By Tom Shean
The Virginian-Pilot
Hampton Roads' unemployment rate fell in September despite the seasonal decline in leisure-and-hospitality jobs and a slight falloff in the construction sector, the Virginia Employment Commission reported today.
The region's jobless rate dropped last month to 3 percent from 3.3 percent in August, driven partly by workers returning to school and college during September, William F. Mezger, chief economist in the commission's economic information services division, said
Despite the decline in construction jobs in Hampton Roads, employment in commercial construction has held up well, Mezger said.
"There's been so much negative publicity about the financial markets, but so far we're not seeing any falloff from that," he said in terms of jobs.
The number of claims for jobless benefits from workers in the housing sector and in vehicle-related manufacturing has fallen sharply from what they were a year ago and in early 2007, Mezger said.
The region's 3 percent unemployment rate last month was down from 3.6 percent one year earlier.
The category with the greatest decline in September was the highly seasonal leisure-and-hospitality sector, which lost 4,700 jobs. Despite a net loss of 600 jobs in Hampton Roads last month, the number was up 16,800, or slightly more than 2 percent, from September 2006, That was stronger than the job-growth figures for both the state and the nation, Mezger said.
Statewide, the jobless rate dropped to 2.8 percent last month from 3.1 percent in August, the VEC said.
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Economy is strong based on
Economy is strong based on debt. Also, Hampton Roads owes much of the good paying jobs to gov't spending. Given the deficit and the pointless war on iraq, I wouldn't feel too secure.
ethan not my falte
my boss fired me for lateness two times. now the deeler want my tahoe back. no my fualt i miss 2 payments cause i get fired.
We are strong!
This nation's economy is strong, tax receipts are at an all-time high, employment remains very high, inflation remains very low, interest rates remain near historic lows, and the stock market is rockin', baby! The cardboard guys? Why would you make an issue out of...what, all 5 of them? In this, a market of 1.6M folks? This is not Detroit...or France! Of course, the housing market is cyclical! You guys know this if you were born before 1999. In reality, there are no worries if you're in it for the long haul.
I wouldn't bet the farm on its reliability.
As I remember, these statistics only take into consideration unemployed people who are registered with the State Employment Commission. Most people don't bother to re-register with the State once their unemployment benefits run out. So, if George gets discouraged after looking for work for six months, and doesn't re-register, he's invisible to these statistics. Those "cardboard sign" guys don't count as unemployed! Also, I believe someone employed for as little as 15 or 20 hours per week is considered "employed", so if George can't find another full-time job, but takes a part-time one at one-fourth his old salary.....he's employed! Granted, this is a tough number to try and gauge, but I wouldn't bet the farm on its reliability.
Two things
First, how many workers that were 1099'ed before (self employed) returned to normal employment? Realtors are often in this situation, as are some construction types. Second, it is possible to have a economic meltdown and still have high employment. Just because people have jobs doesn't mean they can pay their insane debt loads. Everything is good in the USA though, just ignore all those banks getting pumped with money and the huge losses due to all the loans that were made to people who can't really afford them (but drove housing prices up in outbidding each other with loans they can't pay).