Wednesday, June 29 2022

RICHMOND, VA – On May 20, 2022, Governor Glenn Youngkin announced that Virginia’s unemployment rate held steady at 3% in April, while total nonfarm payroll employment increased by 13,600 jobs. The Commonwealth’s seasonally adjusted unemployment rate of 3% is 1.3 percentage points lower than the rate a year ago. The labor force increased by 18,281 to 4,329,907, while the number of unemployed residents fell by 1,324 to 129,771. The number of employed residents increased by 19,605 to 4,200,136.

According to BLS household survey data, Virginia’s labor force grew to more than 4.3 million workers in April 2022. Since February of this year, the labor force has grown by more than 52,000 people. . The average monthly growth in the size of the labor force from February to April 2022 was 17,352, while the average for 2021 was -1,653. Labor force growth Labor force growth in March was the second largest monthly increase, while in April the third was the largest since 1976.

The Commonwealth labor force participation rate rose 0.2 percentage points to 63.5% in April. The activity rate measures the proportion of the civilian population aged 16 and over who are employed or actively seeking work.

“We have more than 60,000 Virginians working today than when I took office,” Gov. Glenn Youngkin said. “Our state continues to create jobs month after month as we expand opportunities for businesses and families in every corner of the Commonwealth. There is still work to be done, Virginia still has thousands of jobs falling short. pre-pandemic levels. Our mission remains clear, to continue to make Virginia the best place to live, work and raise a family.

“The number of employed residents increased by a total of almost 62,000 and an average of 20,500 in February, March and April 2022, compared to an average of less than 5,000 per month in 2021,” said the Secretary of Commerce and Development. Trade Caren Merrick. “Furthermore, the labor force participation rate rose to 63.5%, almost a full percentage point higher than at the end of 2021. This indicates that many Virginians are coming off the sidelines and get back in the game.”

“The unemployment rate has not increased in two years and is one-third lower than a year ago,” Labor Secretary Bryan Slater said. “While the unemployment rate can sometimes decline even when jobs are lost, VEC data for April showed that total employment increased while unemployment declined. These trends indicate that Virginia’s recovery from the most recent recession progresses.

Payroll employment in Virginia increased by 13,600 to 4,037,800 in April. From April 2021 to April 2022, the VEC estimates that establishments in Virginia created 124,500 jobs, an increase of 3.2%. In April, the private sector recorded a year-over-year gain of 115,700 jobs, while public sector employment gained 8,800 jobs.

Compared to a year ago, on a seasonally adjusted basis, nine of the eleven major industrial divisions saw employment increases while two saw employment declines. The largest job gain over the year was in the leisure and hospitality industry, up 62,400 jobs (+18.4%). The second largest job gain over the year was in professional and business services, with up to 18,600 jobs (+2.4%). The second largest job gain over the year was in education and health services, with up to 18,000 jobs (+3.4%). Other job gains were in trade and transportation (+11,200 jobs), government (+8,800 jobs), miscellaneous (+6,400 jobs), information (+2,300 jobs), construction (+300 jobs) and mining (+200 jobs). Within government, local (+2,500 jobs) and state (+700 jobs) both gained jobs over the year, while federal government saw employment declines ( -700 jobs). The largest job loss in April occurred in finance (-2,700 jobs) to 207,500. The second largest decline occurred in manufacturing with a decline of 1,000 jobs to 235,900 .

For more details, visit the Virginia Employment Commission website at vec.virginia.gov.


Previous

CBL Properties Follows Strongest-Performing Bankruptcy in Over 15 Years, Says CEO

Next

FanDuel's Amy Howe to Participate in Fireside Chat at SBC Summit North America

Check Also