For Release:
August 16, 2024
August 16, 2024
Virginia’s July’s Unemployment Rate Remained Unchanged at 2.7 percent
~ Labor Force Participation Rate Decreased by 0.1 Percentage Points to 66.1 percent and Employment Decreased by 6,226 to 4,446,004 ~
RICHMOND— Virginia Works – the Commonwealth’s Department of Workforce Development and Advancement – today announced that Virginia’s seasonally adjusted unemployment rate in July remained unchanged at 2.7 percent, which is 0.1 percentage points above the rate from a year ago. According to household survey data in July, the labor force decreased by 4,066 to 4,570,647 as the number of unemployed residents increased by 2,160 to 124,643. The number of employed residents decreased by 6,226 to 4,446,004. Virginia’s seasonally adjusted unemployment rate is 1.6 percentage points below the national rate, which increased by 0.2 percentage points to 4.3 percent.
The Commonwealth’s labor force participation rate decreased by 0.1 percentage points to 66.1 percent in July. The labor force participation rate measures the proportion of the civilian population age 16 and older that is employed or actively looking for work.
In July, Virginia’s nonagricultural employment, from the monthly establishment survey increased by 4,800 to 4,256,200. June’s preliminary estimate of employment, after revision, decreased by 9,500 to 4,251,400. In July, private sector employment increased by 5,300 to 3,510,300 while government employment decreased by 500 to 745,900. Within that sector, federal government jobs decreased by 100 to 192,000, state government employment increased by 2,100 to 160,900, and local government decreased by 2,500 to 393,000 over the month.
Seasonally adjusted total nonfarm employment data is produced for eleven industry sectors. In July, five experienced over-the-month job gains, two remained unchanged, and four experienced a decline. The largest job gain occurred in Leisure and Hospitality (+4,600) to 420,300. The second largest job gain occurred in Professional and Business Services (+2,100) to 823,600. The third largest job gain occurred in Trade, Transportation, and Utilities (+800) to 678,900. The other gains were in Construction (+300) to 225,800, and Miscellaneous Services (+100) to 205,000.
The largest job loss occurred in Financial Activities (-1,800) to 219,800. The second largest job loss occurred in Information (-600) to 71,000. The third largest job loss occurred in Government (-500) to 745,900. The other loss was in Education and Health Services (-200) to 608,400.
Manufacturing as well as Mining and Logging remained unchanged.
Nonfarm Employment in Virginia*
Seasonally Adjusted
Industry | Employment | June 2024 to | July 2023 to | ||||
July | June | July | Change | % Change | Change | % Change | |
Total Nonfarm | 4,256,200 | 4,251,400 | 4,171,800 | 4,800 | 0.1% | 84,400 | 2.0% |
Total Private | 3,510,300 | 3,505,000 | 3,437,800 | 5,300 | 0.2% | 72,500 | 2.1% |
Goods Producing | 483,300 | 483,000 | 467,800 | 300 | 0.1% | 15,500 | 3.3% |
Mining and Logging | 7,300 | 7,300 | 7,300 | 0 | 0.0% | 0 | 0.0% |
Construction | 225,800 | 225,500 | 214,500 | 300 | 0.1% | 11,300 | 5.3% |
Manufacturing | 250,200 | 250,200 | 246,000 | 0 | 0.0% | 4,200 | 1.7% |
Service-Providing | 3,772,900 | 3,768,400 | 3,704,000 | 4,500 | 0.1% | 68,900 | 1.9% |
Private Service Providing | 3,027,000 | 3,022,000 | 2,970,000 | 5,000 | 0.2% | 57,000 | 1.9% |
Trade, Transportation, and Utilities | 678,900 | 678,100 | 672,000 | 800 | 0.1% | 6,900 | 1.0% |
Information | 71,000 | 71,600 | 70,000 | -600 | -0.8% | 1,000 | 1.4% |
Financial Activities | 219,800 | 221,600 | 222,500 | -1,800 | -0.8% | -2,700 | -1.2% |
Professional and Business Services | 823,600 | 821,500 | 809,100 | 2,100 | 0.3% | 14,500 | 1.8% |
Education and Health Services | 608,400 | 608,600 | 583,500 | -200 | -0.0% | 24,900 | 4.3% |
Leisure and Hospitality | 420,300 | 415,700 | 413,500 | 4,600 | 1.1% | 6,800 | 1.6% |
Miscellaneous Services | 205,000 | 204,900 | 199,400 | 100 | 0.0% | 5,600 | 2.8% |
Government | 745,900 | 746,400 | 734,000 | -500 | -0.1% | 11,900 | 1.6% |
Federal Government | 192,000 | 192,100 | 189,300 | -100 | -0.1% | 2,700 | 1.4% |
State Government | 160,900 | 158,800 | 153,900 | 2,100 | 1.3% | 7,000 | 4.5% |
Local Government | 393,000 | 395,500 | 390,800 | -2,500 | -0.6% | 2,200 | 0.6% |
*Current month's estimates are preliminary.
From July 2023 to July 2024, Virginia Works estimates that total nonfarm employment in Virginia increased by 84,400 to 4,256,200, private sector employment increased by 72,500 to 3,510,300, and government employment increased by 11,900 to 745,900 jobs. Within that sector, federal government jobs increased by 2,700 to 192,000, state government employment increased by 7,000 to 160,900, and local government increased by 2,200 to 393,000 over the year.
