Friday, April 21, 2017

Virginia unemployment lowest since 2008 – Roanoke MSA gains 900 jobs

Virginia’s seasonally adjusted unemployment rate was down 0.1 percentage point in March to 3.8 percent, the third consecutive monthly decline, and was down 0.2 percentage point from last March.

The seasonally adjusted unemployment rate of 3.8 percent is the lowest rate since the May 2008 rate of 3.8 percent. The labor force expanded for the 12th consecutive month to 4,290,397, setting a new record high.

The largest absolute job increase for March occurred in the Roanoke metropolitan area, with a gain of 900 jobs. The other two metropolitan areas that experienced gains were Lynchburg and Richmond, up 400 jobs each. The largest absolute job loss occurred in the Northern Virginia metropolitan area, with a decrease of 7,100 jobs.

Over the year, seasonally adjusted total nonfarm employment increased in all the metropolitan areas. The Northern Virginia metropolitan area experienced the largest absolute job gain, up 24,900 jobs, or 1.7 percent. Richmond was ranked second, with a gain of 5,000 jobs, or 0.8 percent. Charlottesville was ranked third, with a gain of 2,900 jobs, or 2.6 percent. The remaining metropolitan areas with over-the year job gains were: Roanoke (+2,100 jobs), Virginia Beach-Norfolk-Newport News (+2,000 jobs), Harrisonburg (+1,500 jobs), Winchester (+900 jobs), Blacksburg-Christiansburg-Radford (+600 jobs), and Lynchburg (+400 jobs).

Compared to a-year-ago March, the largest over-the-year job gain occurred in professional and business services, up 19,500 jobs, or 2.7 percent. The largest job loss occurred in information, down 2,500 jobs, or 3.7 percent. The next largest loss occurred in total government, down 400 jobs, or 0.1 percent. The loss in local government employment (-1,200 jobs) outweighed the gains in federal and state government employment (+400 jobs each). Lastly, mining employment fell 100 jobs from a year ago, or 1.3 percent.

Virginia’s seasonally adjusted nonfarm employment decreased by 5,000 jobs in March to a total of 3,955,300, after increasing by a total of 27,500 jobs the previous three months. The preliminary February gain of 11,400 jobs was revised upward by 2,600 jobs to a gain of 14,000 jobs. In March, private sector employment decreased by 1,100 jobs to 3,241,400, while public sector payrolls decreased by 3,900 jobs to 713,900.

From February 2017 to March 2017, seasonally adjusted employment decreased in five major industry divisions, increased in four, and remained unchanged in two. The largest decrease during March occurred in the trade and transportation sector, which posted a loss of 5,800 jobs to 665,600.

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Posted By Valerie Garner

Categories: Business, Local Events

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