Friday, July 19, 2013

Virginia Unemployment increases – Roanoke MSA loses jobs

unemploymentVirginia’s seasonally adjusted unemployment rate increased 0.2 percentage point this month to 5.5 percent, the second consecutive monthly increase.

With last month’s increase in the unemployment rate, the labor force expanded; however, this month the labor force contracted slightly (-3,810), as the drop in household employment (-11,984) exceeded the increase in those seeking work (+8,174). Even so, the June 2013 unemployment rate of 5.5 percent was 0.5 percentage point below the year-ago June rate of 6.0 percent. Virginia’s seasonally adjusted unemployment rate continues below the June national rate of 7.6 percent, which was unchanged from May.

June’s increase in nonfarm employment followed May’s downwardly revised job loss of 3,800 jobs, which was first reported as a loss of 1,700 jobs. Virginia employment has not yet surpassed the April 2008 pre-recession peak.

From a year ago job loss in professional, scientific, and technical services was highest (-5,100 jobs). This was made up with job gains in private education and health services, leisure and hospitality, finance and professional business services. Manufacturing made slight gains with 400 jobs. Losses also came in mining and information.

In June, eight of ten Virginia metropolitan areas experienced over-the-month job losses on a seasonally adjusted basis. The Richmond metropolitan area experienced the largest absolute job loss with a decrease of 2100 jobs.

The Roanoke Metropolitan Statistical area lost 1600 jobs in June. The Virginia Beach-Norfolk-Newport News MSA was the only area to gain jobs of 5100.

Virginia’s unadjusted unemployment rate increased 0.4 percentage point in June to 6.0 percent, but was 0.2 percentage point below the June 2012 rate. The unadjusted rate usually increases from May to June as college graduates and students enter the labor market seeking employment. The number of unemployed workers increased by 17,023, while the labor force expanded by 15,255, as the place-of-residence job count decreased by 1,768. Virginia’s not seasonally adjusted unemployment rate continues below the national unadjusted rate, which increased to 7.8 percent in June from 7.3 percent in May.

Posted By Valerie Garner

Categories: Business

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