The Richmond region’s unemployment rate stood at 2.6% in October, down from 2.8% from the same month a year ago as employers added jobs and the labor force grew.
Employers in the Richmond region added a net total of about 5,500 jobs from October 2018 to October 2019, a job-growth rate of 0.8% that outpaced the overall rate for Virginia of 0.7% but trailed the national job-growth rate of 1.4% for the same time period.
“The Richmond metro area continued to grow at a modest pace in October,” said Christine Chmura, CEO and chief economist at the Richmond-based research firm Chmura Economics & Analytics.
Two sectors of the economy — financial activities and other services — led the growth, adding jobs at a 2% growth rate.
The unemployment rate reported by the U.S. Bureau of Labor Statistics on Wednesday was not seasonally adjusted.
When adjusted for seasonal factors, the Richmond area’s unemployment rate in October was 2.7%, Chmura said. That was up slightly from 2.6% in September, but still below the 2.9% seasonally adjusted rate in October 2018.
Virginia’s seasonally adjusted unemployment rate fell in October to 2.6% from 2.8% a year ago, as employers added a net total of 8,000 jobs and the state’s labor force continued to grow. The national rate edged up from 3.5% in September to 3.6% in October.
The government data showed about 17,868 people were counted as unemployed in the Richmond region in October, down from 19,220 in October 2018.
Unemployment rates were lower in October than a year earlier in 240 of the 389 U.S. metropolitan areas, the U.S. Bureau of Labor Statistics reported Wednesday. Jobless rates were higher in 121 areas and unchanged in 28 areas.