Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

  • Login

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Business Law
    • Commercial Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • Coronavirus 2020
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • Diversity Leadership Series
    • Vote Now for Women in Leadership
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read the issue
    • Order a copy
    • Buy an award plaque
    • Nominate execs for 2021

Advertisement

Header Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Home News latest news Virginia unemployment rose to 5.6 percent in August

Virginia unemployment rose to 5.6 percent in August

Published September 19, 2014 by Robert Powell, III

Virginia’s unemployment rate continues to move in the wrong direction.

The Virginia Employment Commission reported on Friday that the August seasonally adjusted jobless rate rose to 5.6 percent, up three-tenths of a percentage point from July.

The August number represent the third increase in the past four months. At 5.6 percent, Virginia’s unemployment rate in August was at the same level it was 12 months before. While the commonwealth’s jobless rate has been inching up in recent months, the numbers in 2014 had been lower than those seen in the same months in 2013.

A VEC revision in the unemployment rate for July saved the commonwealth from recording four straight months of increases instead of three out of four. July’s rate was revised downward to 5.3 percent, the same level as June, instead of rising one-tenth of percentage point to 5.4 percent.

The seasonally adjusted numbers take into account the season fluctuations in the labor market. The national unemployment rate for August was 6.1 percent, down one-tenth of a percentage point from July.

Economists have blamed the commonwealth’s rising unemployment rates to a slowing state economy, caused in part by reduced federal spending. The Virginia Senate and House of Delegates on Thursday voted to trim the commonwealth’s two-year $96 billion budget to address a revenue shortfall.

During August, the Virginia labor force contracted by more than 25,000 workers, as a drop in household employment exceeded an increase in the number of people seeking work, according to the VEC.

Virginia’s seasonally adjusted nonfarm employment decreased by 1,500 jobs in August to 3.787 million. State employment continues to be under its peak of 3.791 million jobs reached in April 2008 before the depths of the Great Recession.

Employment fell in five major industry divisions during August and increased in six, according to the VEC. The biggest job decline occurred in professional and business service, down 2.500 jobs to 666,600. The largest pickup in jobs occurred in the leisure and hospitality industry, rising 2,200 jobs to 370,000.

Related Stories

Virginia Business logo

Lynchburg building to be converted into loft apartments

Virginia Business logo

Fortune 50 company pre-leases space in new data center in Loudoun County

Virginia Business logo

Partnership acquires five-story office building in Ballston

Trending

Finance/Insurance: STEPHAN Q. CASSADAY

Finance/Insurance: PAUL B. MANNING

Federal Contractors/Technology: JASON PROVIDAKES

Education: ANNE M. KRESS

Artemis I to launch with help from Va. contractors

Sponsored Stories

Why is my Less Than Truckload (LTL) freight pricing going up and my service level going down?  

Beyond Juneteenth – How Capital One is Commemorating and Implementing Change

How We Help Your Business Operate Better

Before the Breach: Get Serious About Cyber Resilience

Professionals are Discovering What it Means to Live Uniquely in the Alleghany Highlands of Virginia

Riverside Logistics Celebrates 25th Anniversary!

Girls for a Change Empowers Black Youth for the Future Workforce

The Jackson Ward Collective is equipping Black-owned small businesses with the tools for success

Advertisement

Advertisement

Trending

Finance/Insurance: STEPHAN Q. CASSADAY

Finance/Insurance: PAUL B. MANNING

Federal Contractors/Technology: JASON PROVIDAKES

Education: ANNE M. KRESS

Artemis I to launch with help from Va. contractors

Sponsored Stories

Why is my Less Than Truckload (LTL) freight pricing going up and my service level going down?  

Beyond Juneteenth – How Capital One is Commemorating and Implementing Change

How We Help Your Business Operate Better

Before the Breach: Get Serious About Cyber Resilience

Professionals are Discovering What it Means to Live Uniquely in the Alleghany Highlands of Virginia

Riverside Logistics Celebrates 25th Anniversary!

Girls for a Change Empowers Black Youth for the Future Workforce

The Jackson Ward Collective is equipping Black-owned small businesses with the tools for success

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2023 Virginia Business. All rights reserved.

Site Maintained by TechArk