Virginia unemployment rate increases to 2.7% in October

RICHMOND, Va. (WRIC) — Virginia’s unemployment rate held steady with a slight increase to 2.7% in October, still 0.7% lower than the same point a year ago.

According to data released by the Virginia Employment Commission (VEC), the commonwealth’s seasonally adjusted unemployment rate of 2.7% continues to be below the national rate, which rose to 3.7%.

The number of employed Virginia residents dropped by 2,503 as employers added 6,900 jobs in October.

Virginia’s overall labor force participation rate — the proportion of residents age 16 and older employed or actively looking for work — held steady at 63.6%, above the national rate of 62.2%.

From October 2021 to October 2022, the VEC estimates that businesses in Virginia gained 127,600 jobs, an increase of 3.2%. Compared to a year ago, all industry sectors have increased except the finance sector which has decreased by 3,500 jobs since October last year.

Over the course of October, employment in all but three major industry sectors increased or held steady.

The leisure and hospitality sector continued its downward trajectory and lost an estimated 2,100 employees — it lost 3,500 in September. There was also a loss of approximately 800 jobs in the finance sector and 100 jobs in the trade, transportation and utilities sector.

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