In the United States, the unemployment rate is used to gauge the amount of unemployed individuals within the entire labor force on a state and national level. Also known as the jobless rate, the figures can be an important indicator of where the economy stands in terms of strength or recession. Economists and government officials use the unemployment rate as set forth by the Bureau of Labor Statistics, to make certain assessments toward the labor force, specific business sectors and the local unemployment insurance program. The way the jobless rate is calculated is through two studies completed on monthly. The data that is garnered and analyzed will illustrate the total amount of workers within the labor force as well as the number of individuals who are unemployed. In order to be considered unemployed, one must be at least 16 years of age, actively seeking employment and able to work when presented with an opportunity. Those who are not considered unemployed include retirees, temporary and part-time workers, students focusing on education and those who remain home to take care of family.
What is the unemployment rate in Virginia and how does it compare to the rest of the country? As of May 2017, the unemployment rate in Virginia was at 3.8 percent which remains unchanged from April 2017. The unemployment rate in Virginia is lower by a half a percentage point in comparison to the national average. This is great news for unemployed workers in Virginia who are seeking employment, because opportunity is out there. The unemployment rate in Virginia has also dropped in comparison to this time last year, which clocked in at 4 percent. There has been increases within the labor market with almost 5,000 jobs created in the month of May alone. This has been the 14th straight month that there has been job growth in the state of Virginia.
For those who find themselves unable to secure a job however, unemployment insurance benefits may be a great option. Qualification requirements in the state of Virginia do apply.