Governor Glenn Youngkin announced Virginia’s labor force participation rate has increased to 65.6% in February, the highest rate since February 2020’s pre-pandemic rate of 65.7%.
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According to BLS Local Area Unemployment Statistics (“LAUS”, or “the household survey”), the labor force in Virginia increased by 17,618 to 4,505,193.
“Our goal since day one has been to increase opportunities for Virginians, sidelined during the pandemic, to return to the workforce—and we’re closer than ever to pre-pandemic labor participation,” said Governor Glenn Youngkin.
“February’s employment figures demonstrate Virginia continues to be headed in the right direction. Despite ongoing economic uncertainty in the United States and around the world, our focus in Virginia remains on creating an environment for investment and job growth so that we can truly be the best place to live, work and raise your family.”
With the increase of Virginians moving back into the workforce, Virginia’s unemployment rate of 3.2 percent was unchanged from January and remained below the national rate, which edged upward to 3.6 percent in February.
According to LAUS, the number of employed residents increased by 16,905 to 4,359,563 in February. Throughout the month, the number of unemployed residents increased by 713 to 145,630.
On a seasonally adjusted basis, employment rose in four of eleven major industry sectors for the month and declined in seven.
The largest job gain during February occurred in government, with an increase of 6,100 jobs to 725,700. The second largest increase occurred in education and health services (+2,200 jobs) to 572,600.
Trade, transportation, and utilities was third, with a gain of 1,100 jobs, rising to 669,000. The largest job loss during February occurred in professional and business services (-2,600 jobs) to 811,700.
The second largest decrease occurred in leisure and hospitality, with a decrease of 1,800 jobs to 406,100.
The third largest loss occurred in construction with a decrease of 1,200 jobs to 214,600.
Compared to a year ago, on a seasonally adjusted basis, ten of eleven major industry divisions experienced employment increases while one industry experienced a loss.
The largest absolute over-the-year job gain occurred in education and health services, up 26,100 jobs (+4.8%).
The second largest over-the-year job gain occurred in leisure and hospitality, up 22,900 jobs (+6.0%).
The third largest over-the-year job gain occurred in professional and business services, up 14,000 jobs (+1.8%). Finance experienced the only job loss (-400 jobs). ■