Labor force in Virginia continued growing
Christian Fernsby ▼ | November 20, 2023
Governor Glenn Youngkin announced that, according to the Bureau of Labor Statistics (BLS) Local Area Unemployment Statistics (“LAUS”, or “the household survey”), the labor force in Virginia continued growing this month by 4,285 to 4,615,227, while the seasonally adjusted unemployment rate increased 0.2% to 2.7%.Article continues below
“This month’s labor force participation and jobs numbers reflect slowing national trends and the risks posed by inflation and increased interest rates,” said Governor Glenn Youngkin.
“These storm clouds increase the importance of our pro-business economic agenda. Our focus must remain on reducing the cost of doing business, so that companies continue to invest, grow and hire in Virginia, advancing workforce and talent development, and reducing the cost of living so more families call Virginia home.”
The labor force participation rate, which measures the proportion of the civilian population age 16 and older that is employed or actively looking for work, remained unchanged at 66.8 percent in October, which is the highest labor force participation rate experienced in Virginia since April 2012.
According to BLS LAUS, Virginia’s seasonally adjusted unemployment rate in October increased by 0.2 percentage points to 2.7 percent, which is 0.4 percentage points below the rate from a year ago and 1.2 percentage points below the national rate.
The labor force increased by 4,285 to 4,615,227; and the number of employed residents decreased by 1,938 to 4,492,524 as the number of unemployed residents increased by 6,223 to 122,703. ■ What to read next
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