November Virginia economic indicators mixed

RICHMOND, VA – Virginia Governor Glenn Youngkin that  the number of employed residents dropped by 7,426 in November and according to BLS Local Area Unemployment Statistics (“LAUS”, or “the household survey”), the labor force in Virginia showed little change, decreasing by 519 to 4,347,555.

According to LAUS, the number of employed residents was 4,223,765 in November and since January 2022, over 85,000 more Virginians are employed. Virginia’s unemployment rate of 2.8 percent edged up 0.1 of a percentage point from October but remained below the national rate, which was unchanged at 3.7 percent. For November, the number of unemployed residents increased by 6,907 to 123,790 which is 15,000 lower than January.

BLS publishes an additional employment figure from its Current Employment Statistics Survey (“CES” or “establishment survey”). Virginia CES employment fell by 2,200 jobs in November to 4,095,100, which is 102,000 more jobs than in January.

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. 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.

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.

“As we near the end of another turbulent year in the global economy, there are many indicators to believe that Virginia is in a position of strength,” said Governor Glenn Youngkin.“Our key challenge remains getting people who have left the labor market during the pandemic back into the workforce.”

Despite the decline in household employment in the month, growth throughout the year remains strong, with changes averaging nearly 9,500 a month. This is over twice the 2021 average and a third more than the pre-pandemic average in 2019. Virginia’s seasonally adjusted unemployment rate of 2.8 percent is a half of a percentage point below the rate from a year ago.

The Commonwealth’s labor force participation rate, which measures the proportion of the civilian population age 16 and older that is employed or actively looking for work, was unchanged at 63.6 percent in November from October’s revised rate.