RICHMOND, VA — Governor Glenn Youngkin today announced that, according to the Bureau of Labor Statistics (BLS) Local Area Unemployment Statistics (“LAUS”, or “the household survey”), the labor force in Virginia continued growing this month by 4,285 to 4,615,227, while the seasonally adjusted unemployment rate increased 0.2% to 2.7%.
“This month’s labor force participation and jobs numbers reflect slowing national trends and the risks posed by inflation and increased interest rates,” said Governor Glenn Youngkin. “These storm clouds increase the importance of our pro-business economic agenda. Our focus must remain on reducing the cost of doing business, so that companies continue to invest, grow and hire in Virginia, advancing workforce and talent development, and reducing the cost of living so more families call Virginia home.”
The labor force participation rate, which measures the proportion of the civilian population age 16 and older that is employed or actively looking for work, remained unchanged at 66.8 percent in October, which is the highest labor force participation rate experienced in Virginia since April 2012.
According to BLS LAUS, Virginia’s seasonally adjusted unemployment rate in October increased by 0.2 percentage points to 2.7 percent, which is 0.4 percentage points below the rate from a year ago and 1.2 percentage points below the national rate. The labor force increased by 4,285 to 4,615,227; and the number of employed residents decreased by 1,938 to 4,492,524 as the number of unemployed residents increased by 6,223 to 122,703.
“With unemployment in October at 2.7 percent, well below the national average of 3.9 percent, Virginia continues to outperform most states and continue to provide strong job opportunities for Virginians,” said Secretary of Labor Bryan Slater.
“Since this time last year, there are nearly 180,000 more employed Virginians,” said Secretary of Commerce Caren Merrick. “We are focused on increasing this continued progress for our businesses and labor force.”
BLS publishes an additional employment figure from its Current Employment Statistics Survey (“CES” or “establishment survey”). The CES survey uses payroll records of establishment employers and is designed to provide a count of jobs under which the employer pays unemployment insurance. The LAUS survey is based on household interviews conducted each month for the Bureau of Labor Statistics and provides comprehensive data on the labor force, including those who are employed and unemployed. Establishment survey data reflects changes for updated seasonal adjustment factors, and industry classification conversions (NAICS), as part of the annual benchmarking process.
The household survey only distinguishes between whether a person is employed or unemployed, whereas CES counts each employee that is on an employer’s payroll. CES excludes business owners, self-employed persons, unpaid volunteers and private household workers, and those on unpaid leave or not working because of a labor dispute.
Seasonally adjusted total nonfarm employment data is produced for eleven industry sectors. In October, five experienced over-the-month job gains, one remained unchanged, and five experienced a decline. The largest job gain occurred in Trade, Transportation, and Utilities (+2,900) to 671,300. The second largest job gain occurred in Miscellaneous Services (+2,000) to 195,400. The third largest job gain was a tie between Construction (+1,800) to 212,600, and Health Services (+1,800) to 584,300. The other gain was in Manufacturing (+700) to 245,600. Mining and Logging remained unchanged.
For more details, visit the Department of Workforce Development and Advancement labor market information website at virginiaworks.com.
