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RICHMOND, VA- Governor Glenn Youngkin today announced that according to the Bureau of Labor Statistics' ("BLS") Current Employment Statistics Survey ("CES" or "establishment survey"), Virginia reported non-farm payroll employment declined 5,800 in the month of August. Despite the loss over the month, the over-the-year statistics show growth of 61,600 jobs over the year and 238,200 added since January 2022.
"For the past two and a half years, we have driven record job growth and business investment despite inflationary headwinds from Washington," said Governor Glenn Youngkin. "This month's numbers draw our full attention to the importance of continuing to drive forward pro-growth, business friendly initiatives that keep Virginia accelerating."
"Recent data shows a reduction in the number of employed individuals, and a slight decrease in labor force participation. While these numbers reflect some of the current national challenges in the labor market, we are committed to targeted job training programs, improved employment services, and strategies to engage more people in the workforce. Our goal is to not only mitigate these short-term fluctuations but to build a stronger, more resilient labor market for the future," said Secretary of Labor Bryan Slater.
"We are closely analyzing the trends shown in this month's LAUS and CES figures and will continue to better our businesses and workforce," said Secretary of Commerce and Trade Caren Merrick. "By fostering innovation and supporting industries that drive growth, we aim to strengthen further Virginia's economic landscape and ensure a robust environment for employment creation and economic development. We will continue to work diligently to create opportunities for Virginians and build a resilient economy that can withstand the national headwinds."
The CES survey uses payroll records of establishment employers and is designed to provide a count of jobs under which the employer pays unemployment insurance. CES data shows a reduction of 5,800 payroll jobs in August to 4,241,100.
BLS publishes an additional employment figure from its Local Area Unemployment Statistics ("LAUS", or "the household survey"). LAUS data shows the number of employed residents decreased by 5,572 to 4,440,411in the month of August. Virginia's seasonally adjusted unemployment rate increased by 0.1 percentage points to 2.8 percent, while the labor force decreased by 2,172 to 4,568,536 as the number of unemployed residents increased by 3,400 to 128,125. The Commonwealth's labor force participation rate decreased by 0.1 percentage points to 66.0 percent in August. The labor force participation rate measures the proportion of the civilian population age 16 and older that is employed or actively looking for work.
The LAUS survey is based on household interviews conducted each month for the Bureau of Labor Statistics and provides comprehensive data on the labor force, including those who are employed and unemployed. Establishment survey data reflects changes for updated seasonal adjustment factors, and industry classification conversions (NAICS), as part of the annual benchmarking process.
The household survey only distinguishes between whether a person is employed or unemployed, whereas CES counts each employee that is on an employer's payroll. CES excludes business owners, self-employed persons, unpaid volunteers and private household workers, and those on unpaid leave or not working because of a labor dispute.
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