Wednesday, July 24, 2024
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Virginia unemployment rate reaches 17-year-low

Gov. Ralph Northam recently announced Virginia’s seasonally adjusted unemployment rate decreased by 0.1 percentage point in November to 2.8%, and was down 0.8 percentage point from a year ago.

November’s seasonally adjusted unemployment rate of 2.8% is the lowest rate since the April 2001 rate of 2.8%. The labor force, which expanded for the second consecutive month, added 1,534 jobs for a total of 4,354,945. Household employment increased by 2,323, which was the eleventh consecutive monthly increase and set a new record high at 4,230,978. The number of unemployed continued to drop, declining by 789 to 123,967. Virginia’s seasonally adjusted unemployment rate continues to be below the national rate, which was unchanged at 3.7%.

 “Over the past year, we’ve made great strides in putting more Virginians to work in high-quality, wage-sustaining jobs, attracting new businesses and capital investment and improving the Commonwealth’s financial outlook,” said Gov. Northam.

“While this news is a positive indicator that Virginia’s economy is strong, we must keep our focus on driving opportunity to all corners of this Commonwealth so everyone can participate our shared success,” he continued. “My administration is hard at work to continue fueling this economic growth by further enhancing our business climate and making strategic investments in key areas like education, workforce training, health care, affordable housing and broadband infrastructure.”

 Virginia has the lowest seasonally adjusted unemployment rate among the Southeast states and the third best rate among the states east of the Mississippi. Virginia is ranked sixth in the nation for the seasonally adjusted unemployment rate along with Minnesota, Nebraska and North Dakota…

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