Virginia unemployment rate drops to 3.5%
- Author: Douglas Reid Mar 24, 2018,
Mar 24, 2018, 10:35
Iowa's seasonally adjusted unemployment rate remained at 2.9 percent in February, according to a release from Iowa Workforce Development.
While the monthly addition of 14,000 payroll jobs was relatively modest, economist Sung Won Sohn of California State University, Channel Islands, said "you have to use a three-month average to get a better picture".
"Our labor force participation rate, for instance, was lower in February 2018 than was the case in February 2010".
Those losses were offset by the addition of 1,500 construction jobs, 900 manufacturing jobs and 1,700 jobs in trade, transportation and utilities.
February unemployment estimates for other states in the region were 2.6 percent in New Hampshire, 2.8 percent in Vermont, 3.5 percent in MA, 4.5 percent in Rhode Island, and 4.6 percent in Connecticut.The employment to population ratio estimate of 61.5 percent remained above the 60.4 percent USA average.
However, Zeller was more concerned about what the recent revisions to 2017 employment numbers show. January jobs were revised down to show a slight drop (-1,300 jobs) rather than a slight gain as initially reported (+200 jobs).
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"It is great news that the unemployment rates continue to drop in Southwest Florida and that more Floridians are able to find a good job" said Scott. Over the year, Leisure and Hospitality added 9,200 (+2.5%) jobs.
"Minnesota's unemployment rate is at a level last seen in August 2000", DEED Commissioner Shawntera Hardy said in a prepared statement.
Delaware's unemployment rate stands at 4.4%, while the nation's is 4.1%.
Government added 600 (+0.1%) jobs over the month. It includes students, stay-at-home parents and retirees who are not actively seeking work and who are not counted in the unemployment rate. If those people come back into the labor force, the rate could rise if job growth is not sufficient to accommodate those people. The expansion pushed Virginia's total labor force to 4.3 million, a new record.
Real wage gains eased to 1.88 percent after factoring in 0.89 percent inflation, it added.