VIRGINIA ECONOMIC INDICATORS
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1 3rd Quarter 2016 VIRGINIA ECONOMIC INDICATORS Volume 48, Number 3 A Publication of the Virginia Commission ECONOMIC INFORMATION & ANALYTICS Virginia Commission
2 Please address your comments to: Timothy O. Kestner, Director Economic Information & Analytics Division Virginia Commission P.O. Box 1358 Richmond, Virginia (804) For additional information or explanation of the contents of this document, you may contact the Economic/Operations Research section at (804) or For updates on upcoming issues of the Virginia Economic Indicators and other related information, follow us on Twitter at: and on Facebook at: Information-Analytics This workforce product was funded by a grant awarded by the U.S. Department of Labor s and Training Administration. The product was created by the recipient and does not necessarily reflect the official position of the U.S. Department of Labor. The Department of Labor makes no guarantees, warranties, or assurances of any kind, express or implied, with respect to such information, including any information on linked sites and including, but not limited to, accuracy of the information or its completeness, timeliness, usefulness, adequacy, continued availability, or ownership. This product is copyrighted by the institution that created it. Internal use by an organization and/or personal use by an individual for non-commercial purposes is permissible. All other uses require the prior authorization of the copyright owner. 3rd Quarter 2016 ii
3 3rd Quarter 2016 VIRGINIA ECONOMIC INDICATORS Volume 48, Number 3 Foreword...iv Editor s Abstract...1 Virginia Indicators for 3rd Quarter...3 Around the State...5 Table and Graphs Data: January September Indicators Unemployment Insurance Indicators Goods Producing Trade Transportation, Information, and Finance Service Government Manufacturing Production Worker Indicators Special Note: Business Indicators Historical Summary Publication Staff: Timothy O. Kestner, Editor; Joan McDorman, Assistant Editor; Linda Simmons, Graphic Design/Layout The Virginia Commission is an equal opportunity employer/program. Auxiliary aids and services are available upon request to individuals with disabilities. iii 3rd Quarter 2016
4 Foreword For those who are interested in studying the business cycle, the Virginia Economic Indicators publication is designed to depict the movement of the key economic indicator series readily available in Virginia. Most of these series are published elsewhere; but here, they are brought together in both graphic and tabular form, under one cover, and grouped so that they may be analyzed and interpreted easily. All but one of the series currently used are produced in-house by the Economic Information & Analytics (EIA) Division (formerly Economic Information Services) of the Virginia Commission and are comparable to similar national series produced by the U.S. Department of Labor. All series published in the Indicators have been seasonally adjusted to minimize regular seasonal fluctuations in the data in order to show only activity related to the business cycle. The Virginia Economic Indicators is the only seasonally adjusted publication of some of the Virginia series. From time to time, new series will be added to this report as the data becomes available and is collected and tested. Also, series presently provided, if necessary, may be discontinued. Historical graphs are published in the back of the fourth quarter issue for each year. (See page 20 for changes implemented this quarter.) This publication provides a narrative analysis update of the U.S. economy and narrative analysis of recent changes in Virginia. Occasionally, feature articles dealing with some currently important aspects of the Virginia economy are presented. Feature articles are written in-house or by guest authors knowledgeable on particular economics-related subjects. This publication is normally produced quarterly by April, May, August, and December, but data in the series is provided on a monthly basis. There is a time lag of approximately four to six weeks before all the data series are available for publication and analysis. The U.S. forecast analysis is based on the IHS Global Insight projections which the state purchases. Virginia estimates use the state model with enhancements from VEC data for the areas. 3rd Quarter 2016 iv
