Virginia’s unemployment had its largest drop in a year in June, down to a 2.8 percent unemployment rate, while labor participation stayed stable at 63.8 percent.
Governor Glenn Youngkin highlighted the result in a Friday press release.
“The June unemployment rate dropping to 2.8 percent is promising news for Virginia’s economic health and is a welcome return to pre-pandemic unemployment levels,” Youngkin said.
“In such a competitive labor market, we remain committed to expanding workforce development opportunities for Virginians. While the 94,000 job additions is promising, we must remain vigilant regarding the workforce participation rate, which does continue to lag. I am focused on increasing Virginia’s participation rate across the commonwealth.”
From June 2021 to June 2022 the Virginia Employment Commission estimates that Virginia gained 123,400 jobs.
On a seasonally adjusted basis many of the major industry divisions saw employment increases, including the leisure and hospitality sector, up 17.9 percent with 62,300 jobs; education and health services, up 4.9 percent and 26,200 jobs; and professional and business services up 2.1 percent and 16,400 jobs. Job losses occurred in government with 2,300 jobs lost, and finance, which lost 1,300 jobs. The job losses in government were caused by 4,200 lost jobs in the federal government, although state and local government added about 1,900 jobs together.
Youngkin’s release also notes that Virginia’s unemployment rate is lower than the national rate for June, 3.6 percent.
“Virginia’s unemployment and labor force participation rates continue to outpace the nation, but as the governor said, there is still work to be done,” Secretary of Labor Bryan Slater said.
“We are continuing to make progress on this, as evidenced by the large drop in the number of unemployed Virginians in June.”
“Virginia’s economic performance continues to rebound at a healthy pace,” said Secretary of Commerce and Trade Caren Merrick. “Virginia’s on course to continue adding jobs if employers can find workers to fill them. We’re still down nearly 120,000 people in our labor force since before the pandemic.”
This article originally appeared in The Virginia Star. The opinions expressed in this article are those of the author and do not necessarily reflect the positions of The Republican Standard. Republished with permission.
