PDF of Press Release

Virginia’s Latest Unemployment Insurance Weekly Initial Claims at 3,202

Virginia Job Openings and Layoffs Up in July

~ Latest BLS Jobs Openings and Labor Turnover Survey Indicates Active Labor Market in July with Increases in Job Openings, Hires and Job Separations ~

RICHMOND— Virginia Works (the Virginia Department of Workforce Development and Advancement) announced today that the U.S. Bureau of Labor Statistics’ July 2024 Job Openings and Labor Turnover Survey (JOLTS) reports a large increase in Virginia layoffs and discharges after many months of calm.

According to the most recent BLS JOLTS survey data, the number of July 2024 layoffs and discharges in Virginia rose by 30,000 over the month and compared with five years earlier. BLS JOLTS data provides information on all the pieces that go into the net change in the number of jobs. These components include job openings, hires, layoffs, voluntary quits, and other job separations (which includes retirements and worker deaths). Putting those components together reveals the overall change in payroll employment. JOLTS data is seasonally adjusted and describes conditions on the last business day of the month. Current month’s data are preliminary and the previous month’s data have been revised.

On the last business day in July, there were 273,000 job openings in Virginia, seasonally adjusted, an increase of 28,000 from June’s revised figure. The number of U.S. job openings was little changed at 7.7 million and was down by 1.1 million over the year. The number of job openings decreased in health care and social assistance (-187,000); state and local government, excluding education (-101,000); and transportation, warehousing, and utilities (-88,000). Job openings increased in professional and business services (+178,000) and in federal government (+28,000). Significant decreases in the job openings level occurred in New York (-91,000), Minnesota (-41,000), and Massachusetts (-37,000). Significant increases occurred in Virginia (+28,000) and in Louisiana and Oklahoma (+14,000 each).

In Virginia, the July job openings rate was six percent, up nearly half of a percentage point from June’s rate. Nationwide, the job openings rate, at 4.6 percent, changed little in July. Significant decreases in job openings rates occurred in Minnesota (-1.3 percentage points) and in Massachusetts and New York (-0.9 point each). A large increase occurred in Oklahoma (+0.7 point).

The number of hires in Virginia rose to 152,000 in July, an increase of 12,000 over the month but down by 22,000 from July 2023. JOLTS defines hires as all additions to the payroll during the month. The number of hires was 43 percent lower than the series high of 267,000 set in June 2020. In July, the U.S. number of hires changed little at 5.5 million. Hires increased in accommodation and food services (+156,000) but decreased in federal government (-8,000). Notable increases in the hires level occurred in California (+119,000), Pennsylvania (+38,000), and Michigan (+29,000). A significant decrease occurred in Arkansas (-19,000). In Virginia, the 3.6 hires rate increased from June’s revised 3.3 percent rate, which essentially equaled the U.S. rate, which changed little at 3.5 percent. Notable increases in the hires rate occurred in California and Michigan (+0.7 percentage points each), as well as in Minnesota and Pennsylvania (+0.6 point each). A significant decrease occurred in Arkansas (-1.3 points).

The Virginia hires-per-job-openings (HPJO) ratio was unchanged in July at six hires for every ten job openings. This measure shows the rate of hiring compared to open jobs and is a proxy for time to fill positions.

In July 2024, there were 0.5 unemployed per job opening in the Commonwealth, compared to 0.8 unemployed per job opening nationwide. In Virginia, the unemployed per job opening ratio (sometimes called the ‘job seekers ratio’) peaked at 4.4 unemployed per job opening in February 2010 during the Great Recession, while the number of unemployed workers per job opening stood at 0.3 in April 2020 during the height of pandemic employment impacts.

