement of decreased unemployment tax rates for 2018, we are moving the needle in the new Virginia economy, instituting the right creative and innovative policies and initiatives to bring more high-paying jobs to Virginians.”
Virginia, along with Arkansas, has the fourth lowest seasonally adjusted unemployment rate among the Southeast states. In addition, Virginia has the fourth lowest unemployment rate, along with Indiana, among major U.S. states behind Tennessee, Florida, and Massachusetts.
Since the beginning of the McAuliffe Administration, average hourly earnings and personal income in Virginia have increased by a total of 7.8 percent and 12.3 percent, respectively, according to the Federal Reserve Bank of St. Louis. Additionally, average weekly wages and total wages and salaries for the private sector have increased 9.0 percent and 11.5 percent year to date, according to the Virginia Employment Commission.
“This year, we’ve seen unemployment rates declining across the Commonwealth, a clear sign of the realization of the new Virginia economy,”said Secretary of Commerce and Trade Todd Haymore. “The economic rebound can be seen in all parts of Virginia, with every locality seeing its unemployment rate drop and more Virginians receiving the resources and tools they need for high-paying jobs of the 21st century. Indeed, Virginia’s economy has improved significantly since January 2014, and I am hopeful that this trend continues.”
In November, the private sector recorded an over-the-year gain of 35,900 jobs, while the public sector recorded an over-the-year loss of 2,200 jobs. Compared to a year ago, on a seasonally adjusted basis, eight of the eleven major industry divisions experienced employment gains.
For a greater statistical breakdown visit the Virginia Employment Commission’s website at www.vec.virginia.gov.
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AFP
