Unemployment rate falls in Richmond area
Jun 04, 2010
Chris Chmura was quoted in a recent article by David Ress:
The Richmond area's job market may have made a definite turn for the better, the latest Virginia Employment Commission data show.
Powered by a big jump in construction jobs and a reversal of recent declines in professional and business services, the region's unemployment rate fell to 7.5 percent in April from 8.3 percent in March, the commission reported yesterday. The rate was 7 percent a year ago.
"Construction was the biggest increase I've seen in a while, and the growth in professional and business services looks good," said Ann Lang, senior economist at the commission.
"It's looking positive."
But when adjusted for the usual spring variations in employment, the decline isn't that dramatic, and the rate remained stuck pretty much where it has been for the past several months, said Christine Chmura, president of Chmura Economics and Analytics.
"It's better that it's going down than going up," she said. "It is too soon to celebrate."
The Virginia rate fell to 6.7 percent in April from 7.6 percent in March, before accounting for typical seasonal variations. With those adjustments, the rate slipped to 7.2 percent from 7.3 percent.
Read the full article.
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