Hampton Roads unemployment rate, labor force declined

HAMPTON ROADS, Va. (WVEC) -- A report released by Old Dominion University shows unemployment in the region fell to 4.0 percent in October.

According to the report this is a decrease of .05 percent from the unemployment rate in October of 2016.

 The number of unemployed workers decreased from 37,417 in October 2016 to 33,181 in October 2017, a change of 4,236 workers.

The report suggests that there is potential weakness in the labor market. The overall size of the civilian labor market declined by almost 6,000 jobs in October of 2017 compared to October of 2016.

The overall size of the civilian labor force fell from 836,247 workers in October 2016 to 830,349 workers in October 2017

The falling number of unemployment workers drove the unemployment rate down, despite the overall size of labor force was also decreasing.

The decrease in the size of the labor force suggests potential weakness in the labor market; however, it is too soon to tell if this is simply a one-month anomaly or part of a longer trend. This is the first month of labor force decline after sixteen consecutive months of labor force expansion.

To see the full report, click HERE.

© 2017 WVEC-TV


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