Virginia’s unemployment rate has slowly made a descent and reached 2.7 percent in June 2023.
The Virginia Employment Commission reported the new low, which is 0.2 percent above the rate a year ago in the Commonwealth.
Bureau of Labor Statistics JOLY data for June reveals that the labor force increased by 13,757 to 4,588,082 as the number of unemployed residents decreased by 9,354 to 125,054. The number of employed residents rose by 23,111 to 4,463,028.
The national rate decreased to 3.6 percent in June 2023 with the labor force participation rate rising to 66.6 percent, the highest since January 2013.
Nonagricultural employment, from the monthly establishment survey, rose by 2,900 jobs in June to 4,146,400 in Virginia. Private sector employment decreased by 3,100 jobs to 3,412,500 while public sector employment increased by 6,000 to 733,900. A decrease within that sector occurred in federal government, while state government grew by 4,500 jobs and local government rose by 1,800 jobs more than the month before.
Employment rose in six of eleven major industry sectors and declined in five. The largest job gain during June was in government, with an increase of 6,000 jobs to 733,900. The second largest increase occurred in manufacturing to 246,200. Trade, transportation, and utilities was third, with a gain of 700 jobs, rising to 666,600. • Construction experienced the largest job loss in June occurred with -3,200 jobs, bringing the total to 211,900. The second largest decrease was in information, with a decrease of 1,000 jobs to 71,400. The third largest loss was in leisure and hospitality services, with a decrease of 900 jobs to 407,900.
Virginia gained 92,500 jobs between June 2022 and June 2023, the VEC estimates, an increase of 2.3 percent. The private sector recorded an over-the-year gain of 70,300 jobs, while employment in the public sector increased by 22,200 jobs.
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Rebecca Barnabi
