Northam: Unemployment rate now at 17-year low

Posted at 1:49 PM, Dec 23, 2018
and last updated 2018-12-23 13:49:49-05

Governor Ralph Northam announced that Virginia’s seasonally-adjusted unemployment rate decreased by 0.1 percentage point in November to 2.8 percent, and was down 0.8 percentage point from a year ago.

November’s seasonally adjusted unemployment rate of 2.8 percent is the lowest rate since the April 2001 rate of 2.8 percent.

The labor force, which expanded for the second consecutive month, added 1,534 jobs for a total of 4,354,945. Household employment increased by 2,323, which was the eleventh consecutive monthly increase, and set a new record high at 4,230,978.

The number of unemployed continued to drop, declining by 789 to 123,967. Virginia’s seasonally adjusted unemployment rate continues to be below the national rate, which was unchanged at 3.7 percent.

“Over the past year, we’ve made great strides in putting more Virginians to work in high-quality, wage-sustaining jobs, attracting new businesses and capital investment, and improving the Commonwealth’s financial outlook,” Northam said. “While this news is a positive indicator that Virginia’s economy is strong, we must keep our focus on driving opportunity to all corners of this Commonwealth so everyone can participate our shared success.”

Virginia has the lowest seasonally-adjusted unemployment rate among the Southeast states. Virginia has the third best rate among the states east of the Mississippi, and is ranked sixth in the nation for the seasonally-adjusted unemployment rate along with Minnesota, Nebraska, and North Dakota.