Virginia posts second-lowest unemployment rate among major U.S. states
Governor Terry McAuliffe recently announced that Virginia’s seasonally adjusted unemployment rate in April held steady at 3.8 percent, following three straight months of decline. The March and April rates of 3.8 percent are the lowest rates in nine years, since May 2008. Virginia’s seasonally adjusted unemployment rate continues below the national rate, which was down 0.1 percentage point in April to 4.4 percent.
“This announcement is more positive news for the Commonwealth as we work to build a new Virginia economy that is less reliant on federal spending and more reliant on diversified, private sector investment and job creation,” said Governor McAuliffe. “I’m equally pleased to see the continued growth of our labor force, setting another record high for the Commonwealth as more Virginians bring their skills and talents to our economy.”
Virginia has the second lowest seasonally adjusted unemployment rate among the Southeast states. In addition, Virginia has the second lowest unemployment rate among major U.S. states.
Virginia’s labor force expanded for the 13th consecutive month to 4,301,554, setting a record high for the Commonwealth, and household employment expanded for the 28th consecutive month to 4,139,699, also a record high. The labor force increased by 11,054 in April, as household employment rose by 10,270 and the number of unemployed increased by 784.
“I’m pleased to see these strong indicators that Governor McAuliffe’s efforts to build a new Virginia economy, in partnership with the private sector, the General Assembly, and others, are working,” said Secretary of Commerce and Trade Todd Haymore. “With record private-sector investments, I’m hopeful this trend of over-the-year job gains will continue, further establishing Virginia’s status as the best state to live, work and raise a family.”
Virginia’s nonfarm payroll employment is 44,400 jobs higher when compared to April of 2016. Virginia’s over-the-year employment growth was 1.1 percent and has been positive for 37 consecutive months. Nationally, total nonfarm employment grew 1.6 percent in April compared to a year ago.
In April, the private sector recorded an over-the-year gain of 43,900 jobs, while the public sector recorded an over-the-year gain of 500 jobs. Compared to a year ago, on a seasonally adjusted basis, eight of the eleven major industry divisions experienced employment gains.
-Submitted by Charlotte Gomer