5 2016 Third Quarter EIA Updates, Virginia Data, and U.S. Current Data As I conclude the first year as Director of the Economic Information & Analytics Division, I would like to take this opportunity to thank each of you for your continued support and use of our labor market information. We strive to deliver timely and germane products and analyses that are beneficial and necessary in your work. In that sense, we have developed an array of new products and have enhanced many older ones. Moreover, we have products in development such as the Micro Community Profile that will complement the very popular and time-tested Community Profiles. We are also working with new datasets for 2017 that will provide a deeper view into the regional health of the labor force. Furthermore, a plan to redesign our website based on user identity, rather than data categories is in the conception stage. Finally, the VEC will soon rejoin the State Data Center program and be the point of contact for the U.S. Bureau of Census. We encourage you to contact us with your labor market information needs, and our pledge is that we will accommodate you as resources allow. Editor s Abstract Timothy O. Kestner, Director, EIA Tim.Kestner@vec.virginia.gov I would also like to pay homage to David Tysinger who retired in the summer from the Commission following more than forty years of extraordinary service and devotion to the Commonwealth. David worked in our division for many years and set the professional standard that we use for educating the many users of labor market information. We wish him and his family all the best and a very happy retirement. We are fortunate to have as our new Labor Market Information Manager, Carol Agee, who has copious experience in the private sector as well as at the VEC in Workforce Services. Carol has many new and 1 3rd Quarter 2016
6 innovative ideas for expanding our LMI services, many of which involve incorporating her knowledge of the ever-expanding workforce development concept. Virginia Third Quarter Data: Metro Area Data are Year-Over-Year At the closing of the third quarter of 2016, the Commonwealth had netted an increase of 33,600 non-farm jobs over the second quarter. On average, there were 3,945,300 jobs in Virginia s economy during the third quarter. On a continued positive note, the seasonally adjusted headline unemployment figure was 4.0 percent at the end of the third quarter and as we go to press, stands at 4.1 percent, showing that many new job seekers have entered the labor market. Most of Virginia s Metropolitan Statistical Areas (MSA), with the exceptions of the Lynchburg MSA (loss of 400) and Staunton-Waynesboro MSA (loss of 500 jobs), gained jobs in the third quarter year over year, as the Harrisonburg MSA remained unchanged. The Northern Virginia and Richmond MSAs continue to be the vanguard of growth in the Commonwealth. Over the year, the state gained 67,400 non-farm jobs, with Professional and Business Services, Education and Healthcare Services, and the Retail Trade industry ranking highest in job creation. The Bureau of Economic Analysis recently published the second estimate of gross domestic product (GDP), which as you may know is a measure of the value of the goods and services produced in the nation, minus the value of the goods and services used in production. The second estimate of 3.2 percent was 0.3 percentage point above the initial estimate, which is below the average revision for that period. The third and final estimate for the year could be between 3.0 and 3.4 percent using the average revision statistics. The growth in the U.S. economy for the third quarter is attributable to positive growth in consumer spending, exports, private inventory investment, and federal government spending. Consumers pulled back overall spending in the third quarter (2.8 percent vs. 4.3 percent in the second quarter); yet bought more goods, especially durable goods which were up 11.6 percent. Nondurables fell over the quarter by 0.6 percent. Purchases of services decelerated by 0.5 percent to 2.5 percent in the third quarter. The single high mark in the private investment portion of GDP was non-residential structures, which grew from a negative 2.1 percent in the second quarter to 10.1 percent in the third quarter. Both business equipment and