Virginia jobless rate fell in October
Virginia’s unemployment rate fell by two-tenths of a percentage point in October to 5.3 percent, according to the Virginia Employment Commission.
October’s seasonally adjusted rate marks the first drop in unemployment after trending upward for the past five months, the VEC said.
September’s rate, 5.5 percent, was unchanged from August. VEC revised the August rate downward from 5.6 percent to 5.5.
October’s jobless number was one-tenth of a percentage point lower that the October 2013 rate of 5.4 percent. The national unemployment rate for October 2014 was 5.8 percent, down from 5.9 percent in September.
Nonfarm farm employment declined by 900 jobs in October, the third consecutive month of job losses. October’s number, however, was small compared to the 6,700 jobs lost in September and 5,400 lost in August.
Total nonfarm employment stood at 3.78 million in October, still under the commonwealth’s peak of 3.79 million in April 2008.
Employment fell in seven major industry divisions in October and rose in four others.
The largest job decrease came in professional and business services, down 3,000 jobs to 659,600, the third consecutive drop in that group.
The biggest job increase occurred in private education and health services, which rose by 3,800 jobs to 515,400. That sector had declined for the previous two months.
All of the jobless rate figures reported by the VEC are adjusted for seasonal fluctuations in the labor market.