West Virginia’s economy shows signs of cooling as unemployment grew 0.3% in May to 5.3% — the highest unemployment rate in the state since mid-2004, the Federal Reserve Bank of Richmond said in its July snapshot of West Virginia’s economy released on Tuesday.

Labor markets in West Virginia weakened as employment fell 0.2%, a loss of 1,600 jobs. Only the government sector added jobs in May. Meanwhile, real personal income levels were basically flat over the first quarter of 2008 after two quarters of weak growth, according to the bank.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.