Total job separations in Virginia increased by 58,000 to 196,000. Nationwide, the number of total separations in July increased to 5.4 million (+336,000). Total separations increased in health care and social assistance (+108,000). Notable increases in the total separations level occurred in Florida (+74,000), Virginia (+58,000), and Pennsylvania (+53,000). A large decrease occurred in Texas (-65,000). The Virginia total separations rate jumped to 4.6 percent, a significant increase over the month. The U.S. total separations rate was little changed at 3.4 percent. Notable increases in total separations rates occurred in North Dakota (+2.0 percentage points) and Virginia (+1.4 points), as well as in Colorado and New Mexico (+1.0 point each). A large decrease occurred in Texas (-0.5 point). 

An estimated 105,000 workers quit jobs from Virginia employers in July. The number of quits increased 23,000 from June’s revised figure. This was lower by four percent over-the-year but seven

percent higher than five years earlier. Quits, a component of total separations, are voluntary separations initiated by the employee. Nationwide in July, the number of quits was essentially unchanged at 3.3 million but was down by 338,000 over the year. Quits significantly increased in information (+16,000). The largest increases in the quits level occurred in Florida (+63,000), Virginia (+23,000), and Pennsylvania (+22,000). The largest decreases occurred in Texas  (-45,000), New York (-32,000), and Illinois (-29,000). The quits rate in the Commonwealth rose to 2.5 percent and remained at levels seen over the last two years. Over the month, the U.S. quits rate changed little at 2.1 percent. The largest increases in quits rates occurred in Colorado (+0.7 percentage point) and in Florida and Virginia (+0.6 point each). The decreases occurred in Illinois (-0.4 point), as well as in New York and Texas (-0.3 point each). In July, the quits rate significantly decreased for establishments with 1 to 9 employees.

The number of layoffs and discharges in Virginia was 73,000 in July, an increase of 30,000 from June’s 43,000 revised estimate. This was up 12 percent over the year and approached the highest level since 2020. Layoffs and discharges are countercyclical, which means that layoffs typically increase during economic contractions and decrease during economic expansions. Nationwide in July, the number of layoffs and discharges changed little at 1.8 million. Layoffs and discharges increased in accommodation and food services (+75,000) and in finance and insurance (+21,000). The largest increases in the layoffs and discharges level occurred in Virginia (+30,000), Pennsylvania (+29,000), and Michigan (+16,000). A large decrease occurred in Oklahoma (-9,000).

The Virginia layoffs and discharges rate rose to 1.7 percent in July. The U.S. rate was little changed at 1.1 percent. The largest increases occurred in North Dakota (+1.6 percentage points), Virginia (+0.7 point), and South Dakota (+0.6 point). A large decrease occurred in Oklahoma (-0.5 point).

The July ‘churn’ rate (the sum of the hires rate and total separations rate) in Virginia rose by 1.7 percentage points from June’s revised 6.5 percent figure, the fastest pace in a year. The hires rate rose but the total job separations increase was the main driver of the acceleration in July’s churn rate. While more volatile month-to-month, Virginia’s pace has been more active for over a year.

 On the last business day of July, Virginia’s labor market conditions deviated from recent trends as the pace of movement from job to job quickened to the fastest pace in a year. Contributing to this was a spike in the numbers of layoffs and discharges in July. Layoffs, a relatively quiet component of the JOLTS survey since 2022, jumped by 70 percent over the month and compared to July 2019. State JOLTS measures can be volitile month-to-month and the JOLTS layoff figure might recede to its low recent trend but it could also reflect published business closure notices in recent months.

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Virginia Works plans to release the August 2024 analysis of the BLS Job Openings and Labor Turnover Survey for Virginia on Tuesday October 22, 2024. The data for all states and the U.S. will be available on the BLS website JOLTS page, at https://www.bls.gov/jlt/. BLS is scheduled to release the August JOLTS data for states on Thursday, October 17, 2024.