For the eleven industry sectors in Virginia over the year, nine experienced over-the-year job gains, one remained unchanged, and one experienced a decline. The largest job gain occurred in Education and Health Services (+24,900) to 608,400. The second largest job gain occurred in Professional and Business Services (+14,500) to 823,600. The third largest job gain occurred in Government (+11,900) to 745,900. The other gains were in Construction (+11,300) to 225,800; Trade, Transportation, and Utilities (+6,900) to 678,900; Leisure and Hospitality (+6,800) to 420,300; Miscellaneous Services (+5,600) to 205,000; Manufacturing (+4,200) to 250,200; and Information (+1,000) to 71,000.
The only job loss occurred in Financial Activities (-2,700) to 219,800. Mining and Logging remained unchanged.
Total Nonfarm Employment in Virginia*
Seasonally Adjusted
Area | Employment | June 2024 to | July 2023 to | ||||
July | June | July | Change | % Change | Change | % Change | |
Virginia | 4,256,200 | 4,251,400 | 4,171,800 | 4,800 | 0.1% | 84,400 | 2.0% |
Blacksburg-Christiansburg- | 85,900 | 85,600 | 82,400 | 300 | 0.4% | 3,500 | 4.2% |
Charlottesville MSA | 128,400 | 128,100 | 122,900 | 300 | 0.2% | 5,500 | 4.5% |
Harrisonburg MSA | 72,900 | 72,400 | 71,300 | 500 | 0.7% | 1,600 | 2.2% |
Lynchburg MSA | 105,900 | 106,200 | 103,800 | -300 | -0.3% | 2,100 | 2.0% |
Northern Virginia MSA | 1,598,700 | 1,603,300 | 1,576,400 | -4,600 | -0.3% | 22,300 | 1.4% |
Richmond MSA | 728,800 | 726,100 | 710,200 | 2,700 | 0.4% | 18,600 | 2.6% |
Roanoke MSA | 169,700 | 168,700 | 164,700 | 1,000 | 0.6% | 5,000 | 3.0% |
Staunton MSA | 54,200 | 54,100 | 53,700 | 100 | 0.2% | 500 | 0.9% |
Virginia Beach-Norfolk- | 824,900 | 821,600 | 808,400 | 3,300 | 0.4% | 16,500 | 2.0% |
Winchester MSA | 73,500 | 73,000 | 71,800 | 500 | 0.7% | 1,700 | 2.4% |
*Current month's estimates are preliminary.
Seasonally adjusted total nonfarm employment data is produced for ten metropolitan areas. In July, eight experienced over-the-month job gains, and two experienced a decline. The largest job gain occurred in Virginia Beach-Norfolk-Newport News (+3,300) to 824,900. The second largest job gain occurred in Richmond (+2,700) to 728,800. The third largest job gain occurred in Roanoke (+1,000) to 169,700. The other gains were in Harrisonburg (+500) to 72,900; Winchester (+500) to 73,500; Blacksburg-Christiansburg-Radford (+300) to 85,900; Charlottesville (+300) to 128,400; and Staunton (+100) to 54,200.
The largest job loss occurred in Northern Virginia (-4,600) to 1,598,700. The second largest job loss occurred in Lynchburg (-300) to 105,900.
Over the year, all metro areas experienced over-the-year job gains. The largest job gain occurred in Northern Virginia (+22,300) to 1,598,700. The second largest job gain occurred in Richmond (+18,600) to 728,800. The third largest job gain occurred in Virginia Beach-Norfolk-Newport News (+16,500) to 824,900. The other gains were in Charlottesville (+5,500) to 128,400; Roanoke (+5,000) to 169,700; Blacksburg-Christiansburg-Radford (+3,500) to 85,900; Lynchburg (+2,100) to 105,900; Winchester (+1,700) to 73,500; Harrisonburg (+1,600) to 72,900; and Staunton (+500) to 54,200.
Not Seasonally Adjusted Data
Virginia’s unadjusted unemployment rate increased by 0.3 percentage points to 3.3 percent in July. It has increased by 0.4 percentage points to 3.3 percent compared to last year. Compared to a year ago, the number of unemployed increased by 20,081 to 151,694, household employment decreased by 15,986 to 4,454,089, and the labor force increased by 4,095 to 4,605,783. Virginia’s not seasonally adjusted unemployment rate is 1.2 percentage points below the national unadjusted rate, which increased by 0.2 percentage points to 4.5 percent.
Compared to last month, the July unadjusted workweek for Virginia’s 160,200 manufacturing production workers increased by 0.9 to 39.8 hours. Average hourly earnings of private-sector production workers decreased by $0.20 to $26.32, and average weekly earnings increased by $15.91 to $1,047.54.
###
Technical note: Estimates of unemployment and industry employment levels are obtained from two separate monthly surveys. Resident employment and unemployment data are mainly derived from the Virginia portion of the national Current Population Survey (CPS), a household survey conducted each month by the U.S. Census Bureau under contract with BLS, which provides input to the Local Area Unemployment Statistics (LAUS) program (often referred to as the “household” survey). Industry employment data is mainly derived from the Current Employment Statistics (CES) survey, a monthly survey of approximately 18,000 Virginia businesses conducted by BLS, which provides estimates of employment, hours, and earnings data broken down by industry for the nation as a whole, all states and most major metropolitan areas (often referred to as the “establishment” survey). Both industry and household estimates are revised each month based on additional information from updated survey reports compiled by the BLS. For national figures and information on how COVID-19 affected collection of the BLS establishment and household surveys in April 2020, refer to the BLS July Employment Situation press release for details.
The statistical reference week for the household survey this month was the week of July 7-13, 2024.
Virginia Works plans to release the July local area unemployment rates on Wednesday, August 28, 2024. The data will be available on our website www.VirginiaWorks.com. The August 2024 statewide unemployment rate and employment data for both the state and metropolitan areas are scheduled to be released on Friday, September 20, 2024.
Files detailing July's unemployment numbers are available below:
