Richmond, Virginia – Governor Glenn Youngkin announced Virginia’s latest job growth figures last week, highlighting the addition of 15,000 non-farm payroll jobs in June, as reported by the Bureau of Labor Statistics’ Current Employment Statistics Survey (CES). Since January 2022, the state has seen an increase of 258,000 jobs. Despite national economic fluctuations, Virginia’s seasonally adjusted unemployment rate holds steady at 2.7%, slightly higher than last year by 0.1 percentage points but still well below the national rate of 4.1%.
Governor Youngkin expressed his enthusiasm for the state’s economic direction, stating, “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 emphasized his commitment to policies that stimulate job creation and provide significant state resources for tax reduction, strategic investments, and business attraction.
Virginia’s employment stability is further supported by the insights of Secretary of Labor Bryan Slater, who noted the state’s robust employment situation. Slater highlighted efforts to mobilize additional segments of the population into the workforce by providing necessary training and resources.
Echoing these sentiments, Secretary of Commerce and Trade Caren Merrick commented on the sustained job growth, underscoring Virginia’s status as an ideal environment for business. Merrick’s statement reinforces the state’s strategic initiatives to ensure it remains an attractive location for both business development and job seekers.
The June statistics from the BLS Local Area Unemployment Statistics (LAUS), or household survey, reveal a slight decline in the number of employed Virginians, with a decrease of 1,786, bringing the total to 4,452,426. The overall labor force also saw a reduction, decreasing by 4,155 to 4,574,821. Consequently, the labor force participation rate dipped to 66.2%, illustrating a small decline in the percentage of the civilian population aged 16 and older that is either employed or actively seeking employment. Additionally, the number of unemployed residents fell by 2,369 to 122,395.
The CES, which relies on payroll records from employers subject to unemployment insurance, contrasts with the LAUS in its method and scope. While the LAUS provides a broader view of the labor market through household interviews, the CES delivers a more focused count of jobs under employers’ payrolls. It is important to note that the CES does not account for business owners, the self-employed, unpaid volunteers, private household workers, or those affected by labor disputes.
This comprehensive look at Virginia’s labor market showcases the state’s robust economic health and the effectiveness of its policies in maintaining a low unemployment rate and fostering job growth. As Virginia continues to implement strategic economic policies, it is poised to maintain its leadership as a top state for business in the nation.
For more detailed employment statistics and insights into Virginia’s labor market, residents and interested parties are encouraged to visit the Virginia Works LMI website.
