Fred Chamber May_June Magazine FINAL

Virginia’s jobless rate continues to fall
By Virginia Business
Virginia’s unemployment rate continued
to decline in March, falling to 3.8
percent.
The Virginia Employment Commission
said Friday that the commonwealth’s
jobless rate dipped one-tenth of a
percentage point during March, the
third consecutive monthly decrease.
The unemployment rate is based on
seasonally adjusted numbers, meaning
they take into account seasonal
fluctuations in the state’s labor force.
March’s unemployment rate is the
lowest recorded in Virginia since May
2008. The March rate is two-tenths of a
percentage point lower than the figure
recorded in March 2016.
The commonwealth’s March 2017
unemployment rate also is seventenths
of a percentage point lower than
the national rate for that month, 4.5
percent.
While Virginia’s jobless rate dipped in
March, its total nonfarm employment
decreased by 5,000 jobs to 3,955,300
after rising by 27,500 jobs during the
previous three months.
In reporting its March figures, the VEC
revised its estimate of jobs gained in
February. The new total for that month
now stands at 14,000 jobs, up 2,600
from the original estimate of 11,400
jobs.
News
During the past 12 months, March 2016
to March 2017, the state has recorded a
net gain of 45,800 jobs.
In March, employment fell in five major
industry categories, while rising in four
and remaining unchanged in two.
The biggest decrease during the month
came in the trade and transportation
sector, which fell 5,000 jobs to 665,600.
The largest gain in employment
occurred in professional and business
services, up 2,900 jobs to 731,600.
Employment in finance and mining
remained unchanged in Virginia
during March at 204,400 and 7,900,
respectively.
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MAY/JUNE 2017 Fredericksburg Regional Business 11