Overall unemployment rate moved up to 3.1% with the biggest shift in Restaurants & Hotels, which lost 3,300 roles, based on the most recently available information published in December 2022.
Total employment in the Virginia Beach-Norfolk-Newport News, VA-NC market declined by 1,293 jobs in October and the unemployment rate increased compared to the prior month by 10 bps to 3.1%. The national unemployment rate increased by 8 bps over the same time to 3.4%.
- Virginia Beach-Norfolk-Newport News, VA-NC unemployment rate is 30 bps below the national rate which is a positive sign.
- Unemployment in the market is 60 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in October versus prior month by 13.2% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.2% . Key sectors include:
- Government: 154,800; +1,000
- Transportation & Utilities: 131,800; +600
- Education & Healthcare: 118,100; +1,700
- Business Services: 116,100; +2,500
- Restaurants & Hotels: 94,400; -3,300
- Manufacturing: 57,200; no change
- Construction, Mining: 40,600; -600
- Financial Services: 38,400; -600
- Other Jobs: 33,700; +300
Data is based on the most recent 12 months available, through October 2022 (Data published December 2022 and reports created on December 2, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.