Virginia unemployment stays steady

Published November 16, 2018 by Robert Powell, III

Virginia’s seasonally adjusted unemployment rate was unchanged in October at 2.9 percent.

The October rate, nonetheless,  represented a decline of seven-tenths of a percentage point (from 3.6 percent) over the previous 12 months.

The 2.9 percent rate continues to be the lowest jobless figure seen in the commonwealth since June 2007.

The U.S. employment rate for October was 3.7 percent, also unchanged since September.

Seasonally adjusted numbers account for seasonal fluctuations in the labor market.

Virginia’s nonfarm employment rose by 2,700 jobs in October to 4.03 million, the tenth consecutive monthly increase and a new record high.

An initially reported loss of 1,500 local government jobs in September was revised downward by a loss of 2,600. Local government employment losses, however, continued in October, with a deline of 2,700 jobs.

Private sector employment in October rose by 5,600 jobs to 3.33 million, while overall public-sector payrolls fell by 2,900 jobs to 697,000.

During the month, employment increased in six major industry divisions, held steady in mining (at 8,400), and decreased in the other four sectors.

The largest job gain occurred in professional and business services, up 3,200 jobs to 754,000.

The largest job loss during October occurred in total government, which declined by 2,900 jobs to 697,000.