Authored by James Clary, Economist
Hampton Roads’ payroll employment increased to 743 in June of 2012, an increase of 4 (0.55%) over May 2012 number. Employment has increased by 5 jobs over the past 12 months, slightly below the long-term average annual growth of 6 per year. Over the past year, both construction (-3) and information services (-900) have continued to perform poorly, while retail trade (+2), federal employment (+2), and leisure and hospitality (+1) have experience recovery or growth.
The region’s unemployment rate bumped up from 6.47% in May, to 6.55% in June. While employment increased, the labor force grew even faster in June which drove the increase in unemployment rate. Unemployment is still 0.43% below the June 2011 level, showing that progress has been made.