residential housing contracted by 4.8 percent and 4.4 percent, respectively. Exports accelerated in robust form in the third quarter by 10.1 percent, mostly from goods (14.2 percent) and are not likely to repeat in the fourth quarter as most of the growth came from a single commodity soybeans. The export of services accelerated by 1.0 percent to 2.9 percent in the third quarter of The consumption of goods from the federal sector rebounded in the third quarter from the negative to 2.5 percent as national defense grew 2.1 percent. The non-defense side decelerated to 3.0 percent (3.8 percent in the second quarter). The combined state and local sectors continued to fall at a declining rate of 131 percent. The latest Bureau of Labor Statistics (BLS) preliminary jobs report showed that 178,000 jobs were filled in November 36,000 above October s level, which had been revised downward. Moreover, average employment growth has been 180,000 per month for all of 2016 considerably lower than the average monthly growth of 229,000 for Considering the monthly change data over the period, it seems clear that the nation s economy is near or at full employment. The BLS reported that the percentage of the labor force that was unemployed in November was 4.9 percent; the Bureau also noted in its news release that the unemployment rate and the number of unemployed (7.4 million) have changed little since August 2015 on net. In several economic-oriented meetings that I have attended of late, most agree on a moderate midterm growth forecast for the national and state economies there are judicious doses of optimism and pessimism as is usually the case, and rightly so. However, there is also a significant level of uncertainty given the new national administration and the populist movements on both sides of the political spectrum. I think both economies will continue to grow in modest terms, struggle with full employment levels, and markets will do what markets do despite the typical politic noise. Yet, given what we expect in the following four years is not typical, nor by the politicking of the past year and a half is supposed to be, only time will make us better forecasters. 3rd Quarter
7 Highlights 3rd Quarter 2016 Nonfarm employment had a net gain of 33,600 jobs between Second Quarter 2016 and Third Quarter Nonfarm employment totaled 3,945,300 at the end of Third Quarter The total unemployment rate increased three tenths of a percent, increasing from 3.7 percent to 4.0 percent from the end of Second Quarter 2016 to the end of Third Quarter The average insured unemployment rate decreased from 0.85 percent to 0.76 percent during the same time period. Average weekly initial claims decreased from 3,608 at the end of the Second Quarter 2016, to 3,115 at the end of the Third Quarter The average duration of unemployment for unemployment insurance claimants increased from 14.9 to 15.0 weeks. Final payments for regular unemployment declined from 2,803 claimants a week to 2,661 a week. The percentage of claimants who exhausted their benefits decreased slightly from 40.3 percent to 39.9 percent. Virginia Indicators Larry Robinson, Senior Economist, EIA Larry.Robinson@vec.virginia.gov Construction employment experienced increases, climbing from 185,600 jobs at the end of the Second Quarter 2016 to 188,800 at the end of Third Quarter Manufacturing employment had a net gain of 1,500 jobs, increasing from 228,000 jobs at the end of Second Quarter 2016 to 229,500 jobs at the end of the next quarter. Total production hours in Manufacturing decreased from 6,826,000 at the end of Second Quarter 2016 to 6,683,000 at the end of Third Quarter The weekly average earnings dropped from $800 to $788. Nominal average hourly earnings decreased from $19.73 to $ Inflation-adjusted average hourly 3 3rd Quarter 2016
