Virginia’s seasonally adjusted nonfarm employment increased by 0.3 percent in February to a total of 3,914,300, which is the highest employment level on record in the Commonwealth.
Virginia’s seasonally adjusted unemployment rate was unchanged in February at 4.1 percent and was down 0.7 percentage point from February 2015. Virginia’s seasonally adjusted unemployment rate remains below the national rate, which was also unchanged in February at 4.9 percent.
In February, Virginia’s over-the-year employment growth of 2.5 percent continued to surpass the national growth rate, which was 1.9 percent. Over-the-year growth in the Commonwealth has exceeded the national growth rate for five consecutive months and has been 2.0 percent or higher seven of the last eight months.
Virginia had the lowest seasonally adjusted unemployment rate among the Southeast states and had the fourth best rate among the states east of the Mississippi.
“Led by the private sector, Virginia’s job growth continues,” said Secretary of Commerce and Trade Maurice Jones. “This business expansion is building the resilience into our economy that will enable the Commonwealth to maintain its position as the preeminent state in which to live, work and raise a family.”
From February 2015 to February 2016, Virginia’s seasonally adjusted total nonfarm employment was up 96,500 jobs. Over-the-year employment growth has been positive for the past 23 months, with the private sector recording an employment gain of 96,600 jobs, while the public sector recorded an employment loss of 100 jobs. Compared to a year ago, on a seasonally adjusted basis, seven of the 11 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
