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Va. unemployment rate falls slightly in October

Gov. Terry McAuliffe has announced that Virginia’s seasonally adjusted unemployment rate decreased 0.1 percentage point in October to 4.2 percent, the fourth consecutive monthly decline.

At 4.2 percent, the seasonally adjusted unemployment rate is at its lowest level since August 2008 when it was also 4.2 percent. Virginia’s seasonally adjusted unemployment rate remains below the national rate, which fell 0.1 percentage point in October to 5.0 percent.

October was the 19th consecutive month of year-over-year employment growth in the commonwealth.

Virginia had the lowest seasonally adjusted unemployment rate among the Southeast states and had the third-best rate among the states east of the Mississippi.   

The average weekly wage for private employers was $915.95 in October, which is 3.7 percent above a year ago.

Speaking from India where he is on an international trade mission, Gov. McAuliffe said, “Virginia’s continued job growth is a clear indicator that our efforts to build a new Virginia economy are paying off. These new jobs numbers are encouraging, but the looming threats of sequestration and congressional dysfunction mean we cannot afford to let up one bit. The budget and legislative agenda I will put forward for the upcoming session will be devoted entirely to laying the foundation for continued economic growth now and for generations to come. I look forward to working across the aisle to continue our progress creating jobs and improving Virginians’ lives.”

“The private sector continues to catalyze job growth,” said Secretary of Commerce and Trade Maurice Jones added. “This is exactly what the commonwealth needs during this season of opportunity. Now we have to continue to make the investments and changes necessary to grow employment in every corner of our beloved commonwealth.”

From Oct. 2014 to Oct. 2015, Virginia’s seasonally adjusted total nonfarm employment was up 48,600 jobs. Over the year, employment grew 1.3 percent. For the past five months, employment has increased by 1.0 percent or slightly higher compared to a year ago, and October’s over-the-year growth of 1.3 percent was slightly stronger than the 1.0 percent over-the-year growth experienced in August and September. Over-the-year October job gains were recorded by both the private sector, which grew by 48,200 jobs, and the public sector, which grew by 400 jobs. Compared to a year ago, on a seasonally adjusted basis, nine of the 11 major industry divisions experienced employment gains.

For a greater statistical breakdown visit the Virginia Employment Commission’s website at www.vec.virginia.gov.