Governor Glenn Youngkin yesterday announced that according to the Bureau of Labor Statistics’ (BLS) Current Employment Statistics Survey (“CES” or “establishment survey”) data, Virginia’s nonfarm payroll employment increased by 1,200 over-the-month to 4,276,100, a 49,400 increase since May 2024. Since January 2022, the CES job count has increased by 271,500.
“The continued growth in nonfarm payrolls underscores the strength of Virginia’s job market,” said Governor Glenn Youngkin. “The addition of 1,200 jobs in May, along with the upward revision of 2,200 jobs in April, reflects Virginia’s financial strength, driven by companies growing and hiring more Virginians.”
According to BLS Local Area Unemployment Statistics (“LAUS”, or “the household survey”), Virginia’s seasonally adjusted unemployment rate in May edged up by 0.1 percentage points to 3.4 percent, which is 0.6 percentage points above the rate from a year ago. Virginia’s rate is 0.8 percentage points below the national rate, which remained unchanged at 4.2 percent in May.
“The growth in nonfarm payroll employment shows that Virginia’s labor market remains resilient, and we are committed to equipping our workforce with the tools they need to succeed. The slight increase in the unemployment rate and decrease in labor force are indications that we must continue to support workforce participation,” said Secretary of Labor Bryan Slater.
The Commonwealth’s labor force participation rate decreased by 0.2 percentage points to 65.2 percent in May. The labor force participation rate measures the proportion of the civilian population age 16 and older that is employed or actively looking for work. Virginia’s labor force participation rate remains 2.8 percentage points above the national rate, which also decreased by 0.2 percentage points in May to 62.4 percent. The labor force decreased by 11,531 to 4,568,075 as the number of employed residents decreased by 15,460 to 4,412,157. The number of unemployed residents increased by 3,929 to 155,918.
“The 1,200 jobs added in April reflect our efforts to attract new business investments and create diverse economic opportunities for our communities. We are focused on fostering an environment where companies can grow, innovate, and create more jobs for Virginians,” said Secretary of Commerce and Trade Juan Pablo Segura.
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. Establishment survey data reflects changes due to updated seasonal adjustment factors and industry classification conversions (“North American Industry Classification System” or “NAICS”), as part of the annual benchmarking process.
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.
