Virginia’s unemployment rate dips again
Virginia’s seasonally adjusted unemployment rate fell 0.1 percent in May to 3.8 percent, the lowest in eight years, according to the Virginia Employment Commission.
Virginia’s unemployment rate remains below the national average of 4.7 percent. The seasonally adjusted rate accounts for fluctuations in the job market each year.
However, in May, private sector employment decreased by 7,300 jobs to 3,188,300, while public sector payrolls increase by 1,200 jobs to 714,000. A strike by Verizon Communications Inc. employees accounted for about two-thirds of the decline.
Over the past year, Virginia’s seasonally adjusted total nonfarm employment was up 1.8 percent, or by 67,900 jobs.
Over the past month, seasonally adjusted employment decreased in five major industry divisions: information; leisure and hospitality; trade and transportation; miscellaneous services and private education and health services. Mining employment remained the same.
Employment grew in the professional and business services, construction and government divisions. Employment grew slightly in two divisions: manufacturing (400 jobs) and finance (100 jobs).