The latest economic news suggests a brighter outlook for 2024, with mortgage rates dropping below 7% for the first time since August. Despite unchanged national and state unemployment rates, local rates in the city of Martinsville and counties of Henry and Patrick in Virginia have seen improvement.

According to the Virginia Employment Commission’s data, Martinsville and Henry County’s combined unemployment rate remained steady at 3.7% in October, the same as a year ago. In contrast, Danville and Pittsylvania County saw a decrease in their combined rate from 3.7% to 3.6%.

There are signs of job availability in the area. The Martinsville-Henry County Chamber of Commerce has listed 16 categories of jobs currently open through AmeriStaff, with 48 organizations and businesses having placements unfilled.

However, the city of Martinsville has an unemployment rate of 4.6%, the second-highest in the state, albeit slightly reduced from 4.7% in Septemeber. Henry County has a 3.4% unemployment rate, while Patrick County’s is 3.5%.

As of October, Virginia’s unemployment rate was at 3%, the same as in September, rising slightly from 2.9% a year ago. The national rate sits at 3.6%.

Initial unemployment insurance claims in Virginia were down by 2% in October, with a total of 8,517 recorded. Despite this, continued weeks claimed increased by 9.6%.

The workforce continues to be monitored closely. Governor Glenn Youngkin underlined the importance of reducing the cost of business, supporting companies to grow and hire, advancing workforce and talent development, and reducing the cost of living. His sentiments were echoed by the Secretary of Labor Bryan Slater and Secretary of Commerce Caren Merrick.

The Virginia Employment Commission also highlighted that not all weekly claims made for benefits result in a payment, as claims are reviewed for eligibility and legitimacy. As of Nov. 11, the initial unemployment insurance claims in Virginia were at 1,711, a small decrease of 19 claimants from the previous week.