The Hampton Roads Unemployment Rate continued to decline on a seasonally adjusted basis, falling from 7.32% in Oct-11 to 7.16% this past December. The decline in the unemployment rate over this period was driven by both decreases in the labor force participation rate as well as increases in the level of employment indicated by a survey of households (the current population survey nationally, and the local area unemployment statistics on the state and regional level). The improvement in the local unemployment situation has occurred over a much shorter time frame than that of the nation, which has declined since August, and the gap between the two unemployment rates has decreased from2.32% in June to just 1.34% in December.
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