Jobless rate stays unchanged in February at 4.1 percent

Published March 25, 2016 by Robert Powell, III

Virginia’s unemployment rate remained unchanged in February at 4.1 percent.

The Virginia Employment Commission said the seasonally adjusted rate has been trending downward since September 2011.

February’s rate was down seven-tenths of a percentage point from the same month last year and is 3.3 percentage points below an unemployment peak of 7.4 percent seen in January and February 2010.

Seasonally adjusted numbers take into account seasonal fluctuations in the labor market.

Virginia’s nonfarm employment grew by 12,800 jobs to 3.91 million. The VEC said the commonwealth’s employment level now stands at 125,600 jobs above its prerecession peak of 3.79 million.

During February, private sector employment increased by 12,200 jobs to 3.2 million while public-sector employment rose by 600 jobs to 711,600.

Employment rose in seven major industry divisions in February while declining in four others. The biggest gain occurred in professional and business services, up 7,300 jobs to 722,900. The biggest drop occurred in manufacturing, down 1,100 jobs to 231,300.

In the 12 months ending in February, Virginia has gained 96,500 jobs. The biggest gains have taken place in Northern Virginia, up 36,000 jobs, an increase of 2.6 percent, and the Richmond area, up 25,900 jobs, an increase of 4 percent.