Virginia unemployment rate remains unchanged

Published May 16, 2014 by Robert Powell, III

Virginia’s seasonally adjusted unemployment rate stood at 4.9 percent in April.

The April rate was unchanged from March. The March rate, originally set at 5 percent, was revised downward by a tenth of a percentage point by the Virginia Employment Commission.

The April 2014 jobless rate was seven tenths of a percentage point (0.7) lower than the 5.6 percent rate posted 12 months before.

April’s rate also was 1.4 percentage points lower than the national seasonally adjusted rate, 6.3 percent.

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

The Virginia labor force increased by 19,700 people in April, the fourth consecutive month recording an increase.

Nonetheless, seasonally adjusted nonfarm employment in the commonwealth dipped by 200 jobs in April to 3.76 million.

While the VEC has recorded two consecutive months of decline in total employment, the agency notes that the April decrease was small and it may be revised next month when more information is available.

Total nonfarm employment has not yet reached its pre-recession peak of 3.79 million jobs reached in April 2008.

In April, employment declined in five major industry sectors while increasing in six.

The biggest decline, 3,100 jobs, occurred in construction. The biggest gain, 2,200 jobs, occurred in government.