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RICHMOND, VA- Governor Glenn Youngkin announced today that, according to Bureau of Labor Statistics' Current Employment Statistics Survey ("CES", or "the establishment survey") preliminary estimate, Virginia's seasonally adjusted nonfarm payroll employment increased by 7,200 jobs in August, an increase of 44,400 jobs since August 2024. Since January 2022, nonfarm payroll employment has increased by 277,000.
Additionally, July's nonfarm payroll employment was revised upward by 2,700 jobs, marking the fifth straight month of positive revisions. Combined with August's growth, nearly 10,000 jobs have been added in the last two months alone.
"The increase in nonfarm payroll jobs is a direct reflection of the continued strength of our labor market, job growth driven by significant business investment, and rapid start-up growth. Major investment announcements by Eli Lilly, AstraZeneca, Hitachi, and Systems Planning & Analysis in the past two months will add nearly $10 billion in investment, roughly 3,000 jobs, and thousands of construction jobs," said Governor Glenn Youngkin. "With more than 200,000 open jobs, combined with substantial, continuous investment and a nation-leading workforce, Virginia continues to be the land of opportunity for businesses and individuals alike."
"Virginia businesses are growing, and our economy is strong. The gains we're seeing in payroll jobs reflect confidence from employers, and we'll keep building on this momentum to create even more opportunities for Virginians," said Secretary of Commerce and Trade Juan Pablo Segura.
According to BLS Local Area Unemployment Statistics ("LAUS", or "the household survey") preliminary release, Virginia's seasonally adjusted unemployment rate in August remained unchanged at 3.6 percent, 0.7 percentage points below the national rate, which increased by 0.1 percentage points to 4.3 percent.
"Virginia's economy is adding jobs and - with unemployment remaining low - great news for families across the Commonwealth. Virginia continues to be a place of opportunity," said Secretary of Labor Bryan Slater.
The labor force decreased by 5,081 to 4,547,540 as the number of unemployed residents decreased by 51 to 162,662. The Commonwealth's labor force participation rate decreased by 0.2 percentage points to 64.7 percent in August. The labor force participation rate measures the proportion of the civilian population age 16 and older that is employed or actively looking for work.
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 for updated seasonal adjustment factors, and industry classification conversions (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.
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