Technical note: Effective with the release of May 2024 data on July 24, 2024, the Job Openings and Labor Turnover Survey (JOLTS) state estimates have been benchmarked and revised to include the annual benchmark revisions to JOLTS national estimates, the Current Employment Statistics (CES) employment estimates, and the Quarterly Census of Employment and Wages (QCEW) data. Seasonally adjusted and not seasonally adjusted data from January 2019 forward are subject to revision. The Bureau of Labor Statistics (BLS) Job Openings and Labor Turnover Survey (JOLTS) produces monthly data on U.S. and regional job openings, hires, quits, layoffs and discharges, and other separations from a sample of approximately 21,000 establishments. As a supplement, BLS has begun publishing state estimates that provide monthly information that can be used to better understand the dynamic activity of businesses in state economies that leads to aggregate employment changes. For more information on the program’s concepts and methodology, see “Job Openings and Labor Turnover Survey: Handbook of Methods” (Washington, DC: U.S. Bureau of Labor Statistics, July 13, 2020), https://www.bls.gov/opub/hom/jlt/home.htm. For more information on BLS’ state JOLTS estimates, see https://www.bls.gov/jlt/jlt_statedata.htm.

• PDF of Release

Virginia’s September’s Unemployment Rate increased by 0.1 percentage points to 2.9 percent

~ Labor Force Participation Rate remained unchanged at 66.0 percent and Employment decreased by 317 to 4,440,179 ~

RICHMOND — Virginia Works – the Commonwealth’s Department of Workforce Development and Advancement – today announced that Virginia’s seasonally adjusted unemployment rate in September increased by 0.1 percentage points to 2.9 percent, which is the same as the rate from a year ago. According to household survey data in September, the labor force increased by 2,677 to 4,571,505 as the number of unemployed residents increased by 2,994 to 131,326. The number of employed residents decreased by 317 to 4,440,179. Virginia’s seasonally adjusted unemployment rate is 1.2 percentage points below the national rate, which decreased by 0.1 percentage points to 4.1 percent.

The Commonwealth’s labor force participation rate remained unchanged at 66.0 percent in September. The labor force participation rate measures the proportion of the civilian population age 16 and older that is employed or actively looking for work.

In September, Virginia’s nonagricultural employment, from the monthly establishment survey increased by 2,100 to 4,250,900. August’s preliminary estimate of employment, after revision, increased by 7,700 to 4,248,800. In September, private sector employment increased by 1,200 to 3,506,100 while government employment increased by 900 to 744,800. Within that sector, federal government jobs decreased by 1,100 to 190,800, state government employment increased by 1,800 to 164,300, and local government increased by 200 to 389,700 over the month.  

Seasonally adjusted total nonfarm employment data is produced for eleven industry sectors. In September, six experienced over-the-month job gains, and five experienced a decline. The largest job gain occurred in Leisure and Hospitality (+2,200) to 423,300. The second largest job gain occurred in Professional and Business Services (+1,100) to 820,900. The third largest job gain occurred in Government (+900) to 744,800. The other gains were in Trade, Transportation, and Utilities (+700) to 678,100; Financial Activities (+200) to 220,400; and Mining and Logging (+100) to 7,300.

The largest job loss occurred in Information (-1,100) to 69,800. The second largest job loss occurred in Education and Health Services (-900) to 605,400. The third largest job loss occurred in Manufacturing (-800) to 248,700. The other losses were in Miscellaneous Services (-200) to 204,300 and Construction (-100) to 227,900.

Nonfarm Employment in Virginia*
Seasonally Adjusted

*Current month’s estimates are preliminary.

From September 2023 to September 2024, Virginia Works estimates that total nonfarm employment in Virginia increased by 63,500 to 4,250,900, private sector employment increased by 56,200 to 3,506,100, and government employment increased by 7,300 to 744,800 jobs. Within that sector, federal government jobs increased by 500 to 190,800, state government employment increased by 9,200 to 164,300, and local government decreased by 2,400 to 389,700 over the year.

