Virginia’s unemployment rate falls to 2.9 percent, lowest since June 2007

Posted at 2:19 PM, Oct 19, 2018
and last updated 2018-10-19 14:19:30-04

According to a release by Governor Ralph Northam’s office, Virginia’s seasonally-adjusted unemployment rate decreased by 0.1 percentage point in September, bringing the statewide rate to 2.9 percent.

This marks the third consecutive monthly decline in the unemployment rate, and also marks the lowest rate since June 2007.

The release states that in September, the labor force contracted by 3,574, or -0.1 percent, as the number of unemployed dropped by 3,482 and household employment fell by a slight 92. Virginia’s seasonally-adjusted unemployment rate continues to be below the national rate, which was down by 0.2 percentage point to 3.7 percent.

“I’m pleased to see the unemployment rate decrease for a third consecutive month, a key indication that Virginia’s economy is strengthening and the work we’re doing to attract new business and investment is paying off,” said Governor Northam. “But even as we add jobs and see record-low unemployment in the Commonwealth, we must also concentrate on enhancing our workforce development system and building the necessary infrastructure to sustain this growth long-term.”

Virginia’s nonfarm payroll employment is 68,400 jobs higher compared to last September’s. and over-the-year employment growth has been positive for 54 consecutive months.

To learn more about the statistical breakdown, visit the Virginia Employment Commission’s website here.