8 earnings decreased from $8.43 to $8.32 [in dollars]. Nominal and inflation-adjusted average weekly earnings both decreased. Wholesale Trade s employment increased from 111,800 to 112,900, or 1,100 jobs. Retail Trade experienced an increase from 431,200 jobs to 433,500 jobs. Transportation, Warehousing, and Utilities employment increased from 130,900 to 131,200, resulting in 300 additional net jobs. Information employment posted a net increase of 100 jobs, growing from 68,300 to 68,400. Finance employment decreased from 201,300 jobs to 200,900 jobs for a decrease of 400. Professional and Business Services employment had an increase of 8,700 jobs, growing from 718,200 to 726,900 jobs. Private Education and Health Services grew, increasing from 526,600 to 530,700. Leisure and Hospitality Services expanded from 388,700 jobs to 393,200 jobs. in Miscellaneous Services gained 2,700 jobs, showing quarter growth from 202,400 jobs to 205,100 jobs. Federal Government employment lost 1,300 jobs, decreasing from 179,600 to 178,300 jobs. State Government employment recorded a net increase of 3,500 jobs, increasing from 160,200 to 163,700 jobs. Local Government employment also experienced an increase of 3,400 jobs, growing from 370,600 to 374,000 jobs. 3rd Quarter
9 Around the State Because the metropolitan data are not seasonally adjusted, over-the-year analysis (Third Quarter 2016 versus Third Quarter 2015) is used for both the state and areas. Totals may not add due to rounding. Statewide there were 67,400 jobs gained, or 1.7 percent of nonfarm employment. The Private sector grew by 65,400 jobs, or 2.1 percent. Twelve of the 15 sectors grew, with three of them increasing by at least 12,000 jobs. The biggest increases occurred in Professional and Business Services (26,100 or 3.7 percent), Private Education and Health Services (14,400 or 2.8 percent), and Retail Trade (12,500 or 3.0 percent). Other industries with large gains were Miscellaneous Services (5,100 or 2.5 percent), Leisure and Hospitality Services (4,900 or 1.2 percent), and Transportation, Warehousing, and Utilities (3,600 or 2.8 percent). Smaller gains were posted in Finance, Insurance, and Real Estate (1,800 or 0.9 percent), Federal Government (1,500 or 0.8 percent), Construction (1,400 or 0.7 percent), Wholesale Trade (1,000 or 0.9 percent), State Government (200 or 0.1 percent), and Local Government (100 or 0.0 percent). Around the State James Wilson, Senior Economist, EIA Losses were recorded in Manufacturing (3,800 or 1.6 percent), Information (1,000 or 1.4 percent), and Mining and Logging (700 or 7.8 percent). The state s unemployment rate fell from 4.3 percent to 4.0 percent, while the national rate fell from 5.2 percent to 5.0 percent. Northern Virginia MSA gained 26,400 jobs, or 1.9 percent of nonfarm employment, and provided about 39 percent of statewide total job growth. The Private sector grew by 27,700 jobs, or 2.3 percent. Ten of the 14 sectors grew, with three of them increasing by at least 3,000 jobs. The largest increase was recorded in Professional and Business Services (13,000 or 3.4 percent), with about two-thirds of the gain occurring in professional, scientific, and technical services and about one-fourth in administrative 5 3rd Quarter 2016
10 and support services. Other large increases were posted in Retail Trade (4,200 or 2.9 percent) and Private Education and Health Services (3,000 or 1.9 percent). Health care and social assistance provided about 70 percent of its sector s growth, which was reduced by a permanent layoff in health care services. Smaller gains were registered in Leisure and Hospitality Services (1,900 or 1.3 percent), Miscellaneous Services (1,700 or 2.2 percent), Wholesale Trade (1,500 or 4.5 percent), and Mining, Logging, and Construction (1,300 or 1.8 percent). Accommodation and food services provided over one-third of its sector s growth. The other increases occurred in Transportation, Warehousing, and Utilities (700 or 1.9 percent), Information (600 or 1.5 percent), and Federal Government (400 or 0.5 percent). State Government was neutral. The declining sectors were Local Government (1,600 or 1.3 percent), Finance, Insurance, and Real Estate (300 or 0.4 percent), and Manufacturing (100 or 0.4 percent). Growth in finance and insurance was offset by losses in real estate. The area s unemployment rate, which is the lowest of the MSAs, declined from 3.6 percent to 3.3 percent, and its percentage point advantage over the state remained at 0.7. Richmond MSA gained 19,900 jobs, or 3.0 percent of nonfarm employment, and provided about 30 percent of statewide total job growth. The Private sector rose by 19,400 jobs, or 3.5 percent. Ten sectors gained employment, while three lost employment, and one was unchanged. The largest increase was posted in Professional and Business Services (7,700 or 7.1 percent). About three-fourths of the gain was in administrative and