Virginia jobless rate falls to 4 percent

Published April 15, 2016 by Robert Powell, III

Virginia’s seasonally adjusted unemployment rate dipped one-tenth of a percentage point in March to 4 percent.

Virginia Employment Commission reported Friday that the jobless rate is the lowest seen in commonwealth since June 2008, when it was 3.9 percent.

In the past year, the unemployment rate has declined seven-tenths of a percentage point.

The seasonally adjusted rate takes into account seasonal fluctuations in the labor market.

Virginia’s nonfarm employment rose in March by 4,900 jobs to a total of 3.92 million. The increase follows a gain of 14,800 jobs in February. That total was revised upward by 2,000 jobs after the VEC’s initial report last month.

The private sector provided 3.2 million jobs in March while the public sector offered 713,000 positions.

Five major industry divisions saw increased employment during March while the number of jobs fell in six other fields.

The biggest gain occurred in trade and transportation, which gained 7,100 jobs to 675,300. The biggest decrease occurred in professional and business services, down 4,300 jobs to 717,800. That sector had previously seen job gains for eight months.

Among Virginia’s metro areas, Hampton Roads had the biggest increase in jobs from February to March, 4,600, followed by Northern Virginia with a gain of 3,700.