Virginia’s seasonally adjusted unemployment rate fell 0.1 of a percentage point in February to 3.2 percent, which is 1.4 percentage points below the rate from a year ago.
According to household survey data in February, the labor force increased by 14,138 to 4,291,990, as the number of unemployed residents decreased by 3,330 to 136,004. The number of employed residents rose by 17,468 to 4,155,986.
Virginia’s seasonally adjusted unemployment rate continues to be below the national rate, which fell from 4.0 to 3.8 percent. The Commonwealth’s labor force participation rate increased slightly by 0.1 of a percentage point to 63.0 percent in February.
The labor force participation rate measures the proportion of the civilian population age 16 and older that is employed or actively looking for work.
Virginia nonagricultural wage and salary employment, from the monthly establishment survey, rose by 21,300 jobs in February to 4,014,900. January’s preliminary estimate was revised up by 4,100, reducing that month’s job loss. In February, private sector employment increased by 12,400 jobs to 3,299,700 while public sector payrolls increased by 8,900 jobs to 715,200. Much of the increase within that sector occurred in state government (+8,200 jobs), but employment also rose in local government (+1,300 jobs). Federal government employment fell by 600 jobs.
Employment rose in nine of eleven major industry sectors and declined in two. The largest job gain during February occurred in government with an increase of 8,900 jobs to 715,200. The second largest increase occurred in leisure and hospitality (+5,000 jobs) to 393,000. Professional and business services gained 4,800 jobs, rising to 788,000 in February.
Other increases included construction (+2,900 jobs) to 207,400, trade and transportation (+2,800 jobs) to 667,300, miscellaneous (+1,500 jobs) to 187,800, manufacturing (+1,100 jobs) to 236,200, finance (+200 jobs) to 207,200, and mining (+100 jobs) to 7,100. The largest job loss during February occurred in education and health services (-5,400 jobs) to 539,000. The second largest decrease occurred in information with a decrease of 600 jobs to 66,700.
Share
AFP
