Virginia’s unemployment rate dropped 0.3% to 5.3% in January, but remained 2.8% higher than January 2020, Gov. Ralph Northam said Monday.
Total non-farm payroll employment rose by 14,100 jobs in January. Virginia’s seasonally adjusted unemployment rate continues to be below the national rate, which fell to 6.2% in February from 6.3% in January.
“While the COVID-19 pandemic continues to put incredible strain on our economy, we are hopeful that the unemployment rate will continue to fall as more people get the vaccine and return to work,” Northam said.
For January, Virginia was ranked 23rd in the nation by the Bureau of Labor Statistics for its seasonally adjusted unemployment rate, along with Kentucky, Ohio and South Carolina.
“We can see the light at the end of the tunnel as the vaccines are being distributed and we work to safely reopen key sectors of our economy,” said Secretary of Commerce and Trade Brian Ball.
Since the pandemic began, Virginia has seen 596,000 coronavirus cases with 10,060 deaths.
In January, the labor force fell 1,452 to 4,253,627. The number of unemployed dropped 8,920 while the number of employed residents rose 7,468. The private sector recorded a year-over-year loss of 160,800, while employment in the public sector was down 33,100.
Compared to a year ago, on a seasonally adjusted basis, the largest job losses occurred in leisure and hospitality, which saw employment fall 19.4%, a loss of 81,600 jobs.
Until the pandemic began, Virginia’s employment growth had been positive for six straight years.
The state's general obligation bonds are rated triple-A by Moody's Investors Service, S&P Global Ratings and Fitch Ratings.
