Hampton Roads payrolls expanded by 1,100 in October 2012 (seasonally adjusted), ending a two month period of declines that saw the region lose 8,300 jobs. This employment report also revised the September payrolls estimate 600 jobs higher. Labor market activity in the region will probably not change significantly until the question of federal sequestration and the fiscal cliff have been decided.
The regional unemployment rate fell to 6.37% in October 2012 (seasonally adjusted), the lowest it has been since February of 2009. This improvement has come from more individuals reporting they are employed, as the labor force has also been increasing in the region over the past two months.
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