support services, while the rest was evenly split between management of companies and professional, scientific, and technical services. Other large gains were recorded in Retail Trade (4,700 or 7.0 percent) and Private Education and Health Services (2,100 or 2.2 percent). The former s increase was reduced by permanent layoffs in food and general merchandise stores. Health care and social assistance provided about 95 percent of its sector s growth. Smaller improvements occurred in Transportation, Warehousing, and Utilities (1,800 or 6.9 percent), Miscellaneous Services (1,800 or 5.6 percent), and Finance, Insurance, and Real Estate (1,200 or 2.4 percent). The remaining positive sectors increased by no more than 500: Local Government (500 or 1.0 percent), Leisure and Hospitality Services (400 or 0.6 percent), Federal Government (300 or 1.8 percent), and Wholesale Trade (100 or 0.3 percent). Mining, Logging, and Construction was neutral. The following sectors declined: Manufacturing (400 or 1.3 percent), State Government (300 or 0.8 percent), and Information (200 or 2.7 percent). The area s unemployment rate fell from 4.6 percent to 4.1 percent, and the spread with the state decreased from 0.3 percentage point to 0.1. Charlottesville MSA gained 3,600 jobs, or 3.2 percent of nonfarm employment. The Private sector increased by 2,800 jobs, or 3.6 percent. Ten sectors gained employment, one declined, and three were unchanged. The largest increases occurred in Private Education and Health Services (1,100 or 8.0 percent) and State Government (800 or 3.4 percent). Other large gains were posted in Professional and Business Services (600 or 4.0 percent), Retail Trade (400 or 3.7 percent), and Leisure and Hospitality Services (300 or 2.3 percent). Gains of 100 each were recorded in Information (4.5 percent), Finance, Insurance, and Real Estate (2.2 percent), Miscellaneous Services (1.8 percent), Mining, Logging, and Construction (1.7 percent), and Local Government (1.2 percent). The following sectors were neutral: Federal Government, Manufacturing, and Wholesale Trade. The loss occurred in Transportation, Warehousing, and Utilities (100 or 5.9 percent). The area s unemployment rate fell from 3.9 percent to 3.5 percent, and its percentage point advantage over the state increased from 0.4 to 0.5. Virginia Beach-Norfolk-Newport News, Virginia/North Carolina MSA gained 3,000 jobs, or 0.4 percent of nonfarm employment. The Private sector grew by 5,300 jobs, or 0.9 percent. Six sectors grew, while seven declined, and one was unchanged. The largest gains were in the Private Education and Health Services (3,200 or 3.0 percent) and Finance, Insurance, and Real Estate (2,000 or 5.2 percent) sectors. Health care and social assistance provided about three-fourths of the former s growth. Finance and insurance provided 80 percent of the growth in the latter sector, with the remainder in real estate. Other large increases occurred in Professional and Business Services (1,800 3rd Quarter
11 or 1.7 percent) and Mining, Logging, and Construction (1,700 or 4.6 percent). In the former sector, growth in the Administrative and Support Services and Management of Companies and Enterprises subsectors was reduced by losses in professional, scientific, and technical services. Most of the growth in Leisure and Hospitality Services (1,100 or 1.2 percent) was provided by accommodation and food services (800 or 1.0 percent). Transportation, Warehousing, and Utilities posted the smallest gain (500 or 2.1 percent). Wholesale Trade was neutral. The largest loss occurred in the Manufacturing (2,400 or 4.5 percent) sector, with 90 percent of the loss in Durable Goods Manufacturing. The Ship and Boat Building industry was the source for about two-thirds of the jobs lost in the Transportation Equipment industry group (2,500 or 8.9 percent). Other large losses were recorded in Miscellaneous Services (1,800 or 4.9 percent) and Local Government (1,800 or 2.3 percent). Smaller losses of less than 1,000 each were posted in the Retail Trade (400 or 0.5 percent), Information (300 or 2.8 percent), State Government (300 or 1.4 percent), and Federal Government (100 or 0.2 percent) sectors. Contributing to retail s decline was a permanent layoff in general merchandise stores. The area s unemployment rate fell from 4.8 percent to 4.6 percent, but the spread with the