For the eleven industry sectors in Virginia over the year, eight experienced over-the-year job gains, one remained unchanged, and two experienced a decline. The largest job gain occurred in Education and Health Services (+17,300) to 605,400. The second largest job gain occurred in Construction (+11,700) to 227,900. The third largest job gain occurred in Professional and Business Services (+11,400) to 820,900. The other gains were in Leisure and Hospitality (+7,500) to 423,300; Government (+7,300) to 744,800; Trade, Transportation, and Utilities (+5,400) to 678,100; Miscellaneous Services (+3,700) to 204,300; and Manufacturing (+2,400) to 248,700.

The largest job loss occurred in Financial Activities (-2,700) to 220,400. The second largest job loss occurred in Information (-500) to 69,800. Mining and Logging remained unchanged.

Total Nonfarm Employment in Virginia*
Seasonally Adjusted

*Current month’s estimates are preliminary.

Seasonally adjusted total nonfarm employment data is produced for ten metropolitan areas. In September, six experienced over-the-month job gains, one remained unchanged, and three experienced a decline. The largest job gain occurred in Virginia Beach-Norfolk-Newport News (+2,200) to 825,800. The second largest job gain occurred in Blacksburg-Christiansburg-Radford (+700) to 85,700. The third largest job gain occurred in Richmond (+500) to 730,700. The other gains were in Charlottesville (+300) to 129,000, Winchester (+200) to 73,100, and Roanoke (+100) to 168,800.

The largest job loss occurred in Northern Virginia (-3,300) to 1,591,200. The second largest job loss occurred in Harrisonburg (-1,700) to 71,700. The third largest job loss occurred in Staunton (-100) to 54,200. Lynchburg remained unchanged.

Over the year, nine metropolitan areas experienced over-the-year job gains, and one experienced a decline. The largest job gain occurred in Richmond (+16,500) to 730,700. The second largest job gain occurred in Virginia Beach-Norfolk-Newport News (+15,800) to 825,800. The third largest job gain occurred in Northern Virginia (+10,400) to 1,591,200. The other gains were in Charlottesville (+5,000) to 129,000, Roanoke (+3,000) to 168,800, Blacksburg-Christiansburg-Radford (+1,400) to 85,700, Lynchburg (+1,400) to 105,800, Winchester (+1,000) to 73,100, and Staunton (+400) to 54,200.

The only job loss occurred in Harrisonburg (-100) to 71,700.

Not Seasonally Adjusted Data

Virginia’s unadjusted unemployment rate decreased by 0.4 percentage points to 3.1 percent in September, which is a 0.1 percentage point increase compared to last year. Compared to a year ago, the number of unemployed increased by 1,483 to 139,995, household employment increased by 2,408 to 4,427,807, and the labor force increased by 3,891 to 4,567,802. Virginia’s not seasonally adjusted unemployment rate is 0.8 percentage points below the national unadjusted rate, which decreased by 0.5 percentage points to 3.9 percent.

Compared to last month, the September unadjusted workweek for Virginia’s 160,400 manufacturing production workers increased by 0.7 to 40.0 hours. Average hourly earnings of private-sector production workers decreased by $0.01 to $26.94, and average weekly earnings increased by $18.46 to $1,077.60.

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Technical note: Estimates of unemployment and industry employment levels are obtained from two separate monthly surveys. Resident employment and unemployment data are mainly derived from the Virginia portion of the national Current Population Survey (CPS), a household survey conducted each month by the U.S. Census Bureau under contract with BLS, which provides input to the Local Area Unemployment Statistics (LAUS) program (often referred to as the “household” survey). Industry employment data is mainly derived from the Current Employment Statistics (CES) survey, a monthly survey of approximately 18,000 Virginia businesses conducted by BLS, which provides estimates of employment, hours, and earnings data broken down by industry for the nation as a whole, all states and most major metropolitan areas (often referred to as the “establishment” survey). Both industry and household estimates are revised each month based on additional information from updated survey reports compiled by the BLS. For national figures and information on how COVID-19 affected collection of the BLS establishment and household surveys in April 2020, refer to the BLS September Employment Situation press release for details.

