Friday, June 21, 2013

Virginia’s unemployment rate increases while Roanoke MSA gains jobs

unemploymentIn May, six of ten Virginia metropolitan areas experienced over-the-month job losses on a seasonally adjusted basis. The Lynchburg metropolitan area experienced the largest absolute and percentage job loss, with a decrease of 1,800 jobs, or a loss of 1.7 percent. Other metropolitan areas that experienced job losses in May included: Virginia Beach-Norfolk-Newport News (-1,400 jobs), Northern Virginia (-700 jobs), Harrisonburg (-700 jobs), Charlottesville (-100 jobs), and Danville (-100 jobs). The Blacksburg-Christiansburg-

Radford metropolitan area experienced the largest absolute and percentage job gain, with an increase of 1,600 jobs, or a gain of 2.2 percent. The Winchester, Richmond, and Roanoke metropolitan areas experienced job gains of 600 jobs, 500 jobs, and 300 jobs, respectively.

Roanoke MSA has gained 2100 jobs from May 2012 through May 2013 or 1.3%.

Virginia’s unadjusted unemployment rate increased 0.6 percentage point in May to 5.6 percent, but was 0.2 percentage point below the May 2012 rate. The unadjusted rate usually increases from April to May as college graduates and students enter the labor market seeking employment. Virginia’s not seasonally adjusted unemployment rate continues below the national unadjusted rate, which increased to 7.3 percent in May from 7.1 percent in April.

Virginia’s seasonally adjusted unemployment rate increased 0.1 percentage point this month to 5.3 percent. However, the labor force expanded for the second consecutive month, as both more people reported working and more people began looking for work. The labor force increased by 9,279 this month, as employment rose by 2,972 and the number of unemployed increased by 6,307. The May 2013 unemployment rate of 5.3 percent was 0.6 percentage point below the year-ago May rate of 5.9 percent.

Virginia’s seasonally adjusted unemployment rate is below the May national rate of 7.6 percent, which also increased 0.1 percentage point from April.

Virginia’s seasonally adjusted nonfarm employment fell by 1,700 jobs in May to a total of 3,765,900. May’s slight drop in nonfarm employment followed April’s upwardly revised job gain of 13,800 jobs, which was first reported as a gain of 12,100 jobs.

Nonetheless, seasonally adjusted nonfarm employment continues above the February 2010 trough of 3,594,600 jobs; however, it has yet to surpass the April 2008 pre-recession peak of 3,784,900 jobs. In May, private sector employment remained unchanged, while public sector payrolls decreased by 1,700 jobs.

From April 2013 to May 2013, seasonally adjusted employment decreased in six major industry divisions and increased in five. The largest job decrease during May occurred in private education and health services, down 2,100 jobs to 489,800 jobs. The job loss occurred in health care and social  assistance and followed last month’s increase of 2,800 jobs. Total government employment fell by 1,700 jobs to 716,700 jobs. The job losses in state (-2,100 jobs) and federal (-800 jobs) government employment outweighed the local government employment gain of 1,200 jobs, which was the seventh consecutive monthly job gain. Other losses were 1,200 jobs in professional and business services to 679,700; 1,200 jobs in construction to 180,000; 1,100 jobs in miscellaneous services to 188,100; and 500 jobs in finance to 194,500. The largest monthly job gain occurred in trade and transportation, up 4,200 jobs to 637,300 jobs, the second consecutive monthly increase. Job gains were posted in all sectors: retail trade (+1,800 jobs); transportation, warehousing, and utilities (+1,500 jobs); and wholesale trade (+900 jobs). Other gains were 1,500 jobs in leisure and hospitality to 364,800; 200 jobs in manufacturing to 233,300; and 100 jobs each in information and mining to 71,100 and 10,600, respectively.

Over the month, the May unadjusted workweek for Virginia’s 179,200 manufacturing production workers increased by 0.7 hour to 41.1 hours, average hourly earnings fell by $0.05 to $18.92, and average weekly earnings increased by $11.22 to $777.61. Compared to last May, the unadjusted workweek increased by 1.1 hours, average hourly earnings increased by $0.58, and average weekly earnings were higher by $44.01

Posted By Valerie Garner

Categories: Business

Tags: , ,


No Comments

Comments are not moderated. Notify any abuse at put ABUSE in the subject and the offensive post.

Leave a Reply