Governor McAuliffe Announces Virginia’s Unemployment Rate Drops to 3.7%
RICHMOND – Governor Terry McAuliffe announced today that Virginia’s seasonally adjusted unemployment rate was 3.7 percent in June. Virginia’s seasonally adjusted unemployment rate remains below the national rate, which was up 0.2 percentage point in June to 4.9 percent.
May’s seasonally adjusted unemployment rate for Virginia was revised downward from 3.8 percent to 3.7 percent. Previous to last month’s revised rate, the last time the Commonwealth posted a seasonally-adjusted unemployment rate as low as 3.7% was April of 2008.
In June, Virginia’s total employment was 3,912,800, representing an over-the-year employment growth of 1.9 percent. This growth surpassed the national growth rate, which was 1.7 percent. For the ninth consecutive month, over-the-year growth in the Commonwealth has surpassed the national growth rate.
Virginia has the lowest seasonally adjusted unemployment rate among the Southeast states and the third best rate, along with Maine, among the states east of the Mississippi.
Compared to last June, the seasonally unadjusted private sector average weekly earnings grew by $26.60, or 2.9 percent, to $931.83.
“Virginia’s continued economic growth is good news for businesses and families in every corner of our Commonwealth, and a clear sign that our work building a new Virginia economy is paying off,” said Governor McAuliffe. “Going forward, we must continue to attract new businesses and jobs to our Commonwealth, open additional markets to Virginia goods and services around the world and make smart investments that strengthen our workforce and business climate for years to come. I am thrilled with the progress we have made since we took office in 2014, but we cannot let up now on our efforts to grow and diversify Virginia’s economy.”
“The economy continues to add jobs at a best-in-class rate, which is great news for the Commonwealth,” said Secretary of Commerce and Trade Maurice Jones. “As the data demonstrate, the private sector remains Virginia’s engine of growth. We must continue efforts to create and maintain assets needed by the private sector, most particularly a prepared workforce, to thrive in all parts of our state.”
From June 2015 to June 2016, Virginia’s seasonally adjusted total nonfarm employment increased by 74,500 jobs. Over-the-year employment growth has been positive for the past 27 months. The private sector recorded an employment gain of 76,400 jobs, while the public sector recorded an employment loss of 1,900 jobs. Compared to a year ago, on a seasonally adjusted basis, seven of the eleven major industry divisions experienced employment gains.
For a greater statistical breakdown visit the Virginia Employment Commission’s website at www.vec.virginia.gov.