state widened from 0.5 to 0.6 percentage point. Winchester Virginia/West Virginia MSA gained 2,100 jobs, or 3.4 percent of nonfarm employment. The Private sector grew by 1,500 jobs, or 2.9 percent. The Private Service-Providing sector posted a gain of 1,300, or 3.1 percent, with the Trade, Transportation, and Utilities subsector contributing 200 jobs (1.6 percent) to the growth. Growth in the sector was lowered by a permanent layoff in human resource consulting services. Local Government increased by 400, or 6.9 percent. Federal Government rose by 100, or 5.0 percent. Despite a permanent layoff in machinery manufacturing, the Goods-Producing sector, which consists of Mining, Construction, and Manufacturing, rose by 100, or 1.0 percent. State Government was neutral. The area s unemployment rate dropped from 4.0 percent to 3.6 percent, and its percentage point advantage over the state rose from 0.3 to 0.4. Roanoke MSA gained 1,700 jobs, or 1.1 percent of nonfarm employment. The Private sector rose by 2,000 jobs, or 1.4 percent. Seven sectors gained employment, while three lost employment, and four were unchanged. The largest gains were in Professional and Business Services (900 or 4.1 percent), Private Education and Health Services (400 or 1.5 percent), and Leisure and Hospitality Services (300 or 2.1 percent). Smaller increases were posted in Wholesale Trade (200 or 2.7 percent), Miscellaneous 7 3rd Quarter 2016
12 Services (200 or 2.5 percent), Transportation, Warehousing, and Utilities (100 or 1.1 percent) and Manufacturing (100 or 0.6 percent). The following sectors were neutral: Finance, Insurance, and Real Estate; Information; Mining, Logging, and Construction; and State Government. The largest loss occurred in Local Government (300 or 2.4 percent). Losses of 100 each were posted in Federal Government (2.3 percent) and Retail Trade (0.5 percent). The area s unemployment rate fell from 4.3 percent to 4.0 percent, and it remained even with the state. Blacksburg-Christiansburg-Radford MSA gained 200 jobs, or 0.3 percent of nonfarm employment. The Private sector grew by 300 jobs, or 0.6 percent. The growth sectors were Private Service-Providing (500 or 1.3 percent) and Local Government (300 or 4.0 percent). Federal Government employment was neutral. The largest loss occurred in State Government (300 or 1.9 percent). A smaller decrease was posted in the Goods-Producing sector (200 or 1.4 percent), composed of Mining, Construction, and Manufacturing. This sector s loss was increased by permanent and temporary layoffs in transportation equipment manufacturing. The area s unemployment rate rose from 4.5 percent to 5.0 percent and the percentage point gap with the state average widened from 0.2 to 1.0. It was the only area that had an increased rate. and Manufacturing. The largest gains were in Leisure and Hospitality Services (300 or 3.0 percent), Finance, Insurance, and Real Estate (200 or 4.3 percent), and Miscellaneous Services (200 or 4.2 percent). Smaller increases of 100, or 0.8 percent, each occurred in Professional and Business Services and Retail Trade. The former sector s gain was reduced by a permanent layoff in call center services. The area s unemployment rate fell from 4.8 percent to 4.6 percent, but the percentage point spread with the state increased from 0.5 to 0.6. Staunton-Waynesboro MSA lost 500 jobs, or 1.0 percent of nonfarm employment. The Private sector decreased by 500 jobs, or 1.2 percent. The larger loss occurred in the Goods-Producing sector (300 or 3.1 percent), which is composed of Mining, Construction, and Manufacturing. Government fell by 100, or 1.2 percent. (A breakout of Government employment into Federal, State, and Local is not available at this time.) The Private Service-Providing sector fell by 200, or 0.6 percent. The area s unemployment rate fell from 4.1 percent to 3.8 percent, and its percentage point advantage over the state remained at 0.2. Harrisonburg MSA nonfarm employment was unchanged. The Private sector fell by 200 jobs, or 0.4 percent. Local Government and State Government each grew by 100, or 1.8 percent. Retail Trade increased by 100, or 1.5 percent. Federal Government was neutral. The Goods-Producing sector, which is composed of Mining, Construction, and Manufacturing, fell by 100, or 0.8 percent. The Private Service-Providing sector fell by 100, or 0.3 