Virginia unemployment falls to 5 percent

Published March 17, 2014 by Robert Powell, III

Virginia’s seasonally adjusted jobless rate fell 0.2 percent in January to 5 percent.

That is the lowest level of unemployment that the commonwealth has seen since November 2008 when the rate stood at 4.9 percent.

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

January’s rate is seven tenths of a percentage point lower than the same month one year before.

The labor force expanded by nearly 14,000 workers in January after contracting for seven months.

The number of unemployed workers fell by nearly 5,200 during the month.

The national seasonally adjusted jobless rate for January was 6.6 percent.

During January, employment fell in five major industry areas and rose in six.

The largest job decrease was in trade and transportation, down 6,700 jobs. The biggest job gain was seen in private education and health services, up 6,400 jobs.