Virginia unemployment rate remains steady in September at 5.5 percent

Published October 21, 2014 by Robert Powell, III

Virginia’s unemployment rate remained unchanged in September at 5.5 percent, according to the Virginia Employment Commission.

The commonwealth’s seasonally adjusted jobless rate for August was revised downward by one-tenth of a percentage point, from 5.6 percent to 5.5 percent.  The unemployment rate in Virginia had risen three out of four months from May through August.

The September number was the same rate recorded in September 2013. Virginia’s unemployment numbers remain lower than the national rate, 5.9 percent in September.  VEC, however, noted that the gap has narrowed in recent months as Virginia’s unemployment rate has risen and the national rate has fallen.

The seasonally adjusted figures take into account seasonal fluctuations in the labor market.

Virginia’s nonfarm employment fell by 7,400 jobs in September to 3.78 million, the second consecutive monthly loss. The VEC also revised the numbers for August employment. Virginia lost 5,400 jobs that month, 3,900 more than originally reported.

In September, employment fell in six major industry divisions while rising in two. The biggest drop was in private education and health services, down 2,700 jobs to 510,200.  The biggest job gains, 2,100, occurred in finance.