The statistical reference week for the household survey this month was the week of September 8-14, 2024

Virginia Works plans to release the September local area unemployment rates on Wednesday October 30, 2024. The data will be available on our website www.VirginiaWorks.com. The October 2024 statewide unemployment rate and employment data for both the state and metropolitan areas are scheduled to be released on Tuesday November 19, 2024.

Files detailing September’s unemployment numbers are available below:

• PDF of Press Release
• September 2024 Monthly Labor Force Data

Virginia’s Latest Unemployment Insurance Weekly Initial Claims at 3,202

~ Continued Claims at 15,480 ~

RICHMOND— Virginia Works announced today that 3,202 unemployment insurance weekly initial claims were filed during the week ending October 12, 2024, which is 5.9 percent higher than last week’s 3,025 claims and 93.5 percent higher than the comparable week of last year (1,655).  Nearly 79 percent of claimants self-reported an associated industry; of those reported, the top five industries (65 percent) were Manufacturing (595); Professional, Scientific, and Technical Services (347); Health Care and Social Assistance (257); Administrative and Support and Waste Management (228); and Retail Trade (219).

Continued weeks claims (15,480) were 2.3 percent higher than last week (15,137) and were 25.3 percent higher than the comparable week of last year (12,355). Nearly 93 percent of claimants self-reported an associated industry; of those reported, the top five industries (61 percent) were Professional, Scientific, and Technical Services (2,504); Administrative and Support and Waste Management (1,994); Manufacturing (1,651); Health Care and Social Assistance (1,446); and Retail Trade (1,144).

Significant Layoffs and Announcements are available at the following websites:

WARN Notices | Virginia Employment Commission

Announcements | Virginia Economic Development Partnership

Virginia Continued Weeks Claimed

A person who has already filed an initial claim and who has experienced a week of unemployment files a continued claim to claim benefits for that week of unemployment. On a weekly basis, continued claims reflect a good approximation of the current number of insured unemployed workers filing for UI benefits, and are a good indicator of labor market conditions. While continued claims are not a leading indicator, they provide confirming evidence of the direction of the economy.

The color-coded map below shows the distribution of this week’s continued claims for Virginia’s counties and cities.

Yellow represents low numbers, while progressively darker shades transitioning from yellow to green and dark green  signify increasing numbers of continued claims. The legend located at the bottom provides the color spectrum and its corresponding count of continued claims.

Initial Claims for All States

In the week ending October 12, the advance figure for seasonally adjusted initial claims  was 241,000, a decrease of 19,000 from the previous week’s revised level. The previous week’s level was revised up by 2,000 from 258,000 to 260,000. The advance number of actual initial claims under state programs, unadjusted, totaled 224,763 in the week ending October 12, a decrease of 11,416 (or  4.8 percent) from the previous week. The seasonal factors had expected an increase of 5,976 (or 2.5 percent) from the previous week. There were 182,394 initial claims in the comparable week in 2023.  

All States Initial Weeks Claimed

An initial claim is a claim filed by an unemployed individual after a separation from an employer. The count of U.S. initial claims for unemployment insurance is a leading economic indicator because it is an indication of emerging labor market conditions in the country.

Below is a color-coded map illustrating the percentage change in initial claims from last week to this week across all states nationwide, derived from the latest U.S Department of Labor Weekly Claims News Release (https://www.dol.gov/ui/data.pdf). Green denotes a reduction in continued claims from last week, thus showing improvement, with progressively darker shades of green signifying greater improvement. Purple denotes an increase in continued claims from last week,  thus showing deterioration, with progressively darker shades of purple signifying greater deterioration. Very light green, purple or white indicates minimal change from last week. The legend at the bottom provides the color spectrum along with its corresponding percentage value.

• PDF of Press Release

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