Gov. Youngkin Announces Commonwealth’s Unemployment Rate Held Steady at 3.3% in January

Staff Reports

TalkWinchester.com

RICHMOND, VA – Governor Glenn Youngkin today announced that Virginia’s unemployment rate remained unchanged at 3.3 percent in January, while total nonfarm payroll employment decreased by 4,900 jobs. The Commonwealth’s seasonally adjusted unemployment rate of 3.3 percent is 1.5 percentage points below the rate from a year ago. The labor force increased by 16,461 to 4,277,757, as the number of unemployed residents decreased by 1,892 to 139,261. The number of employed residents rose by 18,353 to 4,138,496. Virginia’s seasonally adjusted unemployment rate continues to be below the national rate, which rose from 3.9 to 4.0 percent in January.

The Commonwealth’s labor force participation rate increased slightly by 0.3 percentage points to 62.9 percent in January. The labor force participation rate measures the proportion of the civilian population age 16 and older that is employed or actively looking for work.

“My administration is committed to boosting economic growth, creating jobs, attracting businesses, and lowering the cost of living for all Virginians,” said Governor Youngkin. “One of our top priorities is ensuring that Virginia’s economy serves and benefits Virginia’s workers, businesses, and families alike.”

“The economic growth that we have seen in recent months slowed slightly in January, but that’s no cause for worry,” said Secretary of Commerce and Trade Caren Merrick. “Our unemployment rate continues to be below the national rate, and our labor force participation rate rose to 62.9% last month. We’re confident that our business and worker friendly policies will continue to spur economic growth throughout the Commonwealth in the months ahead.”

“We see plenty of good signs for Virginia’s economy”, said Secretary of Labor Bryan Slater. “In recent months we have seen employers across the Commonwealth, and the nation, struggle to find and retain quality workers. We must work together with our workforce development partners to ensure that workers in Virginia have access to training and resources necessary to fill these positions.”

From January 2021 to January 2022, the VEC estimates that establishments in Virginia gained 89,800 jobs, an increase of 2.3%. In January, the private sector recorded an over-the-year gain of 83,400 jobs, while employment in the public sector gained 6,400 jobs. Compared to a year ago, on a seasonally adjusted basis, eight of eleven major industry divisions experienced employment increases while three saw employment decrease. The largest over-the-year job gain occurred in leisure and hospitality, up 46,200 jobs (+13.7%). The next largest over-the-year job gain occurred in professional and business services, up 17,700 jobs (+2.3%). Other job gains occurred in trade and transportation (+10,700 jobs), education and health services (+7,800 jobs), and government (+6,400 jobs). Within government, only local government saw an increase in employment (+11,100 jobs) while state (-4,500 jobs) and federal government (-200 jobs) both lost jobs over the year. The largest job decrease over the year occurred in manufacturing which lost 2,800 jobs (-1.2%). Other employment losses occurred in construction (-1,700 jobs) and finance (-1,600 jobs).

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