Report: Unemployment rate up a tick in Virginia
The seasonally adjusted unemployment rate may be following a pattern similar to last year when the rate ticked up in June and July following a downward trend of several months. The June 2012 seasonally adjusted unemployment rate inched up as the number of unemployed rose and the labor force was essentially unchanged. The place-of-residence job count was down 5,937, while the number of unemployed workers increased by 4,619. Virginia’s seasonally adjusted unemployment rate is below the June national rate of 8.2 percent, which was unchanged from May.
Virginia’s unadjusted unemployment rate increased 0.5 percentage point in June to 6.0 percent, but was 0.5 percentage point below the June 2011 rate. The unadjusted rate usually increases from May to June as college graduates and students enter the labor market seeking employment. The place-of-residence job count increased by 10,476 in June, while the number of unemployed workers increased by 22,736. As a result, the labor force expanded by 33,212. Virginia’s not seasonally adjusted unemployment rate continues below the national unadjusted rate, which increased to 8.4 percent in June from 7.9 percent in May.
The number of Virginians receiving a regular unemployment benefit payment was 55,197 in June 2012, which was up from 51,373 in May 2012 and up slightly from 55,022 in June 2011. Cumulative initial claims for June 2012 totaled 28,568, compared to 29,835 in May 2012 and 34,516 in June 2011.