Richmond Jobs Report

May 2019 Jobs Report

Jobs Added

Metro +8,100
  • Month Over Month: +0.2%
  • 3 Month Average: 4,033
  • Year Over Year: +1.1%
State +8,100
  • Month Over Month: +0.2%
  • 3 Month Average: 4,033
  • Year Over Year: +1.1%
National +75,000
  • Month Over Month: 0.0%
  • 3 Month Average: 150,667
  • Year Over Year: +1.6%

Unemployment Rate

Metro 2.9%
  • Month Over Month: 0.0%
  • 3 Month Average: 2.9%
  • Year Over Year: -0.2%
State 2.9%
  • Month Over Month: 0.0%
  • 3 Month Average: 2.9%
  • Year Over Year: -0.2%
National 3.6%
  • Month Over Month: 0.0%
  • 3 Month Average: 3.67%
  • Year Over Year: -0.2%

3 Things to Know About the National Jobs Report

The Bureau of Labor Statistics (BLS) reported the US unemployment rate remained flat at 3.6% in May. There were only 75,000 jobs added in May, 100,000 jobs short of economists predictions. Factors such as census hiring and the trade wars made this month’s predictions difficult, and perhaps had something to do with the low job growth.

Regionally, the Bureau of Labor Statistics breaks down the state and metro unemployment rates one month behind the national breakdown. Those numbers will be released mid-month every month.

Here are 3 other things to know about May’s jobs report:

The Labor Force Participation Rate: The labor force participation rate remained unchanged in May, at 62.8%, while the employment population ratio sat at 60.6%. It’s no wonder employers are struggling to find the workers they need, leaving some to reexamine everything from their benefits offerings, to the requirements they list for worker positions. Later this month, we’ll be releasing a study we conducted observing how some companies are gaining access to larger talent pools to offset the tight talent market. Stay tuned for more details.

Wage Growth Accelerating: Over the last decade, amid a recovering economy, it’s no secret that wages have lagged behind job growth. A common question has been the following: When will many companies’ newfound financial health, compared to their compromised financial health during the recession, trickle down to their employees in the form of pay? It looks like the answer is now. Read The New York Times’ article “Why Wages Are Finally Rising, 10 Years After the Recession” for a detailed breakdown of U.S. wage growth.

Small Business Boom: The New York Times spoke with Glassdoor recently, reporting new listings for positions at small employers (companies with 50 or fewer employers) are outpacing activity at larger companies, with job postings up 22% year over year. Job postings are down 3% year over year at companies with 5,000+ employees. The US Small Business Administration (SBA) shows that 1.9 million net new jobs in the last year were a result of small business growth.


Local Industry Job Growth from the B.L.S.

Finance & Insurance +1,600
  • From Last Month: +1.1%
  • 3 Month Average: 150
  • From Last Year: -1.0%
Transportation & Warehousing +800
  • From Last Month: +0.6%
  • 3 Month Average: 126
  • From Last Year: +3.8%
Hospitals -300
  • From Last Month: -0.3%
  • 3 Month Average: 106
  • From Last Year: +1.0%

U.S. Job Growth for All Sectors

Local Job Reports cannot vouch for the data or analyses derived from these data after the data have been retrieved from