Virginia’s unemployment rate drops to 3.8%
The seasonally adjusted unemployment rate of 3.8 percent is the lowest rate since the May 2008 rate of 3.8 percent.
Virginia’s seasonally adjusted unemployment rate continues to be below the national rate, which was down 0.2 percentage points in March to 4.5 percent.
Virginia has the second lowest seasonally adjusted unemployment rate among major U.S. states.
Virginia’slabor force expanded for the 12th consecutive month to 4,290,397, setting a record high for the Commonwealth, and household employment expanded for the 27th consecutive month to 4,129,123, also a record high.
The labor force increased by 9,248 in March, as household employment rose by 13,530 and the number of unemployed fell by 4,282.
Virginia’s nonfarm payroll employment is 45,800 jobs higher when compared to March of 2016.
Virginia’s over-the-year employment growth was 1.2 percent and has been positive for 36 consecutive months. Nationally, total nonfarm employment grew 1.5 percent in March compared to a year ago.
In March, the private sector recorded an over-the-year gain of 46,200 jobs, while the public sector recorded an over-the-year loss of 400 jobs.
Compared to a year ago, on a seasonally adjusted basis, eight of the eleven major industry divisions experienced employment gains. ■