Following some of the best economic indicators in the post-recession era, Virginia’s unemployment rate dropped to 2.9 percent in September, the third consecutive monthly decline and its lowest reading since June 2007, according to a report from the Virginia Employment Commission (VEC) released Friday. The September 2018 seasonally adjusted unemployment rate is down 0.7 percentage points from one year ago, continuing to track below the national rate, which was down to 3.7 percent following the total non-farm payroll increasing by 134,000 last month.
The Commonwealth’s seasonally adjusted non-farm employment increased by 5,600 jobs in September to 4,025,200, which was the ninth consecutive monthly increase and a new record high, VEC stated in a news release. August’s initial gain of 4,800 jobs was revised upward by 8,900 jobs to an month-over-month gain of 13,700 jobs.
Between August and September, employment increased in seven major industry divisions and decreased in the other four.
Leisure and hospitality: up 4,700 to 415,800.
Private education and health services: up 3,000 to 545,400.
Trade and transportation: up 1,700 to 674,600.
Manufacturing: up 900 to 243,000.
Miscellaneous services: up 800 to 207,100.
Finance: up 700 to 212,300.
Mining: up 100 to 8,400.
Professional and business services: down 3,800 to 748,100.
Government (federal, state, and local): down 2,100 to 701,200
Construction: down 300 to 201,900
Information: down 100 to 67,400.
In September, the private sector recorded a year-over-year gain of 85,500 jobs, while employment in the public sector declined by 17,100 jobs.
Since September 2017, seasonally adjusted non-farm employment increased in every single metropolitan area in the Commonwealth.
Northern Virginia: up 27,100 jobs.
Richmond: up 8,900 jobs.
Charlottesville: up 5,300 jobs.
Virginia Beach-Norfolk-Newport News: up 4,700 jobs.
Roanoke: up 2,300 jobs.
Winchester: up 2,200 jobs.
Lynchburg: up 1,600 jobs.
Staunton-Waynesboro: up 1,200 jobs.
Harrisonburg: up 600 jobs.
Blacksburg-Christiansburg-Radford: up 300 jobs.
Compared to last month, for Virginia’s 172,100 manufacturing and production workers, the average workweek decreased by 0.2 hours to 40.7 hours, with average hourly earnings decreasing by $0.03 to $19.37, and average weekly earnings decreasing by $5.10 to $788.36. Compared to last year, the unadjusted workweek decreased by 0.4 hours, with average hourly earnings increasing by $0.02, and average weekly earnings decreasing by $6.93.