Governor Glenn Youngkin Announces Continued Low Unemployment Rate at 2.7 Percent, 1.6 Points Below National Rate

Governor Glenn Youngkin Announces Continued Low Unemployment Rate at 2.7 Percent, 1.6 Points Below National Rate

RICHMOND, VA-Governor Glenn Youngkin today announced that according to BLS' Current Employment Statistics Survey ("CES" or "establishment survey"), Virginia reported non-farm payroll employment gains of 4,800 in the month of July. According to BLS Local Area Unemployment Statistics ("LAUS", or "the household survey"), Virginia's seasonally adjusted unemployment rate in July remained unchanged at 2.7 percent, 1.6 points below the national rate which climbed 0.2 points to 4.3 percent this month.

"Virginia's payroll employment gains and steady unemployment rate this month reflect the positive momentum and resilience of our state's economy. This is a testament to the effectiveness of our focus on job creation and business-friendliness in Virginia as nationwide pressures from inflation and elevated interest rates continue impacting families in the Commonwealth and across the country," said Governor Glenn Youngkin.

"The consistent payroll employment growth shows Virginia's success with aligning job opportunities to the skills of our residents," said Secretary of Labor Bryan Slater."We will continue to drive initiatives that bring Virginians off the sidelines and into the labor market to continue the strength of Virginia's workforce."

"With businesses steadily hiring and expanding, along with consistently low unemployment, we're on a stable path to continue Virginia's growth" said Secretary of Commerce Caren Merrick."Our focus remains on continuing to foster a business-friendly environment that attracts investment and promotes long-term economic growth across all sectors of the Commonwealth."

According to BLS' household survey, the number of employed residents decreased by 6,226 to 4,446,004. The labor force decreased by 4,066 to 4,570,647, labor force participation rate decreased by 0.1 percentage points to 66.1 percent, as the number of unemployed residents increased by 2,160 to 124,643. The labor force participation rate measures the proportion of the civilian population age 16 and older that is employed or actively looking for work.

BLS publishes an additional employment figure from its Current Employment Statistics Survey ("CES" or "establishment survey"). The CES survey uses payroll records of establishment employers and is designed to provide a count of jobs under which the employer pays unemployment insurance. Over the month of July, BLS reported non-farm payroll employment gains of 4,800. Revisions to the June 2024 CES preliminary estimates brought the previous month's employment gains down from 15,000 to 5,500. Incorporating the revisions, 253,300 jobs have been added since January 2022.

The LAUS survey is based on household interviews conducted each month for the Bureau of Labor Statistics and provides comprehensive data on the labor force, including those who are employed and unemployed. Establishment survey data reflects changes for updated seasonal adjustment factors, and industry classification conversions (NAICS), as part of the annual benchmarking process.

The household survey only distinguishes between whether a person is employed or unemployed, whereas CES counts each employee that is on an employer's payroll. CES excludes business owners, self-employed persons, unpaid volunteers and private household workers, and those on unpaid leave or not working because of a labor dispute.

For more details, visit the Virginia Works LMI website at https://virginiaworks.com/.

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