Virginia loses jobs even as unemployment falls
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Virginia's unemployment rate ticked down to 3.5% in the latest preliminary jobs report, Gov. Youngkin announced last week.
Why it matters: It's the first decrease in the state's unemployment rate this year.
By the numbers: Virginia's unemployment rate hit 3.5% in September, a 0.1% drop from 3.6% in August (and July), per preliminary Bureau of Labor Statistics (BLS) data.
- Prior to August, the state's jobless rate had notched up slightly every month from January through July.
- Virginia's unemployment rate continues to hover below the national rate, which rose to 4.4% in September, the highest since Oct. 2021, Axios' Courtenay Brown and Neil Irwin report.
Meanwhile, the state added just over 28,000 nonfarm jobs in the last year and overall nonfarm employment increased by 273,800 since January 2022, per the latest BLS report.
What they're saying: "This month's report shows encouraging signs: unemployment fell, and Virginia's long-term job growth remains solid," Virginia Labor Secretary Bryan Slater said in a statement.
Yes, but: The state lost 5,000 jobs in September, per the report, including around 900 roles in metro Richmond, as the Times-Dispatch notes.
- And Virginia's overall labor force decreased by around 7,400 people — representing people working or looking for work — ticking down the state's labor force participation by 0.1 percentage points to 64.6% for September.
What we're watching: For more updated jobs reports as federal government workers get back up to speed post-shutdown — and Virginians get a clearer picture of what's happening.