Governor Glenn Youngkin announced that Virginia’s unemployment rate has decreased to 3.5 percent as of September. This figure is notably 0.9 percentage points below the national average, which rose to 4.4 percent.
Job Growth in Virginia
Over the past year, Virginia has seen a gain of 28,200 nonfarm jobs. Since January 2022, total nonfarm employment has increased by 273,800 jobs, as reported by the Bureau of Labor Statistics (BLS).
Revised Job Estimates
- August’s job estimates were revised upward by 1,800, bringing the total to 9,000.
- In September, there was a reported decrease of 5,000 jobs, influenced by model-based reductions in state government employment.
- Actual payroll records suggest that state government employment actually increased last month.
Labor Force Statistics
According to the BLS’s Local Area Unemployment Statistics (LAUS), the labor force in Virginia decreased by 7,418 to 4,540,292. The number of unemployed residents declined by 2,631, totaling 160,199.
Labor Force Participation Rate
The labor force participation rate for Virginia is now 64.6 percent, following a 0.1 percentage point decrease in September. This statistic reflects the proportion of the civilian population aged 16 and older that is either employed or actively seeking employment.
Governor Youngkin’s Statement
Governor Youngkin emphasized that Virginia’s job market shows consistent strength, having added over 270,000 jobs since his administration commenced. He noted that the decline in reported state government employment is a statistical adjustment rather than an actual job loss.
Future Job Growth Outlook
Given the discrepancies between federal models and actual payroll data, significant upward job revisions are anticipated. Governor Youngkin reiterated that employment opportunities are expanding across Virginia.
