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.  

No comments:

Post a Comment

Thank You for taking the time to comment on this article. Please note, we moderate every comment before we allow it to post. Comments do not show up right away because of this.