HAMPTON ROADS, Va. — Virginia is seeing an increase in job growth, and the statewide unemployment rate has decreased, according to the Virginia Employment Commission.
"We see that there are more people looking for work or are actively working. There are more people employed [compared to] the same time last year," said Dr. Bob McNab, a professor of economics at Old Dominion University.
McNab says while job growth is strong, we've come a long way to get to this point. Virginia saw job growth in April and the state's seasonally-adjusted unemployment rate remains below 3% —just 1.1% below the national rate.
Some experts say the softening of the job market may be a positive sign that efforts to lower inflation are working.
"This is a benefit for employees, a tight labor market. It's a challenge for employers who are looking to attract and retain labor. To do that, they have to offer higher wages and that, of course, stems from the high cost of goods and services," said McNab.
And if your teenager is looking for a job, according to Axios, the number of teens working or looking for work is the highest it's been in 14 years. With summer a few weeks away, seasonal employers will soon add more than a million jobs for young people.
"We're in a much better place than we were in 2022 or even 2020. That means we have the opportunity to now take this foundation on where we are now, lean into this robust economy, one might say, and invest where we need to invest to spur job growth for the future," said McNab.
More data from the Virginia Employment Commission about the Virginia job market is available here.
