Virginia unemployment rate drops to 3.7%
Thisis s down 0.4 percentage points from a year ago. Virginia’s seasonally adjusted unemployment rate continues below the national rate, which was down 0.2 percentage points in September to 4.2 percent.
Virginia has the second lowest seasonally adjusted unemployment rate among major U.S. states, behind Tennessee.
Since the beginning of the McAuliffe Administration, average hourly earnings and personal income in Virginia have increased by a total of 7.4 percent and 11.1 percent, respectively, according to the Federal Reserve Bank of St. Louis.
In addition, average weekly wages for the private sector have increased 7.9 percent year to date, according to the Virginia Employment Commission.
Virginia’s labor force expanded for the 18th consecutive month to 4,340,369, setting a new record high, and household employment expanded for the 33rd consecutive month to 4,180,369, also a record high.
The labor force increased by 19,756 in September, as household employment rose by 21,940 and the number of unemployed decreased by 2,184.
Virginia’s nonfarm payroll employment is 42,400 jobs higher when compared to September of 2016.
Over-the-year employment growth in Virginia has been positive for 42 consecutive months.
In September, Virginia’s over-the-year growth was 1.1 percent. Nationally, total nonfarm employment was up 1.2 percent from a year ago.
In September, the private sector recorded an over-the-year gain of 41,400 jobs, while the public sector recorded an over-the-year gain of 1,000 jobs.
Compared to a year ago, on a seasonally adjusted basis, eight of the eleven major industry divisions experienced employment gains. ■