November Economic Indicators Remain Mixed
| RICHMOND, VA – Virginia Governor Glenn Youngkin today announced the number of employed residents dropped by 7,426 in November and according to BLS Local Area Unemployment Statistics (“LAUS”, or “the household survey”), the labor force in Virginia showed little change, decreasing by 519 to 4,347,555. According to LAUS, the number of employed residents was 4,223,765 in November and since January 2022, over 85,000 more Virginians are employed. Virginia’s unemployment rate of 2.8 percent edged up 0.1 of a percentage point from October but remained below the national rate, which was unchanged at 3.7 percent. For November, the number of unemployed residents increased by 6,907 to 123,790 which is 15,000 lower than January. BLS publishes an additional employment figure from its Current Employment Statistics Survey (“CES” or “establishment survey”). Virginia CES employment fell by 2,200 jobs in November to 4,095,100, which is 102,000 more jobs than in January. 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. 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. “As we near the end of another turbulent year in the global economy, there are many indicators to believe that Virginia is in a position of strength,” said Governor Glenn Youngkin. “Our key challenge remains getting people who have left the labor market during the pandemic back into the workforce.” Despite the decline in household employment in the month, growth throughout the year remains strong, with changes averaging nearly 9,500 a month. This is over twice the 2021 average and a third more than the pre-pandemic average in 2019. Virginia’s seasonally adjusted unemployment rate of 2.8 percent is a half of a percentage point below the rate from a year ago. The Commonwealth’s labor force participation rate, which measures the proportion of the civilian population age 16 and older that is employed or actively looking for work, was unchanged at 63.6 percent in November from October’s revised rate. “More Virginians have entered the workforce this year because they are excited by the opportunities available to them in our strong economy,” said Secretary of Labor Bryan Slater. “We are proud to support this through workforce education and development opportunities that help Virginians realize their potential.” “We are two and one-half years beyond the onset of the Covid pandemic and our economy continues to recover with vigor,” said Secretary of Commerce and Trade Caren Merrick. “The pull back in employment in November may signal a slight easing in labor markets that have been tight across the Commonwealth, even to the point of restricting growth in some areas.” Monthly Employment, Labor Force, and Unemployment Indicators |
| From January 2022 to November 2022, the VEC estimates that establishments in Virginia gained 101,500 jobs, an increase of 2.5 percent. The private sector recorded a gain of 79,700 jobs, while employment in the public sector increased by 21,800 jobs.On a seasonally adjusted basis, ten of eleven major industry divisions realized recovery in employment levels in the period while one industry experienced contraction. The largest gains in the period occurred in education and health services up 28,800 jobs (+5.3%). The second gain occurred in government, up 21,800 jobs (+2.9%). The third largest gain occurred in leisure and hospitality, up 18,800 jobs (+4.3%) Other job gains / contractions occurred in professional and business services, (+9,700 jobs), construction (+6,000 jobs), trade, transportation and utilities (+5,700 jobs), manufacturing (+5,400 jobs), information (+3,400 jobs), miscellaneous services (+3,300 jobs), and mining and logging (+500 jobs). The only job loss occurred in finance (-1,900 jobs).The only job loss occurred in finance (-1,900 jobs). Compared to a year ago, on a seasonally adjusted basis, ten of eleven major industry divisions experienced employment increases while one saw an employment decrease. The largest absolute over-the-year job gain occurred in education and health services up 33,300 jobs (+6.2%). The second largest over-the-year job gain occurred in leisure and hospitality, up 28,400 jobs (+7.5%). The third largest over-the-year job gain occurred in government, up 12,100 jobs (+1.7%). Other job gains occurred in professional and business services (+11,400 jobs); trade, transportation, and utilities (+9,500 jobs); construction (+6,300 jobs); manufacturing (+5,000 jobs); miscellaneous services (+3,800 jobs); information (+2,700 jobs); and mining and logging (+500 jobs). The only job loss occurred in finance, with a decrease of 4,700 jobs. For more details, visit the Virginia Employment Commission’s website at vec.virginia.gov. |