Richmond, Virginia – Virginia reported positive employment trends in July, with non-farm payroll employment gains of 4,800 jobs and an unchanged unemployment rate of 2.7%, according to data from the Bureau of Labor Statistics (BLS). Governor Glenn Youngkin, along with State Labor and Commerce officials, highlighted these figures as evidence of the state’s strong and resilient economy, despite national pressures such as inflation and rising interest rates.
Positive Employment Growth Amidst National Challenges
Governor Youngkin celebrated Virginia’s steady economic progress in the face of difficult national economic conditions, stating, “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.”
The state’s unemployment rate of 2.7% is significantly lower than the national average of 4.3%, which saw an increase of 0.2 points in July. Virginia’s unemployment rate has remained stable, underscoring the strength of its labor market even as other regions grapple with economic uncertainties.
Job Gains and Labor Force Data
Virginia’s non-farm payroll employment grew by 4,800 jobs in July, continuing the state’s upward trend in job creation. However, revisions to previous months’ data showed that the June 2024 gains were adjusted downward from 15,000 to 5,500 jobs. Since January 2022, a total of 253,300 jobs have been added, according to BLS figures.
Secretary of Labor Bryan Slater emphasized the importance of aligning job opportunities with the skills of Virginia’s workforce. “The consistent payroll employment growth shows Virginia’s success with aligning job opportunities to the skills of our residents,” he said. Slater also reaffirmed the state’s commitment to workforce initiatives, stating, “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.”
While employment continued to grow, there were some fluctuations in the labor force. The number of employed residents decreased by 6,226 in July, bringing the total employed population to 4,446,004. The labor force itself shrank slightly by 4,066 to 4,570,647, and the labor force participation rate dipped by 0.1 percentage points to 66.1%. The number of unemployed residents increased by 2,160 to 124,643, reflecting some softness in the labor market.
Virginia’s Economic Resilience
Secretary of Commerce Caren Merrick praised the state’s continued success in fostering a pro-business environment, which has driven job growth and economic stability. “With businesses steadily hiring and expanding, along with consistently low unemployment, we’re on a stable path to continue Virginia’s growth,” she said. Merrick added that the state remains committed to fostering long-term growth across all sectors of the economy.
The state has also made progress in fulfilling the recommendations of the Volunteer Fire Service Task Force, improving sustainability in volunteer fire services and other areas of public service.
Analyzing the Data
The BLS provides two key surveys used to track employment trends: the Current Employment Statistics Survey (CES) and the Local Area Unemployment Statistics (LAUS). The CES tracks payroll employment through business payroll records, while the LAUS focuses on labor force participation and unemployment data through household interviews.
In Virginia, both surveys have shown positive signs for the state’s economy, with the CES showing consistent job growth and the LAUS confirming a stable unemployment rate. Virginia’s economy remains robust, and state officials are committed to continuing the progress seen in recent years.
For more detailed information on Virginia’s employment statistics and economic outlook, visit the Virginia Works LMI website at https://virginiaworks.com/.
