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Labor market recovery slowed during early February
Labor market recovery slowed during the week of Feb. 7 through Feb. 13, according to Virginia Commonwealth University and Arizona State University economists. Between early January and early February, employment held constant at 68.6%, which is 5.2% lower than it was in February 2020, according to the Real-Time Population Survey conducted by Virginia Commonwealth University […]
Newport News Shipbuilding lays off 314 employees
Newport News Shipbuilding has laid off 314 salaried employees and demoted 119 managers in its first workforce reduction since the shipyard laid off 1,218 employees in 2015, according to a letter sent to employees by the company’s president, Jennifer Boykin. “Today is a tough day as we say goodbye to 314 fellow shipbuilders as part […]
V-shaped? K-shaped? Va. experts predict economic recovery
What will the economic recovery from the pandemic look like and when will it take place? Ask Virginia’s economic experts and they’ll tell you it depends on a number of factors, including the continued rollout of vaccines, the next round of stimulus and which sector of the economy we’re talking about. Often, economists brand the […]
Va. saw nearly 20% drop in initial jobless claims last week
Initial jobless claims filed last week fell 19.8% from the previous week, according to figures released Thursday by the Virginia Employment Commission but continued claims slightly increased. During the week ending Feb. 20, 11,944 Virginians filed initial unemployment claims, compared to 14,901 from the week prior. Last week, 64,575 Virginians remained unemployed; that represents 42,082 [&hellip[...]
Hotel revenues down 27% for January
Virginia hotel revenues for January 2021 were down 27% compared with January 2020, continuing the industry’s slow climb back to recovering from the economic impact of the coronavirus pandemic, according to data released Thursday from STR Inc., a CoStar Group division that provides market data on the U.S. hospitality industry. For the same period, rooms […]
What stays and what goes
With renewed hopes stemming from vaccine distribution, economists and business leaders are looking ahead toward recovery, including pandemic-induced changes that will stay and ways we’ll return to “normalcy.” While it’s evident that the technology sector’s upward trend will continue, Federal Reserve Bank of Richmond President and CEO Tom Barkin isn’t sure that telework will bec[...]
Va. saw slight uptick in jobless claims last week
Initial jobless claims filed last week rose 4.9% from the previous week, according to figures released Thursday by the Virginia Employment Commission, while continued claims slightly dropped. During the week ending Feb. 13, 14,901 Virginians filed initial unemployment claims, compared to 14,203 from the week prior. Last week, 62,624 Virginians remained unemployed; that represents 40,143 [&hellip[...]
Va. General Fund revenue dropped 2.4% in January
Virginia’s General Fund revenue for January 2021 decreased 2.4% compared with January 2020, Gov. Ralph Northam announced Thursday. Total revenue collections rose 6% through January on a fiscal year-to-date basis, which was well ahead of the 1.2% growth forecast. “As we work to put this pandemic behind us, we must stay focused on positioning our […]
Initial jobless claims dropped 21.9% last week, but remain elevated
Initial jobless claims filed last week dropped 21.9% from the previous week, but still remain high compared with pre-pandemic levels, according to figures released Thursday by the Virginia Employment Commission. During the week ending Feb. 6, 14,203 Virginians filed initial unemployment claims, compared to 18,177 from the week prior. Last week, 65,091 Virginians remained unemployed, […]
Why the Richmond Fed has zero Black Ph.D. economists
The Federal Reserve Bank of Richmond is one of only five Fed banks that employs zero Black Ph.D. economists, according to a New York Times report this week. Of the 12 Federal Reserve banks, seven employ only one or two Black Ph.D. economists, which Fed officials blame on lack of Black talent in the economics […]
Va. hotel revenues fell 42% in December 2020
Virginia hotel revenues for December 2020 were on trend for a year that saw the hospitality industry suffer from the pandemic. Compared with December 2019, hotel revenues statewide declined by 42% during December 2020, according to data released Monday from STR Inc., a CoStar Group division that provides weekly market data on the U.S. hospitality […]
Va. saw slight decline in initial jobless claims last week
Virginia saw a 13.1% drop in the number of initial jobless claims filed last week compared to the previous week, but unemployment remains high across the state, according to figures released by the Virginia Employment Commission on Thursday. The week ending Jan. 23 saw 18,312 Virginians filing initial unemployment claims, a decrease of 2,761 claimants […]
