Richmond, Virginia Economic

RICHMOND, VIRGINIA UNEMPLOYMENT

The BLS reported that the unemployment rate for Richmond is 8.0 in April 2012. For the same month, the metro unemployment rate was 1.8 percentage points higher than the Virginia rate. The unemployment rate in Virginia peaked in November 2009 at 8.2% and is now 2.0 percentage points lower. From a post peak low of 6.2% in March 2012, the unemployment rate has now grown by 0.0 percentage points according to the U.S. Bureau of Labor Statistics. While good news seems to be the reality is that every day there are many unemployed people.

The number of Virginians receiving a regular unemployment benefit payment was 49,748 in April 2012, which was down from 61,237 in March 2012 and down from 55,412 in April 2011. Cumulative initial claims for April 2012 totaled 28,107, compared to 28,851 in March 2012 and 32,845 in April 2011 according to Virginia Employment Commission.

Employment

Commonwealth of Virginia reported that the full-time jobs increased to 4753 from 3162 since 2005 and contributed $747 million in 2010 up from 360 million annually. For this trend to continue we need to invest more in the creation of vineyards and wineries. This would create more jobs and boost the economy. Sales of more than 5.5 million bottles of wine during a record breaking 2011 that is 11% over the previous year back this up. Wineries also bring in tourists ranging from 1 million in 2005 to 1.62 million in 2010 and growing.

NONFARM EMPLOYMENT BY INDUSTRY

(Not seasonally adjusted)

"Nonfarm payroll employment increased by 23,400 jobs in April to 3,717,400, with spring seasonal hires. This increase in nonfarm employment was the third consecutive monthly increase; however, like the nation, job growth slowed this month as over-the-year job growth dropped to 0.8 percent. From March 2012 to April 2012, eight major industry divisions experienced employment gains, two experienced employment losses, and mining employment was unchanged at 10,900...