The Virginia Employment Commission announced that the seasonally adjusted unemployment rate statewide in June stands at 7%, backing down a statistically insignificant .1% from May. The decline is attributed to a rising number of Virginians who have decided to stop seeking work entirely. The unemployed who haven’t actively sought a job in the previous four weeks aren’t counted in the unemployment rate.
At 7%, Virginia’s unemployment rate remains below the national average of 9.5%.
Many economists agree that the key to a recovery in employment will lead to a recovery in housing.