THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, April 7, 1995 TAG: 9504070651
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: BY MYLENE MANGALINDAN, STAFF WRITER
LENGTH: Short : 47 lines
More Hampton Roads residents had jobs in February, thanks to mild weather, long-range construction contracts and fewer defense-related cutbacks.
Hampton Roads' jobless figures dipped below 5 percent in February to 4.8 percent, or 34,830. That's significantly lower than the 6 percent recorded a year earlier, according to the Virginia Employment Commission.
Local unemployment hit 41,270, or 5.7 percent, in January 1995. The last time it hovered below 5 percent was during the fourth quarter of 1994, when the average unemployment rate was 4.5 percent, said William F. Mezger, senior economist for the Virginia Employment Commission.
This reflects a generally robust economy.
``Consumers are still spending, and businesses have been spending money for new capital equipment,'' Mezger said. ``The export market has been really strong lately. That has generally pumped up the economy.''
Lower unemployment in Hampton Roads mirrored statewide decreases, where four of the commonwealth's five metropolitan areas had fewer jobless.
Virginia recorded 4.5 percent joblessness in February, which fell from 5.1 percent in January. Lynchburg was the only area that experienced higher unemployment, increasing to 4.7 percent from 4.6 percent.
The commonwealth has not shown significant signs of a slowing economy, despite the Federal Reserve's efforts to rein in growth, Mezger said.
Total nonfarm employment in Hampton Roads grew 4 percent in February compared to a year ago, according to the Bureau of Labor Statistics. It reported 23,800 more jobs in the region compared with February 1994.
``There have been some little layoffs but no sizable defense layoffs for over a year so you're not losing a lot of people in the defense-related jobs, in the shipbuilding and civilian areas,'' Mezger said. ``The Hampton Roads area is currently producing some pretty strong growth.'' ILLUSTRATION: Graphic
Chart
Unemployment in Virginia
KEYWORDS: UNEMPLOYMENT by CNB