Virginia unemployment drops for 17 straight months; unemployment rate falls to 3.6% in October

Virginia News

RICHMOND, Va. (WAVY) — On Friday, Gov. Ralph Northam announced that the seasonally adjusted unemployment rate fell to 3.6 percent in August as the Commonwealth’s labor force expanded to 4,256,634.

Data also shows that the number of employed residents rose to 4,102,508, an increase of 13,484.

“Virginia’s economy is making great strides, with the lowest unemployment rate since the COVID-19 pandemic began,” said Northam. “The positive trend is the result of careful fiscal management and our extensive work to make Virginia a welcoming and open place. This approach has served Virginia well and continuing it will deliver further economic gains for the Commonwealth.” 

Year-over-year, the Commonwealth saw job gains of 2 percent, which is higher than what was reported last month. Virginia’s seasonally adjusted unemployment rate continues to be below the national rate of 4.6 percent.

“The declining unemployment rate and growth across many industries suggest that Virginia’s economy is as dynamic as ever,” said Secretary of Labor Megan Healy. “Employers and employees are working together on our economic recovery, and we should all be proud of how far we have come.” 

The total nonfarm payroll employment increased by 19,400 jobs over the month, while the number of unemployed residents decreased by 7,566 to 154,126.

“The Commonwealth’s job market recovery maintained its momentum through October, another positive sign of what’s to come for Virginia’s post-pandemic economy,” said Secretary of Commerce and Trade Brian Ball. “With nearly 20,000 jobs added and growth across ten of the eleven major industrial sectors since last year, Virginia’s economy continues its favorable growth trajectory.”

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