Virginia unemployment rate dips below 5 percent

economic-forecast-headerVirginia’s seasonally adjusted unemployment rate decreased 0.1 percentage point in February to 4.9 percent, the seventh consecutive monthly decline. The February 2014 seasonally adjusted nemployment rate of 4.9 percent was 0.7 percentage point below a year ago and was the first time the rate has been below 5.0 percent since the November 2008 rate of 4.9 percent.

The labor force expanded by 27,170 in February, the second consecutive monthly increase, as 29,956 additional people reported working and the number of unemployed fell by 2,786. Virginia’s seasonally adjusted unemployment rate continues below the national rate, which was up 0.1 percentage point in February to 6.7 percent.

Virginia’s seasonally adjusted nonfarm employment increased by 4,900 jobs in February to a total of 3,767,300, after declining the previous two months. January’s total nonfarm employment decline was not as large as first reported, falling by 6,000 jobs instead of 9,500 jobs. The larger upward revisions to employment occurred in the total government and private education and health services sectors. Total nonfarm employment continues below the April 2008 pre-recession peak of 3,791,900 jobs.

In February, private sector employment increased by 6,600 jobs, while public sector payrolls decreased by 1,700 jobs.

 

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