Virginia unemployment rate drops to 3.7 percent
Governor Terry McAuliffe today announced that Virginia’s seasonally adjusted unemployment rate was down 0.1 percentage point in June to 3.7 percent after holding steady at 3.8 percent the previous three months.
Today’s announcement was the lowest rate since the April 2008 rate of 3.7 percent. Compared to a year ago, the seasonally adjusted unemployment rate was down 0.3 percentage points. Virginia’s seasonally adjusted unemployment rate continues to be below the national rate, which was up 0.1 percentage point in June to 4.4 percent.
“I’m pleased to see the Commonwealth’s unemployment rate take another drop, a clear signal that our economy continues to strengthen,” said Governor McAuliffe. “Today’s announcement is the result of our success creating new economic opportunity across the Commonwealth and building the education system and infrastructure we need to drive growth for generations to come. Building a new Virginia economy with more in-demand and good paying jobs has been my top priority as Governor. I intend to do everything I can, during the remaining six months of my administration, to overcome the headwinds coming from Washington and continue the momentum we have built.”
Virginia has the third lowest seasonally adjusted unemployment rate among major U.S. states. In addition, Virginia has the third lowest unemployment rate among the Southeast states, behind Arkansas and Tennessee at 3.4 percent and 3.6 percent respectively.
Additionally, since the beginning of the McAuliffe administration, average hourly earnings and personal income in Virginia have increased by a total of 8.2 percent and 13.3 percent respectively, according to the Federal Reserve Bank of St. Louis.
Virginia’s labor force expanded for the 15th consecutive month to 4,314,036, setting a new record high, and household employment expanded for the 30th consecutive month to 4,152,465, also a record high. The labor force increased by 7,843 in June, as household employment rose by 8,035 and the number of unemployed decreased by 192.
“Today’s announcement highlights the work we’re doing in partnership with the private sector, localities and regions, the General Assembly, and others to build the new Virginia economy,” said Secretary of Commerce and Trade Todd Haymore. “Those efforts are yielding positive results, whether reflected in the declining unemployment rate or in Virginia’s recent six spot jump in CNBC’s Annual ‘Best States for Business’ rankings, and we look forward to continuing these efforts to expand job opportunities and pro-business initiatives across the Commonwealth.”
Virginia’s nonfarm payroll employment is 50,000 jobs higher when compared to June of 2016. Virginia’s over-the-year employment growth was 1.3 percent and has been positive for 39 consecutive months. Nationally, total nonfarm employment grew 1.6 percent in June compared to a year ago.
In June, the private sector recorded an over-the-year gain of 50,500 jobs, while the public sector recorded an over-the-year loss of 500 jobs. Compared to a year ago, on a seasonally adjusted basis, seven of the eleven major industry divisions experienced employment gains.
For a greater statistical breakdown visit the Virginia Employment Commission’s website at www.vec.virginia.gov.