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RICHMOND, VA- Governor Glenn Youngkin today announced that according to BLS Local Area Unemployment Statistics ("LAUS", or "the household survey"), the labor force increased by 3,649 to 4,575,255 and Virginia's seasonally adjusted unemployment rate in October remained unchanged at 2.9 percent, which is 0.1 percentage points below the rate from a year ago. Job growth for the month was mixed, with BLS reporting a slight increase of 1,404 more employed residents, and nonfarm payroll a slight decrease of 3,000.
"With more than $85 billion in capital commitments from companies in Virginia or moving to Virginia since we started, job opportunities continue to abound in the Commonwealth," said Governor Glenn Youngkin. "Virginia's labor market remains strong, with continued growth in our labor force and a steadily low unemployment rate. As more people move to Virginia than away from the other 49 states for the first time in a decade, fostering a business-friendly environment remains a key priority that attracts investment, drives job creation, and ensures that every Virginian has the opportunity to succeed."
"Virginia's workforce is engaged and growing, with more individuals actively seeking and securing employment. The increase in both the labor force and the number of employed Virginians is a positive sign that we are creating the conditions for continued economic growth. Our focus remains on expanding workforce development opportunities to ensure Virginians are equipped with the skills needed for today's economy," said Secretary of Labor Bryan Slater.
Virginia's seasonally adjusted unemployment rate is 1.2 percentage points below the national rate, which remained unchanged at 4.1 percent. The number of unemployed residents increased by 2,245 to 133,596. The Commonwealth's labor force participation rate remained unchanged at 66.0 percent in October. The labor force participation rate measures the proportion of the civilian population age 16 and older that is employed or actively looking for work.
"Virginia's stable labor force participation rate reflects the determination and resilience of our workforce," said Secretary of Commerce and Trade Caren Merrick. "With a steady demand for talent and a commitment to creating a dynamic business environment, we are positioned for continued growth and success. We remain focused on fostering innovation and expanding job opportunities across the Commonwealth."
BLS publishes an additional employment figure from its Current Employment Statistics Survey ("CES" or "establishment survey"). 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. According to the latest CES data, Virginia has added 67,800 jobs in the last year, with 247,400 jobs gained since January 2022. Nonfarm payroll employment sits at 4,240,300 as of October 2024.
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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