While economic conditions condition to improve, the pace of the recovery has begun to slow. A lack of action on a Federal stimulus and the prolonged Presidential election has introduced more uncertainty into the economy as we head toward the end of 2020. Here are some key numbers to watch as we monitor the economic recovery in the Commonwealth.
9,200 is the number of jobs added to the Virginia economy between August and September. There have been five months of consecutive job growth in Virginia. However, there are still about 240,000 fewer jobs than there were in February, before the pandemic.
99,000 is the number of Virginians who were receiving unemployment benefits at the end of October. The number of unemployed individuals in Virginia has declined steadily since the summer. The share of unemployed workers who are long-term unemployed—that is, unemployed for 27 weeks or longer—has risen in recent weeks.
6.2% is the September 2020 unemployment rate in Virginia. The unemployment rate in the Commonwealth is lower than the national rate. While the unemployment rate has been on the decline, the number of people in the labor force has also declined during the pandemic. Women, in particular, have been leaving the workforce at relatively high rates.
2.78% is the average 30-year fixed-rate mortgage (FRM) rate last week, according to Freddie Mac. Compared to last year at this time, mortgage rates are nearly a percentage point lower, and the 30-year fixed-rate mortgage rate has been below 3% for 15 consecutive weeks.
For more information on the economic recovery in Virginia, check out Virginia REALTORS® Monthly Economic Snapshot. And join us for our November 19th webinar, By the Numbers: Making Sense of the Economy with Virginia REALTORS® Chief Economist.
*Data as of 11/11/20