Richmond, Virginia – Governor Glenn Youngkin revealed Virginia’s most recent job growth data last week, noting the creation of 15,000 non-farm payroll positions in June, as reported by the Bureau of Labor Statistics’ Current Employment Statistics Survey (CES).
Since January 2022, the state has added 258,000 employees. Despite national economic changes, Virginia’s seasonally adjusted unemployment rate remains stable at 2.7%, 0.1 percentage points more than last year but still significantly lower than the national average of 4.1%.
Governor Youngkin offered his support for the state’s economic strategy, saying, “Virginia’s continued, strong job growth this month reflects the success of our pro-business, pro-growth efforts that make Virginia the best state in the nation for business.” He underscored his commitment to policies that promote job creation and allocate major state resources to tax cuts, strategic investments, and company recruitment.
Virginia’s employment stability is further confirmed by Secretary of Labor Bryan Slater’s observations, who emphasized the state’s strong employment condition. Slater emphasized efforts to engage greater segments of the people in the workforce by providing appropriate skills and tools.
Secretary of Commerce and Trade Caren Merrick echoed these remarks, pointing to Virginia’s continued job growth as an optimal business environment. Merrick’s remark reinforces the state’s strategic goals to keep it an appealing destination for both economic development and job seekers.
According to June data from the BLS Local Area Unemployment Statistics (LAUS), or household survey, the number of employed Virginians has decreased by 1,786, bringing the total to 4,452,426.
The overall labor force decreased by 4,155 to 4,574,821. As a result, the labor force participation rate fell to 66.2%, indicating a slight decrease in the percentage of civilians aged 16 and older who are either working or actively seeking work. Additionally, the number of unemployed residents decreased by 2,369 to 122,395.
The CES, which is based on payroll records from employers liable to unemployment insurance, differs from the LAUS in both technique and breadth. The LAUS gives a broader view of the labor market through home interviews, whereas the CES provides a more focused count of jobs on company payrolls. It is vital to remember that the CES does not include business owners, self-employed individuals, unpaid volunteers, private home workers, or people involved in labor disputes.
This comprehensive examination of Virginia’s labor market demonstrates the state’s strong economic health as well as the success of its policies in keeping unemployment low and promoting job creation. As Virginia continues to execute effective financial policies, it is prepared to preserve its position as the best state for business in the country.
Residents and anybody interested in Virginia’s labor market should visit the Virginia Works LMI website for more extensive employment information and insights.