RICHMOND, Va. — Governor Ralph Northam said that more people are working in Virginia than ever before. On Tuesday he announced that employment levels rose and unemployment dropped in October.
The Commonwealth's seasonally adjusted unemployment rate decreased 0.1 percentage point in October to 2.6 percent, which is 0.2 percentage point below the rate from a year ago.
In October, the labor force expanded for the sixteenth consecutive month by 13,547, or 0.3 percent to set a new record high of 4,427,753, as the number of unemployed residents decreased by 2,368. Household employment increased by 15,915 to set a new high of 4,311,113. Virginia’s seasonally adjusted unemployment rate continues to be below the national rate, which increased to 3.6 percent.
Northam said Virginia has the lowest seasonally adjusted unemployment rate among the Southeast states along with South Carolina. The state has the second-best rate among the states east of the Mississippi along with New Hampshire and South Carolina.
Virginia is ranked fourth in the nation for the seasonally adjusted unemployment rate along with Colorado, Iowa, New Hampshire, and South Carolina.
“Virginia’s economy is headed in the right direction,” said Governor Northam, traveling on an economic development mission in the Middle East. “The competition for talent is on because low unemployment gives workers more options about where to work. Next month, we will put forward a budget that continues investing in workforce development to ensure long-term, shared economic growth in our Commonwealth. We want Virginia to be the best state to work in and the best place to run a business.”
For a greater breakdown of the unemployment rate, click here.
