Youngkin Announces March Jobs Numbers Support Virginia’s Economic Momentum

Governor Glenn Youngkin has announced that according to BLS Local Area Unemployment Statistics (“LAUS”, or “the household survey”), the number of employed Virginians increased by 2,758 in March to 4,454,530 and nearly 204,000 more Virginians employed since January 2022. Non-farm payroll employment grew by 16,500 in the month, the largest month of gains in over a year.

“Since day one, our pro-growth policies have led to consistent job growth in the Commonwealth – bringing the total to nearly 204,000 more Virginians working. When Virginians do well, Virginia does well, and strong job growth continues to fuel record revenues for the Commonwealth,” said Governor Glenn Youngkin. “The economic momentum we’re seeing in Virginia comes from the supportive environment we have for individuals and businesses to thrive. We will continue to build on the progress that’s yielding proven results as we work together to expand investments in education and workforce development, robust infrastructure, safe communities and economic development opportunities.”

According to BLS LAUS, Virginia’s seasonally adjusted unemployment rate in March decreased by 0.1 percentage points to 2.9 percent, 0.9 percentage points below the national rate. The labor force decreased by 2,914 to 4,588,603, and the labor force participation rate decreased 0.1 percent to 66.5 percent, while the number of unemployed residents decreased by 5,672 to 134,073. The labor force participation rate measures the proportion of the civilian population age 16 and older that is employed or actively looking for work.

“It is not surprising that the Commonwealth is a leader in employment growth based on the policies we have been pushing forward to add more people to the workforce and develop a strong, skill-based talent pool,” said Secretary of Labor Bryan Slater. “We will continue to build on this progress and keep Virginia a great place for individuals and businesses.”

“March’s employment figures suggest that Virginia’s economy has been expanding at a solid pace,” said Secretary of Commerce and Trade Caren Merrick. “In a little over two years into the Youngkin administration, the Commonwealth has added a record number of new jobs and the highest level of labor participation in more than a decade.”

BLS publishes an additional employment figure from its Current Employment Statistics Survey (“CES” or “establishment survey”). 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.