Unemployment rate in January 2024 for Virginia remains unchanged at 3.0 percent

Virginia’s unemployment rate for January 2024 was unchanged from the month before at 3.0 percent.

Virginia Works (Department of Workforce Development and Advancement) announced yesterday that Virginia’s seasonally adjusted unemployment rate in January was 0.1 percentage point below the rate from 2023.

According to household survey data in January, the number of employed residents increased by 8,212 to 4,448,520 and the number of unemployed residents increased by 346 to 139,731. The labor force increased by 8,558 to 4,588,251.

Virginia’s seasonally adjusted unemployment rate is 0.7 percentage points below the national rate, which remained unchanged at 3.7 percent.

The Commonwealth’s labor force participation rate increased by 0.1 percentage points to 66.6 percent in January 2024. The labor force participation rate measures the proportion of the civilian population age 16 and older that is employed or actively looking for work.

In January, Virginia’s nonagricultural employment, from the monthly establishment survey increased by 8,700 to 4,200,000. December’s preliminary estimate of employment, after revision, increased by 34,300 to 4,191,300. In January, private sector employment increased by 4,200 to 3,458,500 while government employment increased by 4,500 to 741,500. Within that sector, federal government jobs increased by 700 to 190,500, state government employment increased by 3,700 to 157,400, and local government increased by 100 to 393,600 over the month.

Seasonally adjusted total nonfarm employment data is produced for 11 industry sectors. In January, six experienced over-the-month job gains, one remained unchanged and four experienced a decline. The largest job gain was in Professional and Business Services. The second largest job gain was in Government. The third largest job gain was in Financial Activities. The largest job loss was in Trade, Transportation, and Utilities, followed by Leisure and Hospitality, and then Information.

From January 2023 to January 2024, Virginia Works (DWDA) estimates that total nonfarm employment in Virginia increased by 59,900 to 4,200,000, private sector employment increased by 42,900 to 3,458,500, and government employment increased by 17,000 to 741,500 jobs. Within that sector, federal government jobs increased by 2,700 to 190,500, state government employment increased by 7,500 to 157,400, and local government increased by 6,800 to 393,600 over the year.

For 11 industry sectors in Virginia over the year, seven experienced over-the-year job gains, and four experienced a decline. The largest job gain occurred in Education and Health Services, followed by Government, then Leisure and Hospitality.

The largest job loss was in Trade, Transportation, and Utilities; Professional and Business Services; and Information (-1,800) to 69,500.

Seasonally adjusted total nonfarm employment data is produced for ten metropolitan areas. In January, six experienced over-the-month job gains, two remained unchanged, and two experienced a decline. The largest job gain was in Richmond (+3,300) to 718,400. The second largest job gain was in Virginia Beach-Norfolk-Newport News (+2,700) to 817,100. The third largest job gain was in Northern Virginia (+500) to 1,580,200. The other gains were in Charlottesville (+400) to 125,700; Lynchburg (+300) to 105,400; and Roanoke (+100) to 167,000.

The largest job loss was in Harrisonburg, followed by Blacksburg-Christiansburg-Radford. Staunton and Winchester remained unchanged.

Over the year, all metro areas experienced over-the-year job gains, and none experienced a decline. The largest job gain was in Northern Virginia with more than 17,800. The second largest job gain was in Virginia Beach-Norfolk-Newport News with more than 13,200. The third largest job gain was in Richmond with more than 8,800. Other gains were in Charlottesville with more than 3,700, Blacksburg-Christiansburg-Radford with more than 3,500, Roanoke with more than 2,900, Lynchburg with more than 1,900, Winchester with more than 1,500, Harrisonburg with more than 1,300 and Staunton with more than 300.