percent, while Trade, Transportation, and Utilities decreased by 400, or 3.1 percent. The area s unemployment rate fell from 4.5 percent to 4.2 percent, and the percentage point spread with the state stayed at 0.2. Lynchburg MSA lost 400 jobs, or 0.4 percent of nonfarm employment. The Private sector fell by 400 jobs, or 0.4 percent. Five sectors gained employment, while five lost employment, and four were unchanged. The largest losses were in Private Education and Health Services (500 or 2.8 percent), Transportation, Warehousing, and Utilities (300 or 10.7 percent), and Mining, Logging, and Construction (200 or 3.3 percent). The other two declining sectors lost 100 jobs each: Information (11.1 percent) and Wholesale Trade (2.6 percent). The neutral sectors were all three levels of Government (Federal, State, and Local) 3rd Quarter
13 Tables and Graphs 3rd QUARTER DATA January September rd Quarter 2016
14 Indicators* Nonagricultural Wage and Salary *These series have been adjusted to First Quarter 2015 benchmarks. Unemployment Insurance Indicators Total Unemployment Rate (Percent) 2015 Unadjusted Adjusted Unadjusted Adjusted January 3, , February 3, , March 3, , April 3, , May 3, , June 3, , July 3, , August 3, , September 3, , October 3, , November 3, , December 3, , January 3, , February 3, , March 3, , April 3, , May 3, , June 3, , July 3, , August 3, , September 3, , Average Weekly Initial Claims Insured Unemployment Rate (Percent) Unemployment Insurance Final Payments 2015 Unadjusted Adjusted Unadjusted Adjusted Unadjusted Adjusted January 5,181 3, ,580 3,366 February 3,758 3, ,717 3,698 March 3,191 3, ,201 3,761 April 3,057 3, ,516 3,122 May 3,307 3, ,020 3,160 June 3,505 3, ,180 3,291 July 3,367 3, ,997 2,861 August 3,061 3, ,205 3,321 September 2,888 3, ,652 2,720 October 3,087 3, ,528 2,771 November 3,453 3, ,761 3,128 December 5,025 3, ,487 2, January 4,747 3, ,687 2,526 February 4,039 4, ,291 3,274 March 3,320 3, ,980 2,668 April 3,405 4, ,974 2,640 May 3,459 3, ,315 3,469 June 3,537 3, ,708 2,803 July 3,115 3, ,795 2,668 August 3,044 3, ,399 3,522 September 2,621 3, ,594 2,661 3rd Quarter
15 3,950 Indicators Nonagricultural Wage and Salary Unemployment Insurance Indicators 4,200 Average Weekly Initial Claims 3,930 3,910 3,890 3,870 3,850 3,830 4,000 3,800 3,600 3,400 3,200 3,810 3,000 Total Unemployment Rate (Percent) Insured Unemployment Rate (Percent) Unemployment Insurance Final Payments 4,000 3,750 3,500 3,250 3,000 2, January September 2016 (seasonally adjusted) 2, rd Quarter 2016
16 Goods Producing * Mining and Logging *These series have been adjusted to First Quarter 2015 benchmarks. Construction Trade * Manufacturing 2015 Unadjusted Adjusted Unadjusted Adjusted Unadjusted Adjusted January February March April May June July August September October November December January February March April May June July August September Wholesale Trade Retail Trade 2015 Unadjusted Adjusted Unadjusted Adjusted January February March April May June July August September October November December January February March April May June July August September rd Quarter
17 Goods Producing Mining and Logging Trade Wholesale Trade Construction Retail Trade Manufacturing January September 2016 (seasonally adjusted) 13 3rd Quarter 2016
18 Transportation, Information, and Finance * Transportation, Warehousing, & Utilities ** A strike at Verizon in May 2016 reduced Information by 2,200. Service * *These series have been adjusted to First Quarter 2015 benchmarks. Information** Finance 2015 Unadjusted Adjusted Unadjusted Adjusted Unadjusted Adjusted January February March April May June July August September October November December January February March April May June July August September Professional and Business Services Private Education and Health Services 2015 Unadjusted Adjusted Unadjusted Adjusted January February March April May June July August September October November December January February March April May June July August September rd Quarter
19 Transportation, Information, and Finance Service 134 Transportation, Warehousing, and Utilities 735 Professional and Business Services Information ** 535 Private Education and Health Services Finance ** A strike at Verizon in May 2016 reduced Information by 2, January September 2016 (seasonally adjusted) 15 3rd Quarter 2016
