Virginia unemployment falls to 4.2%

Virginia unemployment falls to 4.2%

Virginia’s unemployment fell to 4.2% in July, down from 7.9% one year earlier. The largest over-the-year job increase occurred in leisure and hospitality with 46,000 new jobs statewide, an increase of more than 15%.
NEWS RELEASE: RICHMOND—Governor Ralph Northam today announced that Virginia’s seasonally adjusted unemployment rate fell to 4.2 percent in July, which is 3.7 percentage points below the rate from one year ago. The labor force expanded by 7,818 to 4,241,686, as the number of unemployed residents decreased by 7,595. The number of employed residents rose to 4,065,473, an increase of 15,413. In July 2021, Virginia saw over-the-year job gains of 3.8 percent. Virginia’s seasonally adjusted unemployment rate continues to be below the national rate of 5.4 percent.
“Our administration is focused on creating an economic climate that will help Virginia’s workers and businesses thrive,” said Governor Northam. “The impressive gains in payroll employment and the downward trend of unemployment rates continue to show the strength and resiliency of our economy and our workforce as we recover from the pandemic. Virginians have shown great resolve over the last year and a half, and it is evident in the numbers we are seeing in this report.”
Virginia has once again been named America’s “Top State for Business” by CNBC. This achievement, paired with the data in this report, shows how Virginia has created a strong business environment.
“The continued decline in Virginia’s unemployment rate and the increase in payroll employment are all signs of a strong job market,” said Secretary of Labor Megan Healy. “We believe that workers will continue to re-enter the labor force and that the strong job market will continue in the coming months. Governor Northam and his administration remain committed to working with businesses and workforce development partners to ensure that every Virginian has the help and resources they need to find work.”
“It is exciting to see the unemployment rate in the Commonwealth significantly lower than it was at this time last year,” said Secretary of Commerce and Trade Brian Ball. “As our labor force keeps growing month-over-month, we are very optimistic about what the future holds for Virginia’s businesses.”
In July, the private sector recorded an over-the-year gain of 134,100 jobs, while employment in the public sector gained 9,700 jobs. Total nonfarm payroll employment increased by 2,300 jobs over-the-month. Compared to a year ago, on a seasonally adjusted basis, ten of the eleven major industry divisions experienced employment gains. The largest over-the-year job increase occurred in leisure and hospitality with 46,000 new jobs, a 15.5 percent increase. The next largest over-the-year job increase occurred in professional and business services with 30,000 new jobs, a 4.0 percent increase. Trade, transportation and utilities experienced the third largest over-the-year job increase of 27,300 jobs, a 4.3 percent increase.

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