Friday, September 20, 2013

Virginia unemployment rate increases for fourth consecutive month

unemploymentCompared to a year ago Virginia’s unemployment rate is now only .1% below last year. If this trend continues it will be no better than last year and maybe worse. The trend here is NOT your friend.

The Roanoke Metropolitan Statistical Area (MSA) is down 800 jobs from July to August 2013 and shows a gain of only 200 jobs since last year at this time. Localized August unemployment figures are not available yet but for July Roanoke City was at 7.2% unemployment and Roanoke County was 5.5%. Lowest unemployment was 3.8% in Arlington County and highest in Galax at 16.2% followed by Martinsville at 12.9% in July 2013.

For August 2013 – Virginia’s seasonally adjusted unemployment rate increased 0.1 percentage point this month to 5.8 percent, the fourth consecutive monthly increase. With last month’s increase in the unemployment rate, the labor force expanded slightly (+378); however, this month the labor force contracted by 12,271, or 0.3 percent, as the drop in household employment (-14,334) exceeded the increase in those seeking work (+1,613). Although the August 2013 unemployment rate of 5.8 percent was 0.1 percentage point below the year-ago August rate of 5.9 percent, the magnitude of the monthly over-the-year changes in the unemployment rate have diminished over the last several months as the rate has increased. Virginia’s seasonally adjusted unemployment rate continues below the August national rate of 7.3 percent, which was down 0.1 percentage point from July.

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Posted By Valerie Garner

Categories: Business

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