Virginia unemployment rate holds steady at 3.7%

virginia logoVirginia’s seasonally adjusted unemployment rate held steady at 3.7 percent in July while year-over-year job growth continued for the 28th consecutive month.

Virginia’s seasonally adjusted unemployment rate, which has remained stable at 3.7 percent for three straight months, is significantly below the national rate, also unchanged in July at 4.9 percent.

Compared to July 2015, Virginia’s nonfarm payroll employment was up 57,200 jobs. Virginia’s over-the-year employment growth was 1.5 percent in July—the 28th consecutive month of positive over-the-year growth. Nationally, employment grew 1.7 percent from last July.

Virginia had the lowest seasonally adjusted unemployment rate among the Southeast states and the third best rate among the states east of the Mississippi.

Compared to last July, the seasonally unadjusted private sector average weekly earnings grew by $32.97, or 3.6 percent, to $938.90.

“Twenty-eight months of solid year-over-year employment gains give us fresh evidence that we are advancing toward our goal and building a new Virginia economy that will enable our Commonwealth to weather future economic headwinds,” said Governor McAuliffe. “I am proud of our accomplishments through the transformation of our workforce system and investment in key infrastructure, and today’s announcement gives us renewed confidence that we are creating a lasting legacy for future generations of Virginians.”

“Virginia’s economy continues to add jobs and maintain a historically low unemployment rate,” said Secretary of Commerce and Trade Maurice Jones. “Going forward, we must continue to strategically invest in Virginia to sustain this growth and ensure that all Virginians are able to participate in the Commonwealth’s success.”

In July, the private sector recorded an over-the-year employment gain of 59,600 jobs, while the public sector recorded an over-the-year loss of 2,400 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.

         
 

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