Showing posts with label Seasonal adjustment. Show all posts
Showing posts with label Seasonal adjustment. Show all posts

Tuesday, September 22, 2015

Governor McAuliffe Announces Decrease in Virginia Unemployment Rate

August was 17th consecutive month of year over year employment growth

Governor McAuliffe announced today that Virginia’s seasonally adjusted unemployment rate decreased 0.3 percentage point in August to 4.5 percent, the second consecutive monthly decline. At 4.5 percent, the seasonally adjusted unemployment rate is at its lowest level since September 2008 when it was 4.3 percent. Virginia’s seasonally adjusted unemployment rate remains below the national rate, which was down 0.2 percentage point in August to 5.1 percent.

The average weekly wage for private employers was $940.55 in August, 7.6 percent above a year ago.

“We are seeing tangible results from our work to build a new Virginia economy by fostering growth at Virginia businesses around the Commonwealth and attracting new, high-growth industries,” said Governor McAuliffe. “The new jobs numbers demonstrate continued progress creating good-paying jobs all across Virginia. This is great news, but with federal shutdowns, sequestration and budget battles looming, we still have much work to do to diversify our economy and chart a course for sustainable growth well into the future.”

“The private sector continues to lead the rebound of Virginia’s economy,” said Secretary of Commerce and Trade Maurice Jones.  “This is especially good news as the Commonwealth needs robust private sector job growth in order to diversify our sources of prosperity.”

From August of 2014 to August of 2015, Virginia’s seasonally adjusted total nonfarm employment was up 41,100 jobs. Over the year, employment grew 1.1 percent. For the past three months, over-the-year employment growth has exceeded 1.0 percent. Over-the-year August job gains were recorded by both the private sector, which grew by 37,200 jobs, and the public sector, which grew by 3,900 jobs. Compared to a year ago, on a seasonally adjusted basis, 9 of the 11 major industry divisions experienced employment gains.

For a greater statistical breakdown visit the Virginia Employment Commission’s website at www.vec.virginia.gov.  

Wednesday, August 26, 2015

Governor McAuliffe Announces Decrease in Virginia Unemployment Rate

RICHMOND – Governor McAuliffe announced today that Virginia’s seasonally adjusted unemployment rate decreased 0.1 percentage point in July to 4.8 percent. Virginia’s seasonally adjusted unemployment rate remains below the national rate, which was unchanged in July at 5.3 percent.

The average weekly wage for private employers was $905.58 in July, 4.6 percent above a year ago.

“We are seeing tangible results from our work to build a new Virginia economy in communities across the Commonwealth by attracting new, high-growth industries and fostering growth in the existing businesses that represent our employment base,” said Governor McAuliffe. “The new jobs numbers demonstrate enhanced income security for Virginia's workers while offering the opportunity of lower costs for employers doing business in Virginia. We still have much work to do, and I remain committed to providing pathways to prosperity for all Virginia families and businesses.”

“This is more good news for Virginia,” said Secretary of Commerce and Trade Maurice Jones.  “Year over year employment is up, wages are up, and unemployment is down.  When the public and private sectors work well together as a team, we can accomplish what is necessary to continue our economic growth.”

From July of 2014 to July of 2015, Virginia’s seasonally adjusted total nonfarm employment was up 40,700 jobs. Over-the-year, employment grew 1.1 percent, the sixteenth consecutive month of positive over-the-year growth. Over-the-year July job gains were recorded by both the private sector, which grew by 38,500 jobs, and the public sector, which grew by 2,200 jobs. Compared to a year ago, on a seasonally adjusted basis, 10 of the 11 major industry divisions experienced employment gains.

As employment grew faster than expected in the last year, unemployment insurance (UI) benefit payments decreased and UI revenues increased.   This produced an improved forecast solvency level for Virginia’s UI Trust Fund this year, which will likely eliminate the fund-building surtax in 2016, a year earlier than previously projected.  The fund-building surtax, which costs employers $16 per employee, has been in effect since 2010.

For a greater statistical break down visit the Virginia Employment Commission’s website at http://www.vec.virginia.gov/.