20 Service * (Continued) Leisure and Hospitality Services Miscellaneous Services 2015 Unadjusted Adjusted Unadjusted Adjusted January February March April May June July August September October November December January February March April May June July August September Government * Federal Government *These series have been adjusted to First Quarter 2015 benchmarks. State Government Local Government 2015 Unadjusted Adjusted Unadjusted Adjusted Unadjusted Adjusted January February March April May June July August September October November December January February March April May June July August September rd Quarter
21 Service (Continued) Government Leisure and Hospitality Services Federal Government Miscellaneous Services State Government Local Government January September 2016 (seasonally adjusted) rd Quarter 2016
22 Manufacturing Production Worker Indicators* Average Weekly Hours Average Hourly Earnings (Dollars) Deflated Average Hourly Earnings ( Dollars) 2015 Unadjusted Adjusted Unadjusted Adjusted Unadjusted Adjusted January February March April May June July August September October November December January February March April May June July August September Total Production Hours *These series have been adjusted to First Quarter 2015 benchmarks. Average Weekly Earnings (Dollars) Deflated Average Weekly Earnings ( Dollars) 2015 Unadjusted Adjusted Unadjusted Adjusted Unadjusted Adjusted January 7,412 7, February 7,259 7, March 7,315 7, April 7,507 7, May 7,506 7, June 7,465 7, July 7,469 7, August 7,680 7, September 7,846 7, October 7,650 7, November 7,664 7, December 7,779 7, January 7,512 7, February 7,207 7, March 7,127 7, April 7,035 7, May 6,920 6, June 6,848 6, July 6,880 6, August 6,863 6, September 6,839 6, rd Quarter
23 Manufacturing Production Worker Indicators 44.0 Average Weekly Hours 7.8 Total Production Hours (Millions) Average Hourly Earnings (Dollars) 900 Average Weekly Earnings (Dollars) Deflated Average Hourly Earnings ( Dollars) 390 Deflated Average Weekly Earnings ( Dollars) January September 2016 (seasonally adjusted) 19 3rd Quarter 2016
24 NOTE: Business Indicators In an effort to publish the Virginia Economic Indicators on an earlier schedule, we will no longer include the following series: Single Family Building Permits; New Business Incorporations; New Vehicle Registrations; Taxable Retail Sales; and Deflated Taxable Retail Sales. They will be produced separately, about a month later, in a new publication, Virginia Business Indicators. 3rd Quarter
25 Historical Summary Performance of Indicators Over the Business Cycle For those interested in studying the business cycle in Virginia, this publication includes several of the economic time series for which data is readily available on a monthly basis. From time to time, new series will be added and, if necessary, others presently included will be discontinued. Business Cycle Turning Points The beginning of a recession is defined as the month when aggregate economic activity in the U.S. reaches a cyclical high, from which it begins to turn down, and the end as the month when it reaches a cyclical low, from which it begins to turn up. The National Bureau of Economic Research (NBER) announced on December 1, 2008, that a recession had begun in December On September 20, 2010, the NBER announced the recession had ended in June Seasonal Adjustment To correlate changes in a time series and changes in the business cycle, it is desirable to eliminate, insofar as possible, the effect of irrelevant factors from the data comprising the series. All series currently published in the Virginia Economic Indicators have been adjusted to minimize regular seasonal fluctuations in the data in order to show only activity related to the business cycle. Historical Graphs Historical graphs are published in the back of the fourth quarter issue for each year. Data Sources Except for the following, the data source for all series in this publication is the Virginia Commission (VEC)/ Economic Information & Analytics (EIA) Current Statistics (CES) program. U.S. Department of Labor: Insured Unemployed Rate VEC/EIA Local Area Unemployment Statistics (LAUS): Total Unemployment Rate VEC/EIA Data Collections Unit (DCU): Average Weekly Initial Claims Unemployment Insurance Final Payments 21 3rd Quarter 2016
Virginia Economic Indicators
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